What are the key features of blockchain?
31 Jan 2024
At the moment, blockchain technology is one of the most popular and exciting technologies. Although most people know the term, they don't fully understand what it means. After understanding the features of blockchain technology, you will have a clear idea of what blockchain is.
Increased Capacity: Blockchain technology is remarkable for increasing the capacity of the whole network. Many computers working together offer more power than a few centralised devices.
Better Security: The lack of a single point of failure makes blockchain technology more secure than its contemporaries. As blockchains are distributed throughout a network of nodes, the integrity of the original data is never compromised, even if one node fails or is hacked.
Immutability: Blockchain is based on the concept of creating immutable ledgers. Since a centralised database relies on some third-party intermediary to ensure its security, it is prone to hacks and frauds.
Faster Settlement: Banks are notoriously slow due to the lengthy settlement process, which usually takes days. This is why these banking institutions must upgrade their banking systems. Blockchain can solve this problem by settling money transfers at super-fast speeds. Ultimately, this saves time and money for these institutions and provides convenience to consumers.