Blockchain technology was invented in 2008 by Satoshi Nakamoto to serve as the public transaction ledger for the cryptocurrency Bitcoin. Blockchain provides a distributed and immutable ledger that allows transactions to be recorded without a central authority. It uses algorithms to verify transactions across multiple distributed databases, ensuring data accuracy even if individual records are altered. The document discusses how blockchain can build trust by creating verifiable and permanent records for various applications such as supply chain management, digital identity, voting and more.