Blockchain Transaction Processing
It addresses the need for secure and tamper-resistant transaction systems in decentralized networks, but is incremental as it reiterates established concepts.
The paper describes blockchain as an immutable, append-only ledger for recording transactions across distributed nodes, originally conceived for peer-to-peer cryptocurrency exchange.
A blockchain is an append-only linked-list of blocks, which is maintained at each participating node. Each block records a set of transactions and their associated metadata. Blockchain transactions act on the identical ledger data stored at each node. Blockchain was first perceived by Satoshi Nakamoto as a peer-to-peer digital-commodity (also known as crypto-currency) exchange system. Blockchains received traction due to their inherent property of immutability-once a block is accepted, it cannot be reverted.