A blockchain is a decentralized digital ledger that saves transactions on thousands of computers around the globe. These are registered in a way that inhibits their subsequent modification. Blockchain technology increases the security and speeds up the exchange of information in a way that is cost-effective and more transparent. It also dispenses with third parties whose main role was to provide a trust and certification element in transactions (such as notaries and banks).

According to a report by Gartner, the business value addition of Blockchain technology will exceed $176 billion by 2025, and $3.1 trillion by 2030.

This follows the recent boom in Blockchain development across industries. According to research, Blockchain burst into the limelight with applications in the Banking & Finance domain (most notably bitcoin and ICOs), capturing 60.5% of the market. Blockchain tech is now emerging as a focal area in various other industries. Manufacturing & Resources, for example, holds 17.6% of the market, and Distribution & Services comes in third with a 14.6% market share as reported by the researchers.