Organisations can build blockchain systems together and share information that does not need to be stored multiple times in separate databases. Data is stored in nodes that are cryptographically encoded, so they cannot be hacked, and can only be accessed with the use of a private key that works to decode the information.
Blockchain technology was developed by Satoshi Nakamoto in 2008. It is one of the emerging technologies that organisations are trying to implement into their systems and workplaces. At its core, blockchain is a decentralised ledger of all transactions across a peer-to-peer network without a need for a central clearing authority confirming transactions. Blockchain has many advantages over current database systems, such as increased efficiency and transparency, reduced costs, and immutability.