Lucas Mearian is a senior reporter at computerworld.com, he quoted, “the much-hyped distributed ledger technology (DLT) has the potential to eliminate huge amounts of record-keeping, save money, streamline supply chains and disrupt IT in ways not seen since the internet arrived”. So, it is highly important to get insights of the components and actors of a blockchain.
A blockchain is composed of various kinds of components, each with a defined role to play within the blockchain’s operation.
- Ledger is a distributed, immutable historical record
- Peer Network stores, updates, and maintains the ledger
- Membership Services offers user authentication, authorization, and identity management
- Smart Contract is more like a program that runs on the blockchain
- Wallet stores users’ credentials
- Events describes actions on the blockchain and notifications of updates. •The blockchain’s ledger and the state of the peer network are updated by events. Examples of events include the creation and dispersion of a new transaction across the peer network and the addition of a new block to the blockchain. Events may also include notifications from smart contracts on blockchains that support such contracts.
- Systems Management provides the capability of creating, modifying, and monitoring blockchain components to meet the needs of its users.
- Systems Integration allows integration of blockchain with external systems. As blockchain has evolved and increased in functionality, it has become more common to integrate blockchains with other external systems, commonly through the use of smart contracts. While this is not a specific component of the blockchain, systems integration is included to acknowledge this capability.
A business blockchain solution needs several actors participating in a variety of roles to be make the blockchain fully functional.