Blockchain in Nutshell
Access to the shared ledger is permissioned
Only authenticated parties get access to the ledger and permissions are configurable. The benefit is that ledger access can be controlled so that only parties that you want to access it can do so.
The shared ledger is replicated and distributed; every permissioned participant gets a copy of the same ledger. The benefit is the increased transparency of information.
Transactions are encrypted ;
Only those parties with separately provided security certificates can un-encrypt transactions.
This means that transaction details remain secure and unreadable to all but the transaction’s explicit stakeholders.
Immutable Transactions
Sets of transactions are grouped up into blocks and the blocks are then written to the ledger.
Each block also holds the hash value of the previous block; creating a linked chain of blocks that can’t be changed.
This enables assets to be traced back to their origin through every update stored in the transaction record and linked by the chain. Thus the transactions are Immutable.
Network verified transaction
Participants in the business network agree that the shared ledger is the single source of truth or System of Record, which brings the benefit of fewer disputes about discrepancies in records of transaction details between parties.
Blockchains are an emerging technology pattern that can radically improve banking, supply-chain and other transaction networks, giving them new opportunities for innovation and growth while reducing cost and risk.
It is a shared public ledger. It uses the Blockchain Technology for keeping the transactions highly secure. The blockchain is a list of blocks that form the database in which transactions are written in append only manner. The Miners mine the blockchain to create new blocks.
Customers can create contracts which are embedded in the code. Hence, whenever the code runs the contract attached to the transaction is executed. A concensus systems with a group of peers in the network, ensures that the transaction is valid and on acceptance of majority, the contract is executed.
By design, no one party can modif, delete,or even append any record to the ledger without the consensus, making the system useful for ensuring the immutability of transactions, contracts,and other legal documents.
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