A Blockchain is a shared ledger that oversees the recording of transactions and tracking of assets on a business network. It provides a secure and decentralized system that is primarily used in cryptocurrency systems. It removes the need for a third party whilst still offering privacy and security of the users. All transactions on the network are transparent and can be viewed at anytime, anywhere. 

 There are some key elements to a Blockchain. Blockchains have a distributed ledger where all users have access to. This ledger holds all records of transactions. Each transaction is only recorded once as compared to the duplication of recordings that occurs in traditional businesses. This provides a decentralized network where even if one computer fails, it is back up by the many users around the world. This is in stark contrast to the Web2 concept of a centralized cloud. 

Blockchains also offer fixed records. Once a transaction has been recorded on the ledger, no users are able to change or tamper with it. This prevents any breach of trust or misrecording of information. Should there be a record that has an error, a new transaction must be added to reverse this error. After which, both transactions will be visible on the ledger. 

Blockchains utilize smart contracts. This is used in order to speed up transactions using a set of rules. This contract is automated and stored on the Blockchain. When the conditions of the smart contract are met by both sides, the transaction will automatically go through and be recorded.