Blockchain Transaction Processing

TL;DR

This paper provides an overview of blockchain technology, focusing on its structure, transaction processing, and core properties like immutability, highlighting its role in digital currency systems.

Contribution

It offers a foundational description of blockchain architecture and transaction mechanisms, emphasizing the importance of immutability and distributed ledger consistency.

Findings

Blockchain maintains an append-only linked list of blocks.

Transactions act on a shared ledger across nodes.

Immutability is a key property of blockchain systems.

Abstract

A blockchain is an append-only linked-list of blocks, which is maintained at each participating node. Each block records a set of transactions and their associated metadata. Blockchain transactions act on the identical ledger data stored at each node. Blockchain was first perceived by Satoshi Nakamoto as a peer-to-peer digital-commodity (also known as crypto-currency) exchange system. Blockchains received traction due to their inherent property of immutability-once a block is accepted, it cannot be reverted.