All parties must agree on a transactions validity for it to be accepted as valid.

University of Michigan - Ann Arbor

- Consensus
- Provenance
- Immutability
- Finality

Characteristics of blockchain networks

Gupta, Manav. Blockchain For Dummies® IBM Limited Edition, IBM, bertrandszoghy.files.wordpress.com/2017/05/ibm-blockchain-for-dummies.pdf. 

Blockchain For Dummies® IBM Limited Edition

All participants in the network know the origins of an asset and its transaction/ownership history.

Provenance of blockchain

Consensus of blockchain

Participants in the network are not able to tamper with transactions after it's on the ledger. When a transaction has an error, only another transaction can fix the error (both transactions are recorded and available to the network).

Immutability of blockchain

The ledger is the one place that determines the ownership and transaction history of an asset.

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