What is Blockchain? — UK Software Development Guide
Direct Answer
Blockchain is a distributed ledger technology (DLT) that records transactions across a network of computers in a way that makes records immutable and transparent. Each "block" contains a set of transactions; once added to the "chain," blocks cannot be altered without altering all subsequent blocks and gaining consensus from the network.
Blockchain in the UK
UK blockchain development is active particularly in FinTech (trade finance, digital securities, Central Bank Digital Currency research by Bank of England), supply chain (provenance tracking for luxury goods and food), and digital identity. The FCA has a specific Cryptoassets team and has issued guidance on cryptoasset promotions (tightened 2023). UK GDPR creates a known tension with blockchain immutability — the right to erasure (Article 17) conflicts with blockchain's immutable history. Cryptographic erasure (deleting the encryption key) is the accepted technical solution for GDPR-compliant blockchain implementations.
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