Blockchain can be referred to be DLT (Distributed Ledger Technology), Which makes the reputation of any digital asset transparent and immutable through the privilege of decentralization and cryptographic hashing.
An easy symmetry to understand the block chain technology is Google Doc. If we are creating a document and sharing it with the group of people, instead of coping and transferring the document is simply distributed. This makes a decentralized distribution chain which allows access for everyone at the same time. While all variation of the doc is being recorded in real time, if any changes are made that is completely transparent and No one can excluded awaiting changes from third party.
6 Key Features of Blockchain Technology
Blockchain technology offers lot more and it is not only a backup network for bitcoin. Let’s see why it has popularity? By diving deep into the listed the key feature of blockchain technology.
There are many stimulating features in Blockchain Technology but immutability is one of the best key features of Blockchain technology. What immutability exactly is. It can’t change or alterable. This blockchain feature helps to provide the technology to remain stable and unalterable network.
This block technology works different when compare to other standard banking system. It uses blockchain feature to collect the node instead of depending on centralized authorities.
Every node on the system comes with the copy of digital ledger. Every node has to check its validity before adding to the transaction. This improves transparency and makes corruption less technology.
Decentralization is one of the key features of blockchain technology which works perfectly. “The network is decentralized” this means that the network don’t have any executive authority, where group of node handles the network making it decentralized.
Blockchain keeps the user in forthright position. User can directly access it for the web and store the assets. So, it don’t require any authorities for accessing the network.
You can store anything like important document, bitcoins, and other important digital assets and also you have the direct control by using your private key.
The another layer for the protection of user is the cryptography. The security enhancement method is the complex algorithm that acts as a firewall to prevent from any of the attacks.
Every information on the blockchain is cluttered with cryptography. As the information on the network conceals the real nature of the data.
All the bocks of the ledger has a unique identification for every data that is which unique hash and the hash id from previous block.
So, if you make changes in any of the data you should also need to change all the hash IDs. That process is impossible. This shows the importance of blockchain Security feature and you don’t need to worry about hacking.
Distributed ledger deals with any of the suspicious activity. Changing of the ledgers is impossible and With the help of node you can easily track the status and updates of ledger very quickly and easily.
This node acts as the verifier for the ledger. If any of the user need to add a block it verifies the transaction and it allows.
It don’t provide any additional favors for the user. Everyone should follow the usual channel to add their blocks and there will be a quick response and if any changes occur that is updated immediately.
Every Blockchain is getting successful by using this Consensus algorithms key features. This algorithm is well-designed. Every blockchain network can make decision by consensus algorithm.
Nodes don’t trust each other, but it trust only the consensus algorithm, as it run at the core of it. There are many consensus algorithms for blockchain technology. Each comes with its unique features to make a decision. Which makes decision on the network in a successful way for the blockchain. Hence it is one of the successfully benefit of blockchain features.
This is a best feature of blockchain technology to this day, As blockchain makes a faster settlement when compare to traditional transaction, where people can sent money with a less fee. By blockchain technology one can easily sent money to another. This makes a faster settlements for all kind of the contract.
This feature helps for people working in other country to send money to their family. By this way user can transfer money faster, easier, and which also saves our time.
All this blockchain features and application will always stay with us, people can still understand and utilize the idea behind all the benefit of blockchain technology. Blockchain technology can change the world better as it has all sort of new technologies. If you are in need of blockchain technology services Adhoc Softwares provides best blockchain services. Visit our company website and you can have some more ideas.