Blockchain is a data forgery prevention technology based on distributed computing technology. Based on the peer-to-peer method, it is a technology that stores managed data in a distributed data storage environment called ‘block’, which is formed by innumerable connections of small-scale data in a chain, so that no one can arbitrarily modify it and anyone can read the results of the change.
Blockchain is an immutable, shared ledger that streamlines the process of recording transactions and tracking assets in business networks. Assets can be tangible assets (houses, automobiles, cash, land) or intangible assets (intellectual property, patents, copyrights, brands). Virtually anything of value can be tracked and traded on the blockchain network, reducing risk and lowering costs for everything involved.
The global blockchain market is expected to grow by 68.4% annually until 2026, and the market size is expected to increase significantly to $67.4 billion in 2026.