Blockchain Fundamentals

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, a car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved

Bitcoin is actually built on the foundation of blockchain, which serves as Bitcoin’s shared ledger. Think of blockchain as an operating system, such as Microsoft Windows or MacOS, and Bitcoin as only one of the many applications that can run on that operating system. Blockchain provides the means for recording Bitcoin transactions — the shared ledger — but this shared ledger can be used to record any transaction and track the movement of any asset whether tangible, intangible, or digital. For example, blockchain enables securities to be settled in minutes instead of days. It is also used to help companies manage the flow of goods and related payments, or enables manufacturers to share production logs with original equipment manufacturers (OEMs) and regulators to reduce product recalls.

Source: Blockchain for Dummies, IBM