Initially, the node initiated the transaction by signing the private key using cryptography. Once the transaction is validated, it is contained in a block called the origin block. This new block will become a part of the ledger. Whenever a new block is added, the transaction will be reconfirmed within a network, requiring six confirmations to consider the final outcome of the transaction.
How is blockchain used in enterprises?
By eliminating intermediaries, blockchain allows for secure sharing of business processes, such as business activities, records, and contracts, between companies and partners in an encrypted manner. Blockchain uses cryptographic principles to store data that cannot be hacked, copied, or misused. Transactions will be completed on multiple computers in a chain, making it difficult to change records.
Is it possible to create an independent blockchain for an enterprise?
Of course, this is possible. Even if public blockchain is open source, we cannot use it to store private records of an enterprise or organization. Therefore, we can leverage the open-source nature of blockchain to build a private blockchain, and after customization, an enterprise can use it to store confidential business data.