In a 2017 article, Harvard Business Review identifies five basic principles underlying blockchain technology:
- Distributed DatabaseEach party on a blockchain has access to the entire database and its complete history. No single party controls the data or the information. Every party can verify the records of its transaction partners directly, without an intermediary.
- Peer-to-Peer TransmissionCommunication occurs directly between peers instead of through a central node. Each node stores and forwards information to all other nodes.
- Transparency with PseudonymityEvery transaction and its associated value are visible to anyone with access to the system. Each node, or user, on a blockchain has a unique 30-plus-character alphanumeric ...