Blockchain eliminates the intermediary, allowing organizations and partners to securely share business processes such as business activities, documents, and contracts in an encrypted manner. Blockchain use encryption to store data that is hard to steal, duplicate, or misappropriate.

Blockchain is a distributed database that keeps track of each transaction in a series of blocks, which are then added to the ledger in chronological order. The transaction data are saved in a block known as the genesis block.

It is, without a doubt, possible. Despite the fact that the public blockchain is open source, we cannot utilise it to store private business or organisation records. As a result, we may use the open-source qualities of the blockchain to create a private blockchain, which a firm can use to store proprietary corporate data after customization.

Blockchain as a Service (BaaS) is a type of distributed ledger Nowadays, technology can be rented, and Blockchain-as-a-Service provides businesses with the possibility to rent blockchain infrastructure in the cloud. The service provider fully provisioned, managed, and hosted the software and hardware required to execute blockchain applications.