Blockchain technology is a decentralized solution to tracking, documenting, and facilitating transactions. These tools create a public ledger relying on globally distributed historical transactions to prevent tampering and fraud. Each interaction is documented in a database that relies on each previous, time-stamped transaction to verify and execute an exchange. Blockchain technology was first utilized for financial transactions, but can be applied to a variety of industries such as e-commerce, supply chain management, and data integration. This self-sustaining database can be used by businesses for documenting exchanges and eliminating fraudulent transactions. These software solutions provide the framework to create applications that rely on any kind of transaction.
To qualify for inclusion in the blockchain category, a product must: