CTECH201: Cryptocurrencies and Ledgers

Cornell Tech

TOOL: Key Properties of a Blockchain

Instructions: A blockchain has four key properties that are essential to its use in
cryptocurrencies and other transactional settings. Recall that these are ideal properties,
meaning that they’re not exactly achieved in real blockchains, but they’re closely
approximated. Use this tool to jot down some quick ideas for what business purposes
each property would be useful for.

PROPERTY DESCRIPTION BUSINESS PURPOSES

IN WHICH EACH
PROPERTY WOULD
BE USEFUL

1 This is the most important

and distinctive property;
Notes…

once a transaction is
written into a block it can
never be erased or
Indelible modified by anyone,
including the entity who
wrote it to begin with.

Notes…
Anyone can read the
2 transactions a blockchain
contains and everyone
sees exactly the same
Globally Readable contents. There are some
exceptions, but this is the
general rule.

3 A blockchain accepts rule-

based writes; anyone can
Notes…

write into the blockchain

any transaction that
Rule-Based Writes respects the blockchain’s
rules.

4 A blockchain’s transactions
are strictly ordered; there’s
Notes…

no ambiguity about

1
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 CTECH201: Cryptocurrencies and Ledgers
Cornell Tech

whether Transaction A
came before Transaction
B. If Transaction A is in an
earlier block or in the same
block but an earlier
Strictly Ordered position, it comes before
Transactions Transaction B. 

2
© 2018 eCornell. All rights reserved. All other copyrights, trademarks, trade names, and logos are the sole property of their respective owners.