1. WHAT IS BLOCKCHAIN?
A date and time stamped record in a ledger. Individual records or transactions are grouped into units called blocks, which are linked in sequence to form a chain. This chain of blocks of information forms an unchangeable record commonly called a ledger. This is public information.
2. HOW IS A BLOCKCHAIN RECORD IMMUTABLE ?
Information on a blockchain is immutable because each block is validated by a “consensus of the community of builders of the blockchain”. Once information has been generated and distributed to the blockchain’s community of servers, there are many independently verifiable copies of the set of blocks that constitute a shared ledger of the same set of facts.
3. OK, HOW DOES A BLOCK GET SECURELY RECORDED?
There are a few ways: Proof of Authority, Proof of Work, Proof of Stake
We chose Proof of Authority as our consensus mechanism. Transactions are executed by VALIDATED ENTITIES. To be considered a validated entity one must pass a strict “PROOF OF IDENTITY” process. A validated entity is then authorized to create transactions or “blocks” on the network.
Another means to record a block is Proof of Work used by Bitcoin. Proof of Work is used by an anonymous, permission-less entity (miner) who solves a problem