The Blockchain was invented in the context of the digital currenc. The Blockchain is a public ledger of all the Bitcoin transactions, which continues to grow exponentially. Blockchain allows parties to transact securely in the absence of a third party intermediary and it is clear that some businesses recognise the potential savings connected to Blockchain or other distributed ledger technology.
Thousands of computers around the world are connected to the Blockchain, each holding a copy of the Blockchain history record. There is no official copy and no computer is seen as more valid than another - they each mutually verify the ledger and there is no centralised authority (such as a government or a bank). This decentralisation is one of the revolutionary aspects of the technology.
"Mining nodes" are computers connection to the Blockchain; they race to validate transactions, create new blocks and have these accepted by the network. Once accepted, each new block is sealed permanently and contains a link to a chain of prior blocks, making the chain more secure. Blocks can be added to the ledger but cannot be removed or corrupted.
The enhanced security of distributed ledger technology can benefit many - including perhaps banks and financial institutions. For example, the system can facilitate the effective and secure transfer of ownership of digital assets. Also, you can permanently embed information and data and not just financial data into the Blockchain. The open ledger nature of the Blockchain means that financial institutions may be able to monitor a customer's payment history more accurately, in the context of making a decision to lend. From a customer's perspective, the Blockchain represents a more transparent system with the internal mechanisms not subject to "behind closed door" processes.
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