Blockchain and the vision beyond the hype
Blockchain and distributed ledger technology

Blockchain is a collaboration-based technology, the benefits of which are best realised when a high-level of participants join a public, community-driven, decentralised network, such as the Algorand blockchain solution.

Blockchain is a form of distributed ledger that enables an immutable historical record of transactions between parties who do not have pre-established trust. This removes the need for a central organisation acting as an intermediary. The block is then stored on a network of computing nodes and each exchange of value is validated by the decentralised community and stored on a chain. All without the need for a centralised authority.

This should not be confused with distributed ledger technology, a term often used interchangeably with blockchain. Blockchains are a form of distributed ledger but have the added functionality of being able to bundle together historical records of the transactions that cannot be altered. This is an important security feature, especially when participants do not have pre-existing trust in the system. This security is key when moving an asset — especially money — between unknown parties, as you need the value to be available immediately on completion of the transaction. Allowing an immediate and secure exchange of value, anywhere in the globe, could be massively empowering to those who are currently struggling to participate in the global economy. For contrast, imagine the time taken and potential security risks involved in transferring physical cash to a location in another continent.

Distributed ledger technology in simple terms is many copies of a computing database of recorded assets. These copies are kept in sync automatically through a set of centralised agreed rules and distributed on many computers, between parties who have pre-existing trust. (Assets can be anything from currency to supply chain goods through to real estate records.) There are a number of projects working on interoperability between private distributed ledgers as they see the opportunity to develop and allow private ledgers to communicate without the need for an intermediary. As with any technology, you must assess your own organisational needs and pick a solution which is the right fit for you.
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['Distributed Ledgers', 'Emerging Technology', 'Blockchain', 'Algorand', 'Decentralization']