List the key features of blockchain?

Asked 19-May-2022
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Here are some key features of blockchain:

Decentralization: A blockchain is a decentralized system, meaning there is no central authority or intermediary controlling the network. Instead, all participants have equal rights to validate and verify transactions.

Distributed Ledger: A blockchain is a distributed ledger, which means that copies of the ledger are distributed among all participants. Each block on the chain contains a record of transactions, and all participants have access to the same copy of the ledger.

Immutable: Once a transaction is recorded on the blockchain, it cannot be altered or deleted. This immutability ensures the integrity of the data on the blockchain.

Transparency: All transactions on a blockchain are transparent and visible to all participants. This means that anyone can view the transactions, but the identity of the participants is kept anonymous through the use of public and private keys.

Security: Blockchains use cryptography to secure the network, ensuring that transactions are verified and validated by participants on the network. This help to prevent from frauds and other malicious activities.

Smart Contracts: Smart contracts are self-executing contracts with the terms of the contract written directly into lines of code. It is stored on the blockchain. Also It's automatically executed when certain conditions are met. Smart contract development is very important part in blockchain.

Consensus: In a blockchain network, all participants must agree on the validity of each transaction before it is added to the blockchain. This consensus mechanism ensures that the network is secure and trustworthy.


The key features of blockchain:

  • The most impressive aspect of Blockchain technology is that it enhances the whole network's capacity. Because a large number of computers are working together to provide a large amount of electricity, there are fewer devices where things are centralised.
  • Because there is no single point of failure, blockchain technology is regarded more secure than its competitors. Because blockchain is based on a well-distributed network of nodes, data is always circulated via numerous nodes, ensuring that the integrity of the original data is not jeopardised even if one node is hacked or broken in any manner.
  • One of the key values of Blockchain is the creation of immutable ledgers. Because it involves faith in a third party intermediary to maintain the database secure, every centralised database is vulnerable to hacking and fraud.
  • Traditional banking systems are incredibly slow, owing to the fact that they require a significant amount of settlement time and typically take days to complete. One of the key reasons why these financial institutions need to modernise their banking systems is because of this.

Read More: What exactly do you know about the security of a block?