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The blockchain industry has taken the world by storm in recent years, and the industry is set to further evolve and expand in the days ahead. But what exactly is blockchain?

In simple terms, blockchain is a ledger which facilitates processes such as:

  • Asset tracking within a business network

  • Transaction recording

What makes the blockchain different from other ledger-based systems is the fact that it is immutable and shared. With blockchain, businesses can receive accurate information efficiently. The best thing about it is that the information is completely transparent and can only be accessed by network members with permission.

Some of the biggest benefits of blockchain are increased efficiencies, security, and trust. For businesses, it's vital to embrace blockchain as it reduces wastage of effort in terms of third-party validation and duplicate record-keeping.

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