A Blockchain, originally blockchain, is a growing list of records, called blocks, which are linked using cryptography. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". A blockchain, originally blockchain, is a growing list of records, called blocks, which are linked using cryptography.
With the increasing demand for the blockchain technology and digital currency, the businesses are trying to get ahead of the innovation curve and develop blockchain projects. Probably, they believe that there are not many great blockchain developers in the market, but they are wrong. They might not be looking in the right place or don’t have a required value proposition to hire a proficient blockchain developer.
Top six features of Blockchain that make it so unique:
Decentralized :
The decentralized nature of blockchain technology means that it doesn't rely on a central point of control. A lack of a single authority makes the system fairer and considerably more secure. As a blockchain is a ledger of information it is extremely important that the information being stored is honest and accurate.
Immutability
Once an entry is registered on a public blockchain then it is apparent for the world to see. It cannot subsequently be changed, modified or altered and therefore provides a time-stamped version of ‘the truth’.
Transparency :
All the data in the block is visible to the public and thus transparent. While blockchain technology has an obvious application in the trading of cryptocurrency, its premise can be used across the internet.
Data Integrity :
Data quality is referred to as “data integrity.” It is maintaining and assuring the accuracy and consistency of data over its entire life-cycle. Data integrity means that the data is accurate and reliable. In most companies, there are areas where important business decisions are routinely made based on data.
Efficiency and cost reduction :
By reducing the reliance on centralized record-keeping entities the technology has the potential to lower costs and improve the efficiency of business processes in certain circumstances.
Cryptographically secure :
There are various mechanisms for securing blockchains ranging from Bitcoin’s original Proof of Work (PoW) to the more recent Proof of Stake (PoS).
Therefore The future could be dominated by blockchain technologies. A traceable global currency complete with an efficient infrastructure will not only result in massive cost reduction for all market participants, but it will also change the global banking system as we know it. Cryptocurrency will do for payments what email did for communication.
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