Blockchain technology is an emerging way for businesses, industries, and governments to almost instantaneously make and verify transactions—streamlining business processes, saving money, and reducing the potential for fraud.  At its core, a blockchain is a data structure that is used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers.

The result is a more open, transparent, and publically verifiable system that will fundamentally change the way governments can think about exchanging value and assets, enforcing contracts, and sharing data across industries. The applications using blockchain are almost limitless, ranging from loans, bonds, and payments to more efficient supply chains to even identity management and verification.

Below is a great introduction to the blockchain technology demonstrating how it can change governance, society and the way citizens and governments can create new economies of the future.

Short film credit: Furtherfield and Digital Catapult. Published 6 October 2016. Duration 7.42 min.