Blockchain is a distributed ledger maintained by a peer-to-peer network of computers that records transactions without central authority. Transactions are broadcast across nodes and verified through cryptography and by solving mathematical puzzles to prevent double spending. Verified transactions are bundled into time-stamped blocks that are chained together sequentially, creating an immutable record of events that is transparent and accessible to all network participants.

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What is Blockchain?
Blockchain is a programmable peer-to-peer distributed ledger maintained by a distributed network
of computers that requires no central authority or third party intermediaries
Peer to Peer Network
Architecturally, the fabric of blockchain is a
peer to peer network that utilizes computers
to process transactions in a decentralized
manner – similar to other cloud solutions –
which provides no single point of failure
A network of servers power the blockchain
and is the computational engine which
enable the verification process. Each peer
node, called miners, may own multiple
servers and/or operate as a collective
Decentralized Computers
Software Development Environment
New development tools for blockchain includes a
scripting language for building decentralized apps
that are cryptographically secure
Communications Broadcast
Transactions are broadcast across peer
nodes to facilitate the verification process and
any discrepancies can be immediately flagged
and rejection broadly communicated
Security with Cryptography
A form of encryption key mgmt that
uses mathematical puzzles to protect
information – public keys encrypt,
private keys decrypt and digital
signatures authenticate messages
Incentive-based Verification
The "double spend” issue requires verification
methods like Proof of Work, Proof of Stake and
Zero Knowledge while rewards (e.g., Bitcoin)
incentivize honest behavior among all nodes
Time Stamped Blocks
Transactions from the same
time-frame are batched
Sequential Chain of Blocks
New blocks reference old ones
in sequence to form a chain
No Edits or Censorship
All nodes have redundant
copies to prevent change
Agreed Upon Record
Mutually accepted agreement
requires multiple verifications
Open Access/ Transparency
Open access the public to see
ledger data and act as verifiers
Programmable Logic
and Conditions
Distributed
Ledger