Blockchain is a system of recording and sending information with regard to any transaction concluded on the internet, for example, deposits/withdrawals at your bank. In other words, it may be described as replicating, distributed ledger which creates a record of transactions. It is a foundation of cryptocurrency (bitcoin), however, its significance can be seen in other sectors such as Internet of things (IoT), Distributed Autonomous Organizations (DAO), or Distributed Ledger Technology (DLT).
Nevertheless, it was observed that blockchain technology is not as widely used as it could be.