A Blockchain is an immutable and consistent transaction protocol and database shared by all nodes in a network:
A blockchain is a type of distributed ledger meaning that every participant has their own copy of the ledger, and that there is no central record of account.
Ledger transactions are both immutable and consistent: once recorded, they cannot be altered and every copy of the ledger has the same records of transactions made.
A transaction protocol means that the transactions are actually changes to the ledger which reflects the assets/ entitlements/ obligations of the other participants
The network ( and its constituents) act as a database that record transactions – generating an immutable audit trail for transactional activity.
All nodes (system participants) Hold a local copy of the ledger – synchronized by a consensus mechanism.
The network can be either completely open or open only to trusted counterparties.
Blockchain can be public, permissioned, or private, referring primarily to the participation in and permissions to the network.
A full stack blockchain solution is comprised of several layers from infrastructure to application with a variety of ecosystem options to choose from.
Customer interaction, business logic, and user interface design
Blockchain services to enable operation of the application and connection to other technology
Network participation requirement, base protocol, and method of consensus
Blockchain as a service (BAAS) or in-house infrastructure to operate the nodes
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