International Journal of

Business & Management Studies

ISSN 2694-1430 (Print), ISSN 2694-1449 (Online)
BLOCKCHAIN: The Technology That Changes the Way We Do Business

Abstract


With the introduction of Bitcoin by Nakamoto came a key underlying technology that holds great disruptive promise to many crucial industries: blockchain. Blockchain is a decentralized, distributed ledger that has the potential to improve businesses operations. Based on trust, blockchain allows the parties involved in a business transaction to transact without the need to know each other. Blockchain can reduce costs, saves time and reduces business risk. More institutionalized businesses utilize cryptocurrency as a hedging strategy to reduce risk. We examine how blockchain works and shows how blockchain’s attributes can benefit businesses in every industry.