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Blockchain for dummies (limitations of current business (Cash is useful…
Blockchain for dummies
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BitCoin
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Efficient: Transaction information is recorded once and is availables to all parties through the distributed network.
Safe and secure: The underlying ledger is tamper-evident. A transaction can't be changed; it can only be reversed with another transaction, in which case both transaction are visible.
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characteristics
Consensus: For a transaction to be valid, all participants must agree on its validity.
Provenance: Participants know where the asset came from and how its ownership has changed over time.
Immutability: No participant can tamper with a transaction after it’s been recorded to the ledger. If a transaction is in error, a new transaction must be used to reverse the error, and both transactions are then visible.
Finality: A single, shared ledger provides one place to go to determine the ownership of an asset or the completion of a transaction.
