Most of the people associate bitcoin and cryptocurrencies with blockchain.
This is 100% wrong.
Originally built to process bitcoin deals, blockchain is an electronic ledger which stores records of deals in digital blocks.
Yesterday, Louis Dreyfus Co, a leading agricultural commodities trader, and a group of financing banks have completed the first agricultural deal using blockchain in a further sign that the digital technology is set to change the way raw materials are bought and sold.
Commodities traders are among those hoping that the technology will lead to faster, cheaper and more secure ways of settling transactions, with oil trading houses and energy groups now actively trialling platforms based on blockchain.
Blockchain is now used in several sectors, including gaming and legal services, as an effective and secure technology to process transactions in a transparent and more cost- effective way.