6 Key Blockchain Features You Need to Know Now
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The document outlines six key features of blockchain technology, emphasizing its decentralized and distributed nature, which ensures data integrity, immutability, enhanced security, and faster transaction settlements. It explains how features like immutability protect against data manipulation, while decentralization improves security by eliminating single points of failure. Additionally, it discusses the importance of consensus algorithms for transaction validation and highlights the efficiency of blockchain compared to traditional banking systems.
6 Key Blockchain Features You Need to Know Now
- 1. 6 KEY BLOCKCHAIN FEATURES YOU NEED TO KNOW NOW 101blockchains.com
- 2. Why Learn Blockchain With Us? Trusted Strategic Practical
- 3. What is Blockchain Technology? Blockchain technology is a decentralized and distributed ledger system that provides data integrity, transparency and immutability. Typically, blockchain platforms don't need a centralized authority to maintain the network. However, private and federated blockchain is not fully decentralized in nature.
- 4. What Are the Features of Blockchain Technology? 8 5 % 1 5 % It e m 2 9 5 % It e m 1 5 % 9 0 % 1 0 % 60% 40% Ite m 2 70 % Ite m 1 30 % 6 5 % 3 5 % Immutability Distributed Enhanced Security Decentralized Faster settlement Consensus
- 5. Blockchain technology is immutable. This means when data gets added to the ledger, no one can alter or delete that data. Immutability helps blockchain to maintain an unaltered and permanent network. Immutability helps to eliminate corruption and prevents any favoritism. No user has more authoritative power over other users and can't misuse their position in the network. Immutability
- 6. Blockchain technology guarantees full transparency in the data trail and history of any application. This shows the integrity of the information on the ledger. Immutability ensures a complete and easy auditing process, where it's simple to prove whether data has been tampered with or not. Immutability ensures a full historical record; thus, it creates opportunities in analytics, query and increases efficiency in business processes. Immutability
- 7. Saves time and reduces costs for many business processes. Unfortunately, immutability comes with few disadvantages. If accidentally wrong information or personal data gets added to the ledger, there's no way to delete it. As blockchain preserves all historical data, it requires massive storage space, which is very costly. Immutability
- 8. Blockchain is a decentralized network, which means there isn't any centralized authority maintaining the framework. Network participants are responsible for maintaining the ledger system. Users are given public and private key, which they can use to authenticate transactions and smart contracts on the network. Decentralized
- 9. The network is fault-tolerant as it does not depend on human authorities. Therefore, there are fewer accidental failures. It empowers users, and they don't need any third- party to maintain their properties or assets. The decentralized structure of the network makes it extremely expensive and difficult for cybercriminals to launch an attack. Decentralized
- 10. Gets rid of third-party services, which reduces the likelihood of a security breach. Does not offer any scope of corruption as the technology uses various algorithms to maintain it. Promotes transparency within the system as the users can view every single change on the blockchain. Decentralized
- 11. Blockchain offers a high level of security compared to other centralized platforms. Aside from decentralization, it uses Cryptography to encrypt data on the ledger system. Cryptography is a complex encryption process that acts as a firewall against malicious cyber-attacks. Enhanced Security
- 12. The technology can recognize corrupt commends and reject the request on automated systems. A decentralized DNS system is more robust in combating cyber-attacks. As it's decentralized, there's no single point of entry. Thus, your information is more secure. Enhanced Security
- 13. Blockchain is perfectly capable of helping organizations to eliminate any DDoS attack. Counterfeit hardware has hidden malicious viruses. With device hardware provenance from blockchain, no malicious viruses can breach the network. With the help of proper authentication keys, it can quickly detect any third-party attempts to enter the network and stop it. Enhanced Security
- 14. Blockchain provides a distributed ledger system. In this type of ledger system, the data is shared, replicated and synchronized across multiple geographical countries, sites or institutions. Every user on the network will get a copy of the ledger, and any changes on the network are automatically added to every copy of the ledger. Distributed Ledgers
- 15. In case of any system failures, there will always be a copy of the ledger that can be used to retrieve the data. Users can't edit their copy of the ledger as they want because during synchronizing, the system will recognize the falsified ledger entry after comparing it to other ledger copies and nullify it. This structure allows the distributed ledger to respond quickly to any tamper or suspicion activities. Distributed Ledgers
- 16. Every node or selected nodes (based on the type of blockchain) acts as a verifier for the ledger. If a user wants to add new data to the ledger, it needs to first get approved by other nodes. It helps to maintain fair participation. It eliminated the need for intermediaries, which quicken the response time of the system. Distributed Ledgers
- 17. Consensus algorithms are one of the major features of a blockchain platform. Consensus helps the nodes within the network to make collaborative decisions or come to an agreement. It helps the participants to make faster and quicker decisions on whether a transaction is valid or not. Consensus
- 18. Proof of Work Proof of Stake Proof of Elapsed Time Practical Byzantine Fault Tolerance Proof of Activity There are many types of consensus algorithms. Some of the popular ones are – Consensus
- 19. Blockchain offers a faster transaction settlement system. Traditional banking systems can take a lot of days to process a transaction. Blockchain can settle a transaction within minutes. Faster Settlement
- 20. Some blockchain platforms can process a high volume of transactions every second. Unfortunately, the transaction rate depends heavily on the capacity of the platform and the scalability rate. When there are too many users on the platform, it can slow down the network resulting in a slower transaction speed. Faster Settlement
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