What Is Blockchain?
Blockchain, also referred to as distributed ledger technology (DLT), is a record-keeping technology that follows a method of maintaining a chronological record of transactions in multiple copies (nodes) on a ledger or smart contract.
- Today we use blockchain technology to solve the problem of ambiguity and trust.
- To be able to read from or write to a blockchain a user must have proper access and the keepers of all the copies of the ledger must verify the information before it can be used.
- Blockchain ensures that there can never be any deniability of a transaction or the content of the transaction.
How Does Blockchain work?
- “Block” in the blockchain refers to a block of information that is published on a ledger periodically and the “chain” refers to how these blocks are mathematically placed together in chronological order.
- Blockchain is an authoritative transaction record-keeping mechanism that is resistant to tampering.
- In order to maintain ledgers, the record-keeping must follow two properties of consistency and liveness.
- To ensure consistency, the nodes must have the same copy of data on its distributed ledger so as not to cause any doubt of the transaction or ambiguity.
- Liveness ensures that the record is added to the ledger in real time.
To be able to read from or write to a blockchain, a user must have proper access and the keepers of all the copies of the ledger must verify the information before it can be used.
To learn more about Blockchain and how it can be used, read our “Introduction to Blockchain” article.
Blockchain Example in Real Estate
Let’s take an example of a brand new house on 333 Main St. and a brand new owner Barbara. Everytime Barbara performs a maintenance or upgrade on the house she logs that in the 333 Main St. blockchain ledger. She is unable to remove any line item once it has been added to the ledger. Only authorized people can add a line item to the ledger. When she is getting ready to sell the house, she can simply run a report that gives the entire maintenance and upgrade history of the house and the buyer can be sure that it has not been tampered with.
Blockchain, Digital Signature and Digital Transaction Management
ZorroSign uses permission-based private blockchain architecture to:
- Ensure the security and privacy of users’ information
- Ensure the security and privacy of the data
- Ensure the security and immutability of digitally-signed documents
ZorroSign detects tampering and signature forgery of electronically signed documents through its proprietary 4n6 (“forensics”) software which provides:
- Chain of custody
- Full audit trail
- Additional attributes and characteristics about the document
To learn more, see ZorroSign 4n6 (Forensics) Token technology.
Features of ZorroSign Blockchain
Benefits of ZorroSign Blockchain
- Time and cost savings
- Enhanced/advanced security
- Highest level of privacy
- Improved accountability
- Increased operational efficiencies
Four Key Properties of Blockchain
|Indelible||The most important and distinctive property of Blockchain. Once a transaction is written into a block, it can never be erased or modified by anyone, including the person who wrote the transaction.|
|Globally Readable||Anyone who has permission to view the transaction can read what it contains and everyone sees exactly the same contents.|
|Accept Rules Based Rights||Any chosen party can write into the Blockchain as long as it respects the predetermined rules set out for that transaction.|
|Strictly Ordered||There is no ambiguity of the transaction. The audit trail will clearly show which block of data came first and which came second.|