Blockchain hailed as next innovation frontier

Cutting-edge digital technology that underpins cryptocurrencies has transformative potential, say analysts

As virtual currency bitcoin has gradually become a household name, there has been much discussion about the potential of blockchain, the digital technology that underpins such cryptocurrencies, emerging as the next frontier of innovation.

Blockchain's hallmark is decentralization. Data can be shared among a distributed network of computers with no need for middlemen. Once recorded in a blockchain-based ledger, data is hard to tamper with.