In simple terms, using blockchain technology, virtually (no pun intended) all transactions can be recorded, persisted and protected. The "economic transactions" part is important because blockchain was invented only for the purpose of recording cryptocurrency (bitcoin) transactions. To clarify, a look at the history of blockchain technology is in order. Blockchain ExpandsIf blockchain were just applicable to cryptocurrency transactions, it's doubtful if it would have caused so much commotion. However, the immediate success of blockchain technology in the real world is likely to be produced by something called the "permission blockchain."

Source: Forbes January 31, 2019 12:45 UTC