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.