Blockchain technology features an immutable distributed ledger accessed across a decentralized cryptographically secured network. This architecture allows for the sharing of an electronic ledger, through peer-to-peer replication. This ledger is updated every time a block of transactions is committed. This technology can radically alter the way business is conducted and how transactions are processed. With blockchain technology, participants can engage in transparent business transactions across geographical boundaries.
From a business perspective, a blockchain is an exchange network that facilitates transfer of value, assets, or other entities between willing and mutually agreeing participants, ensuring privacy and control of data to stakeholders.
From a legal perspective, blockchain ledger transactions are validated, indisputable transactions, which do not require...