No one is locked out awaiting changes from another party, while all modifications to the document are being recorded in real-time, making changes completely transparent. This creates a decentralized distribution chain that gives everyone access to the base document at the same time. When you create a Google Doc and share it with a group of people, the document is simply distributed instead of copied or transferred. | Image: Shutterstock What Is Blockchain Technology?īlockchain, sometimes referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of a decentralized network and cryptographic hashing.Ī simple analogy for how blockchain technology operates can be compared to how a Google Docs document works. Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.
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