To operate, blockchain relies on a peer-to-peer (P2P) network. This type of setup is by no means a recent development. This goes back to the days of Napster and a slew of other peer-to-peer (P2P) services ranging from Skype to BitTorrent.

P2P networks, like other distributed systems, are tasked with resolving a challenging computer science problem: dispute resolution. Referential integrity is provided by relational databases, but not by distributed systems. When two incompatible facts enter at the same moment, the system must have rules in place to identify which is correct.

The banking and financial industries have been transformed by the digital revolution. This industry began a complete digital transformation in order to make services more user-friendly and safe. When banking and financial activities went digital, firms faced new hurdles in the form of cyber-attacks, which cost them clients and income.

In recent years, the usage of blockchain in the food supply chain has significantly increased. The technology might help trace food from farm to table and verify it is free of contamination or tampering, all while increasing efficiency and lowering costs. Furthermore, the amount of food wasted during distribution and storage may be tracked using blockchain. It will also result in more accurate records of what was transported and when it arrived at its intended location.

Unlike traditional digital currency, which is controlled by a centralised banking system, cryptocurrencies are controlled by a ‘decentralised’ system based on the ‘blockchain’ distributed ledger technology. The blockchain is quickly gaining traction as a public financial transaction database for safe next-generation digital coin transactions. This is why blockchain technology has become so popular.