Characteristics of Blockchain technology

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Characteristics of Block chain

Blockchain technologies are not just a backup network for crypto currencies but offer a lot more, so let's see some of the characteristics of blockchain.

1. Immutability

There are some exciting blockchain features but among them Immutability on undoubtability is one of the key features of blockchain technology. Immutability, meaning something that cannot be altered or changed, is one of the top blockchain features that help to insure that the technology will remain as it is, creating a permanent, interoperable network.

Another fact that supports the list of blockchain features is that once a transaction block is added to the ledger, no one can go back and change it. This way no user on the network will be able to edit, delete or update it.

2. Decentralized

The network is decentralized which means there is no single person looking after the framework of governing authority, rather a group of notes maintain the network decentralized. This is one of the key features of the blouse and technology works perfectly.

3. Enhance securities

Every Information in the blockchain is presented cryptographically; this simple word hides the tray nature of the information data on the network. Any input data for this process is found through a mathematical algorithm which produces a different type of value but the length is always fixed. All blocks in the ledger come with a unique hash of their own, and contain the hashes of the previous blocks, so trying to change or tamper with the data all means changing the ID and that's impossible.

4. Distributed ledgers

Usually a public ledger will contain information about transactions and participants. It's all in the open with nothing to hide and the case of private and federated blockchains is a bit different but still in those cases many people can see what's actually going on in the ledger.

5. Consensus

In simple term consensus is the decision making process for a group of active nodes on the network where nodes can quickly and relatively faster come to an agreement. When millions of notes are validating a transaction, consensus is essential for the system to run smoothly.

6. Faster settlements

The traditional banking system is court slow; sometimes it can take days to process a transaction after finalizing all the settlements. That's why it can also be corrupted. Blockchain can make money transfers faster in comparison to traditional banking systems, which can save a lot of time in the long run.

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