Topic: What are the main features of Blockchain technology? (Read 257 times)
The main features of Blockchains Technology are Trust and immutable - We should be able to trust the data that is written in the blocks and the data should be immutable can’t be changed or tampered or deleted. And also Transparency -Well blockchain can be private also meaning that data on it is private and not public but concept of blockchain was made for making all the data transparent and accessible by anyone.
Security will be the main selling point for the blockchain. In this era of technology we should have a safe network that guarantee safe up keep of our personal information. I do not see any other technology offering security and efficiency.
I would say that decentralization part of it is one of the biggest and important aspects of blockchain technology which gives us the actual control and power to the users. Everything else is a layer on this strong fundamental principle that truly represents the values of democracy in a real sense. That's why blockchain technology is important not only in the financial sector but also in other sectors out there.
I think the main feature of blockchain technology, is that it allows for a limitless number of people, that do not know each other, to work on or agree on something. This is due to financial incentive structures which rewards good behavior and punishes bad behavior (i.e. attacks).
First of all is the concept of Decentralization.
Another main feature is faster transaction across boarders instead of the conventional wire transfer.
Smart contracts is another great feature I love when it come to Blockchain technology.
Another main feature is faster transaction across boarders instead of the conventional wire transfer.
Smart contracts is another great feature I love when it come to Blockchain technology.
The one thing that I like in Blockchain technology is that there is no 3rd part in it.
Only you and person with whom you deal with.
Only you and person with whom you deal with.
Decentralization is a main feature of the blockchain technology.
It comprises of factors (or links in the chain). Each is vital to the success of a transaction, but no one is in control, and the transaction can go on without the input of any link in the chain.
As a user you only have to trust the technology, the block ledger system. And do not need to depend on any of the individual parts that make up the whole.
This video further explains it https://youtu.be/SMEOKDVXlUo
It comprises of factors (or links in the chain). Each is vital to the success of a transaction, but no one is in control, and the transaction can go on without the input of any link in the chain.
As a user you only have to trust the technology, the block ledger system. And do not need to depend on any of the individual parts that make up the whole.
This video further explains it https://youtu.be/SMEOKDVXlUo
Smart contracts aren't exactly a feature of blockchain technology. at least they aren't one of the main features to be listed among the other 4 that you listed here. it is something that was built on top of the technology and it is not even being used that much, don't confuse the thousands of pointless ICOs with usage of smart contracts.
Blockchain technology is like a diary of all transactions occurring in the system. The main features of blockchain are :
- Can’t be replicate , can’t break blockchain strings: Blockchain strings are almost indestructible, and in theory only quantum computers can intervene and decipher blockchains and it only It is completely destroyed when there is no internet around the globe.
- Immutability: The data in blockchain is almost irreversible (can only be modified by the creator himself, but must be consensus of the nodes on the network) and the data will be kept forever
- Data Security: The information and data in the blockchain chains are scattered and absolutely secure that only the private key holder has access to that data.
- Transparency: Anyone can track the path of data in a blockchain from one address to another and can record the entire history on that address.
- Smart contracts: They are digital embedded by an if-this-then-that (IFTTT) code in the system, allowing them to execute itself without the need of a third party. Blockchain does not need a third party to participate in the system, and it ensures that all parties know the contract details and the terms will be automatically executed once the conditions are met.
- Can’t be replicate , can’t break blockchain strings: Blockchain strings are almost indestructible, and in theory only quantum computers can intervene and decipher blockchains and it only It is completely destroyed when there is no internet around the globe.
- Immutability: The data in blockchain is almost irreversible (can only be modified by the creator himself, but must be consensus of the nodes on the network) and the data will be kept forever
- Data Security: The information and data in the blockchain chains are scattered and absolutely secure that only the private key holder has access to that data.
- Transparency: Anyone can track the path of data in a blockchain from one address to another and can record the entire history on that address.
- Smart contracts: They are digital embedded by an if-this-then-that (IFTTT) code in the system, allowing them to execute itself without the need of a third party. Blockchain does not need a third party to participate in the system, and it ensures that all parties know the contract details and the terms will be automatically executed once the conditions are met.
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