Record Keeping

One of the most important features of a Blockchain is tamper-proof accounting, known as record keeping. Using Bitcoin as an example, this means that the information from all transactions are stored in the ledger and cannot be changed afterwards. The unchangeability of the records is generated by the mechanism that every block depends on the previous hash and all blocks are stored continuously on all nodes of the network [1]. This process enables trust for all users without the need for a central entity [2].

Record keeping is not only used  for recording transactions but also for health data, property rights of assets and real estate or information of the origin of objects.

[1] Swan, M. (2015) Blockchain Blueprint for a new economy

[2] Heines, R. (2017) Blockchain Technology Applications: A Conceptual Framework from a Supply Chain Perspective

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