In the 2019 Fall edition of Gaming & Leisure Magazine, “Blockchain: What It Is and How It Works – Part 1,” we reviewed what blockchain is and how it works. In summary, a blockchain is a
decentralized peer-to-peer ledger where records are recorded in chronological order or chain and posted securely into a public ledger.
This technology allows the transfer of “digital assets” without requiring an intermediary (e.g. banks) negotiating security protocols, rates and/or transaction costs.
With this simple premise of secure transfer of assets, blockchain technology is a transformative technology with the potential of revolutionizing many business processes. ABI Research Firm in their 2019 Q3 report, “Blockchain and Distributed Ledger Technology,” indicated that global revenues for blockchain technology predicted to reach almost $10 billion by 2023. Grand View Research Firm forecasted blockchain-related technologies will grow at a compound annual growth rate (CAGR) of 69.4% from 2019 to 2025. All these point to the rapid adoption of blockchain technology into current business processes.