10 July 2020
The blockchain has definitely invented a new era of internet due to its unique features. Let’s understand some of them:
1. Large capacity: Blockchain’s capacity completely depends on the number of computers connected with the network. The more computers are added, the larger is the capacity of the blockchain.
2. Best security: Blockchain technology has the best security because each transaction on the network is tamper-proof. As the network is secured by the number of computers called as nodes and these nodes confirms the transaction in the network. So to hack the blockchain it would be like trying to sneak a single door guarded by hundreds of dogs.
3. Transparency- As each block is visible to every participant of the network. So the trust issue which gradually builds up into two parties during a business deal is impossible.
4. Immutability- In blockchain technology, the data is always encrypted, i.e. the data once added can neither be deleted nor changed. This feature makes the possibility of hacking close to impossible
5. Decentralization- Any data that is centralized is subjected to be hacked because we have to depend on the third party to secure it, but when the data is decentralized, this is not the scenario. In this, the data is stored on a network in which only you have direct access.
6. Faster settlement- Many traditional banking systems usually takes days to precede a settlement. Using blockchain technology, the settlement time can be reduced as the money transfer can take place very fast through it. This saves a lot of time and also provides convenience to the consumer.
So, this was a small summary of some important features of the blockchain. Stay tuned with us for more understanding of the blockchain.