It is a digitized, public ledger used for cryptocurrency transactions in a decentralized network. Blockchain technology offers transparency between different parties in order to develop trust through a common digital history. So far Bitcoin has used blockchain technology to decentralize payments, however, this has been adopted by several industries these days.
The technology was originally introduced as the accounting method for the virtual currency – which is known as Distributed Ledger Technology (DLT) – which is appearing in a variety of use cases for commercial applications today. At present, the technology is primarily used to substantiate crypto-transactions where a smart contract is shared between different parties which when meet certain criteria gets executed.
This technology brings the much-needed transparency so as to eliminate the third-party payments and middlemen. The entire system is decentralized, therefore blockchain cannot be corrupted as everything is permission-based.
So we can say that its futuristic approach of the transaction.