What is a blockchain in simple terms?

Simply put, a blockchain is a shared database or ledger. Pieces of data are stored in data structures known as blocks, and each node of the network has an exact replica of the entire database.

How does blockchain work in a property transaction?

In the property transaction scenario, blockchain creates one ledger each for the buyer and the seller. All transactions must be approved by both parties and are automatically updated in both of their ledgers in real time. Any corruption in historical transactions will corrupt the entire ledger.

What is IBM Blockchain & how does it work?

INBLOCK issues Metacoin cryptocurrency, which is based on Hyperledger Fabric, to help make digital asset transactions faster, more convenient and safer. The IBM Blockchain Platform can change the way your ecosystem ensures trust, data provenance and efficiency to improve patient care and profitability.

What is a private blockchain?

Private blockchains, like the ones IBM uses, only give certain people access to the blockchain network. Since data written to the blockchain is immutable and timestamped, it provides a transparent record of everything added to the system. Anyone with a node on the network can see every transaction.