Lesson Learning objectives : Who are the participants in a Blockchain ? This lesson address this important topics in a simple and efficient way, to allow the participant the comprehension of all the parties involved in a Blockchain
Blockchain technology runs in the background and a majority of its users are not required to be aware of it as it can be augmented onto pre-existing IT systems. To decentralize authority, even on a permissioned blockchain it is important to have governance rules in regards to admin abilities. Usually in the form of having proposed changes voted on before being applied to the chain.
A block chain has multiple participants with various roles, these include and are not limited to:
Blockchain User: A participant of the network, with permissions to join the network and transact with other network participants.
Regulator: A blockchain user with special permissions to oversee the transactions happening within the network, regulators maybe prohibited from conducting transactions.
Blockchain Developer: Programmers who create the applications and smart contracts the enable blockchain users to conduct transactions on the blockchain network.
Blockchain Network Developer: Individuals who have special permissions and authority to define, create and manage the blockchain network.
Traditional processing platforms: Existing computer systems that may be used by the blockchain to augment processing. This system may also need to initiate requests on the blockchain.
Traditional data source: Existing data systems that provide data to influence behavior of smart contracts and help to define how communication and data transactions will occur between traditional applications and communications data transfer will occur between traditional applications/data and the blockchain — via API calls, through MQ style cloud messaging, or both.
Certificate authority: An individual who issues and manages the different types of certificates required to run a permissioned blockchain. For example, certificates may need to be issued to blockchain users or to individual transactions
Now we understand what a blockchain is and who its participants can be, lets look at its use cases and how it can be applied to the financial sector.