Every transactionA transaction is a record of an event that occurred in the past. Transactions typically occur during the course of... Read More and blockA block is a specific type of construct in a blockchain that stores transactional information blocks typically contain transaction information... Read More on a blockchainAs a distributed ledger technology (DLT), a blockchain is a digital ledger that can create an immutable record of transactions.... Read More has an owner. An owner is any entity (person, group, or organization) with interest in the data contained within a transaction or block. Ownership is a tool to achieve trust and consensusConsensus allows a distributed system such as a blockchain to function as a decentralized peer-to-peer system without the need to... Read More among network members and allows for greater security, privacy, transparencyTransparency in blockchain technology refers to the immutability and public nature of the ledger—allowing anyone to view transactions on the... Read More, and accountability. Transaction ownership is assigned when a transaction is created and is not transferable to another entity. Assignment of block ownership occurs when the block is added to the blockchain. Block ownership is transferrable to another entity through forks. However, in most cases, it does not happen automatically. Consensus among network members is required to decide on block ownership or replacement. This decision is dependent on the specific consensus algorithmA consensus algorithm is a computer-generated process to achieve agreement on a single data value amongst disparate parties. It is... Read More employed.
