Blockchain Basics

Blockchains offer a unique harmony of philosophical principles and technological achievements.

Systems that utilize blockchain technology and principles are establishing the foundation of a new operating system for markets through which goods, ideas, and conversations are exchanged.


Blockchain Facts

How we verify the Who, What and When with every step

Who

Digital Signatures

Any transaction (activity) on a blockchain uniquely signed with a public and private key pair, which enables anyone to check whether or a certain individual or party signed that transaction, and allows the signee to prove his signature.

What

Scripts

Blockchain behavior can be uniquely programmed, and business process logic can be programmed around blockchain activity, enabling seamless, automatic, and transparent business workflows.

When

Timestamps

Thanks to the power of cryptographic hashing, a unique fingerprint of any digital file can be permanently and publicly embedded in a blockchain with a precise timestamp – like a digital fossil.

Blockchain Concepts

Provable Value Chains

The values stored in a blockchain can be a cryptocurrency, digital assets, documents, mathematical proofs, contracts or any uniquely identifiable piece of information.

The complete history of changes in these values is recorded in the form of a hash chain: a chain of hashed links where the hash of each link includes the hash of its previous link.

Peer-to-Peer Transactions

Transactions are strictly controlled by the private keys and public signatures of the stakeholders; in this way ownership of values is precisely and securely maintained.

Transactions are collected in blocks to be published as part of the next set of valid transactions. The collected blocks of transactions are linked as part of an unbroken chain, hence the term blockchain.

Transparent Consensus

The complete history of transactions is distributed across multiple nodes, so there cannot be a single point of failure. This distributed network of nodes facilitates the Consensus Model.

The Consensus Model is what allows blockchains to maintain a provable history of changes without the need for a central trust authority. This reduces the settlement time in conventional payment systems from days or months to a few seconds.

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