Blockchain is a record-keeping and contract-enforcement technology that’s based on complex cryptography. It allows organizations to streamline shared workstreams—such as supply chains—by exchanging and tracking assets and transactions on a shared ledger (often called distributed ledger technology, or DLT).

Blockchain networks are distributed among all of the partners’ computers (called a consortium network), giving each partner real-time visibility into every transaction that occurs on the network. Each partner also has the ability to reject incorrect transactions before they’re applied to the ledger, which simplifies auditing and greatly reduces the risk of fraud.

In addition to supply chain and shared workstream applications, developers are driving new revenue streams by creating blockchain-based products and services.