As defined by the World Economic Forum (WEF), “Blockchain technology allows parties to transfer assets to each other in a secure way without intermediaries. It enables transparency, immutable records, and autonomous execution of business rules.”
Investments in the blockchain are on the rise. Banks, private businesses, and even governments are investing in the technology. The WEF predicts that smart contracts alone on the blockchain could equal 10 percent of the global GDP by 2027. As with any new technology, it’s important to note the value of the data that comes with it. And arguably the most valuable data involved with blockchain technology is that of virtual currency use.