There are many key features of blockchain. They include the following.
- Blockchain as a data structure: Blockchain can act as a data structure and store different types of data, including identity information, insurance, medical, and so on.
- Immutability: The data, once stored in the blockchain, is immutable. This gives the blockchain tamper detection property as well.
- Data protection: As the owner of the data is the source peer itself, data protection is completely dependent on the source. The absence of third-party actors also means that it is secure and offers the best data protection
- Decentralized ledger technology: Decentralized ledger technology is the most important feature of a blockchain. It can be used by a private organization or public in a variety of use-cases.
- Better user anonymity: Users are relatively hidden compared to other traditional networks.
- Double spending: Blockchain solves double-spending problems using consensus algorithms and distributed ledger technology.