Blockchain is a shared distributed database that records transactions across a network of participants while relying on these very participants for the maintenance and verification of data.

In other words, it is a network of connected nodes that have to be updated simultaneously. As each node has a record of all past transactions, no single user will be able to change any previous transactions of one node without changing the histories of all the other nodes.

This increases trust in the network and removes the need for third party intermediaries to function as middle men in transactions between unknown parties.

The blockchain concept coincided with the launch of Bitcoin and has since become even more mainstream. While this popularity was initially based on its application in cryptocurrencies such as Bitcoin, other use cases such as smart contract and asset registries have also gained more prominence.

This has resulted in increased attention and investment from the corporate world for blockchain technologies.

Click to see how KPMG has helped Singapore Airlines create a Blockchain Loyalty Wallet 

Is your company interested in customer loyalty through blockchain? Bent Dalager to kick-start your blockchain journey.