It's important to begin by understanding the blockchain ecosystem. The dynamics of the blockchain are rooted in its ecosystem. That means the community of producers, suppliers, customers, stakeholders, and competitors. But it's also important to note that many smaller ecosystems also comprise the blockchain ecosystem. In fact, many blockchain companies do not easily fit into one area of the ecosystem, they can in fact encompass more than one component of that community. The blockchain ecosystem is a living map, that exhibits constant change. It's important for us to recognize that it will require our continued attention, study, and updating overtime. What is blockchain? Blockchain is a technology that arose with the invention of the digital currency Bitcoin in 2009. It is a shared, immutable ledger that facilitates the recording of transactions in a network. Blockchain provides the means for recording any transaction or track the movement of any asset, not just digital currency. The assets recorded on blockchain can be tangible such as cash, gold or real estate, or they can be intangible such as intellectual property, copyrights or even licenses. Blockchain stores data in blocks that are linked together in a chain. Hence, the name blockchain. Thus, as the number of transactions grows, so too does the blockchain. Each block in the blockchain contains a "hash" or digital fingerprint, a timestamped batch of valid transactions, and the hash or digital fingerprint of the previous block in the chain. The previous block hash, links the blocks together and prevents any block from being altered or any change in the order of the blocks. Blocks are added to the blockchain based on a set of rules that are agreed on by the participants in that network. As a result, each block in the blockchain strengthens the verification of the previous block. This very intricate structure of the blockchain results in several key attributes. First, the network is decentralized, meaning it is spread across many different people or parties. Secondly, blockchain results in an increase in transparency since copies of the ledger or records are stored on every single block. Security of the blockchain is considered very strong, because of the use of both public and private keys that are used to encrypt or secure the blockchain. There's a lower likelihood of hacking the block chain given the immutable nature of it. Because of these key attributes of the blockchain, it has a unique quality and the potential to transform businesses over time. We'll explore this further in our discussion of the blockchain ecosystem.