Blockchain, the rapid developing technology behind Bitcoin, is increasingly becoming popular. Blockchain is a distributed ledger technology that distributes digital transactions peer-to-peer to a decentralized network of nodes that verify the transactions and keep a cryptographic secured copy of the entire history of transactions. The network automatically reaches consensus about the correct history of records, which makes the database transparent and immutable. This consensus role makes it possible to take away the third party in certain processes, such as the bank or the notary. Blockchain also enables digital payments and smart contracts. Smart contracts are digital contracts that can be executed automatically by the blockchain.