What is a blockchain and how does it work?

Transactions are recorded in an account book called a ledger. A blockchain is a type of distributed database or ledger—one of today’s top tech trends —which means the power to update a blockchain is distributed between the nodes, or participants, of a public or private computer network.

What are the benefits of having licenses stored on the blockchain?

I think the biggest benefit of having licenses stored on the blockchain compared to a licensing server would be, that these licenses would be independent from the issuing companies. So, if the company's license server can not be accessed anymore, you would be still able to activate your software.

What is the process of creating a transaction over a blockchain network?

Initially, when a user creates a transaction over a Blockchain network, a block will be created, representing that transaction is created. Once a block is created, the requested transaction is broadcasted over the peer-to-peer network, consisting of computers, known as nodes, which then validate the transaction.

What is the most common use for blockchain?

Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions. In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.