Blockchain Technology

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A blockchain is a digital database that allows for transparent information sharing within a business network. Blockchains are secure and decentralized, making them perfect for storing records of transactions. They are most commonly used in cryptocurrency systems, such as Bitcoin.

The Four Fundamental Concepts of A Blockchain

Shared Ledgers

Shared ledgers are an append-only distributed system of a record shared across a business network. It implies that a shared ledger allows a transaction to be recorded only once. This is a solution to the duplication of efforts, which is a common phenomenon in traditional business networks.


Permissions is a way of ensuring transactions are secure, authenticated, and verifiable. The idea is that companies will have an easier time complying with data protection regulations due to the ability to constrain network participation.

Smart Contracts

These are a set of rules or simply an agreement that governs a transaction between two parties on a blockchain. Smart contracts are usually stored on the blockchain and executed automatically as a part of the transaction taking place.


Refers to the way in which all parties involved in a transaction agree to the network-verified transaction. There are various consensus mechanisms in the blockchains, for example; multi-signature, proof of stake, and practical byzantine fault tolerance (PBFT).

The Four Participants In a Blockchain Transaction

There are four participants on a blockchain, each playing a role during a transaction.


Have special permissions to oversee the transactions within the network.

Blockchain Users  

Have permission to join the blockchain network and transact with other participants.

Network Operators

Have the authority and permission to define, create, manage and monitor the blockchain network.

Certificate Authorities  

Issue and manage different types of certificates required to run a permissioned blockchain.