BlockChain is a decentralized distributed database (ledger) of immutable records accessed by various business applications over the network. Client applications of related businesses can read or append transaction records to the blockchain. Transaction records submitted to any node are validated and committed to the ledger database on all the nodes of blockchain network. Committed transactions are immutable because each block is linked with its previous block by means of hash and signature values.

Features of BlockChain

• Data replication
• Transaction and data verification by the network of nodes – builds Trust
• Transaction immutability
• Traceability
• Disintermediation i.e. removing the need to depend on a central third party
• Adaptability to a variety of use cases

Blockchain Ecosystem

Blockchain ecosystem consists of network of nodes, chain database, backend blockchain services components, smart contact or chain code, web API, and client application. Network of nodes means network of systems together form blockchain network. Chain database is a backend database used for persisting transaction blocks in key value database. Backend blockchain services components such as Validator, Endorser, Ordering, Consensus and Web API service plays a vital role in processing transaction data and form blockchain. Chain code or smart contact is a pluggable software component for processing the user transaction before committing into blockchain database.

BlockChain Use Cases

• Data replication
• Transaction and data verification by the network of nodes – builds Trust
• Transaction immutability
• Traceability
• Disintermediation i.e. removing the need to depend on a central third party
• Adaptability to a variety of use cases