What are the key features/properties of blockchain?

Category: BlockchainWhat are the key features/properties of blockchain?
Editor">Editor Staff asked 2 years ago

What are the key features/properties of blockchain?

1 Answers
Editor">Editor Staff answered 2 years ago

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 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 best data protection
  • Decentralized ledger technology: The 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.