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Blockchain provides a shared ledger technology that participants in a business network can use to record the history of business transactions that cannot be altered. Blockchain provides a single point of truth: a shared, tamper-evident ledger. This approach changes transaction tracking from a siloed model, where multiple ledgers are maintained separately, to one that provides a common view across the entire network.

Because blockchain uses consensus to commit transactions to the ledger, the results are final. Each member has a copy of the same ledger, so asset provenance and traceability are transparent and trusted. Blockchain can be applied to any industry.

A blockchain is three things:

  • Business networks that represent ecosystems of exchange, a supply chain, or a series of interconnected business transactions.
  • Assets, which are anything capable of being owned or controlled to produce value. Assets can be either digital or physical. A digital thumbprint (a permanent record) is created to connect the physical asset to the digital asset.
  • Ledgers, which provide the place where transactions and contracts are digitally coordinated and encrypted. Ledgers are simultaneously and securely available to all participants with an audit trail.

As transactions in the chain occur, blocks are created in the ledger. Each block is connected to the previous block and the next block.

BlockChain Architecture

Fig: Blockchain Reference Architecture

Step 1. A user of an application initiates a trade of a digital asset.