Blockchain is a decentralized ledger or list of all transactions across a peer-to-peer network. There are two types of blockchains: public blockchains where anyone can write and read data, and private blockchains where participants are known and trusted groups. Blockchains use a proof-of-work system to verify transactions and add them to the chain in blocks. Smart contracts allow rules and terms of contracts to be automatically verified and executed through software stored on the blockchain, such as insurance policies. One example use is a blood bank blockchain where blood banks and hospitals can register and request blood supplies be visible to all participants.