# What is blockchain

Business networks today are often inefficient because each participant in the network keeps records, or a ledger, of all transactions between all the parties that the business interacts with. This process is expensive because of duplication of effort and intermediaries adding costs for their services.

One solution to this problem is blockchain, which provides a shared ledger technology that allows any participant in the network to see the\_one\_system of record, or ledger. By using blockchain technology, businesses can benefit from a more efficient transfer of goods and services.
