Blockchain is a new technology that is already having a huge impact on business. In essence, it is a new kind of database that stores data in a unique way. It collates data in groups, known as blocks. Each block has a certain amount of storage capacity, and once this limit is reached, a new block is thus formed and linked to the last one. Blockchain is a decentralized way of storing data and allows users of the system to track their transactions from beginning to end.