A blockchain is a growing list of information, known as blocks, that are cryptographically connected throughout. A cryptographic hashing of the preceding block, a timestamp, and transaction information are all included in every block. To get into the hash, the timestamp ensures that the transaction data occurred when the block was generated. Since each block includes information about previous ones, together form a chain, with each new block strengthening the preceding ones. As a result, blockchain networks are resilient to information tampering because the data in any given block, once registered, cannot be altered retrospectively without impacting all nodes in the network.

Blockchain technology can be used in a variety of different ways. The most typical application of blockchains is as a distributed network for cryptocurrencies like bitcoin; but, by late 2016, a few other commercial products had grown from working prototype. As of 2016, several firms have started experimenting with blockchain - based and integrating it at a bare minimum to see how it influences operational effectiveness in their corporate end.

It has been claimed that blockchain technologies can promote both collaboration and coordination (i.e., the restriction of opportunist behavior) (i.e., communication and information sharing). Blockchains promote collaboration in a manner that goes beyond traditional use of protocols and relational standards due to their reliability, integrity, record transparency, and information atomicity. Blockchain technologies, unlike agreements, do not rely on the legal system to enforce transactions. Furthermore, blockchain technologies do not rely on trust or direct linkages between collaborators, in contrast to transactional standards. We anticipate that in a matter of decades, the internet's financial system — that is, ecommerce — will be the world's largest financial system. It will also be crypto-powered.