A blockchain is essentially a digital, distributed transaction ledger with identical copies maintained on each of the network’s members’ computers.Rather nascent in terms of development, blockchain technology increases the security and speeds up the exchange of information in a cost-effective and more transparent manner. The blockchain’s ability to record, store and move any kinds of assets with great ease, automation and in a decentralized manner has sparked interest from start-ups and the overall financial services industry which are envisioning possible use cases and applications in multiple areas.