6 Major Features Of Blockchain | Why Blockchain is Popular?
Keeping you updated with latest technology trends, Join DataFlair on Telegram
1. Objective – Blockchain Features
In this Blockchain tutorial, we will study the main features of Blockchain technology for a better understanding of the Blockchain. Moreover, we are going to learn about Blockchain security features. These features will provide us with some major properties of Blockchain. Along with this, we will see Blockchain Features with benefits.
So, let’s begin with features of Blockchain.
2. Features of Blockchain?
We can solve the problem of manipulation by Blockchain Technology. If you go to the west and ask them do they trust technology there answer would be YES namely Google, Facebook or their banks but this is not the case with the other world, they do not trust these organization that much. It’s not about the places, those are rich. Opportunities for blockchain is higher in those countries which have not reached a level yet.
So, let’s begin with some of the key features of Blockchain.
a. Increased Capacity
This is the first and an important feature of Blockchain. The most remarkable thing about this Blockchain technology is that it increases the capacity of the whole network. Because of the reason that there are a lot of computers working together which in total offers a great power then few of the devices where the things are centralized.
A perfect example of this increased capacity is a project started by Stanford University which created a supercomputer that simulates protein folding for medical research.
b. Better Security
Blockchain technology has a better security because there is not even a single chance of shutting down of the system. Even the highest level of the financial system are subject to get hacked. Bitcoin in the second hand had never been hacked. the reason is that the blockchain network is secured by a number of computers called nodes and these nodes confirm the transaction on this network.
Creating immutable ledgers is one of the main values of Blockchain. Any database that is centralized is subjected to get hacked and they require trust in the third party to keep the database secure. Blockchain like Bitcoin keeps its ledgers in a never-ending state of forwarding momentum.
To control the Bitcoin market anyone needs control over 51% of the total market. Although we can change ledgers by Hard Fork it needs a general agreement amongst miners, exchange, and individual users, node operators. But still, there are high chances that the old ledgers would remain in their real form.
d. Faster Settlement
Traditional banking systems can be slow, as they require a lot of settlement time which usually takes days to proceed. This is one of the main reason why these banking institutes need to upgrade their banking systems. We can solve this problem by the means of Blockchain as it can settle money transfer at really fast speeds. This ultimately saves a lot of time and money from these institutions and provide convenience to the consumer also.
e. Decentralized System
Decentralized technology gives you the power to store your assets in a network which further access by the means of the internet, an asset can be anything like a contract, a document etc. Through this owner has a direct control over his account by the means of a key that is linked to his account which gives the owner a power to transfer his assets to anyone he wants.
The Blockchain technology proves to be a really effective tool for decentralizing the web. It does possess the power to bring massive changes in the industries
Basically, there are a lot of ways of minting a problem of manipulation that we can solve by Blockchain. If you go to the west and ask them do they trust technology there answer would be YES namely Google, Facebook or their banks but this is not the case with the other world, they do not trust these organization that much. It’s not about the places, those are rich.
Now, opportunities for blockchain is higher in those countries which doesn’t reach a level yet in but the mining the most frequent method. But in the recent time’s many new methods have also been introduced as proof of work is one approach by which an individual can prove that he is engaged in a significant amount of computation work. So, the role of a miner is to create a block.
So, this was all about Blockchain Features. Hope you like our explanation of Why Blockchain is popular.
Hence, in this tutorial, we have learned about all the important features of blockchain technology. In addition, we covered how this Blockchain feature benefits us and Blockchain Security features. Next up, is the reasons why you should learn Blockchain. Furthermore, if you have any Query regarding Features of Blockchain, feel free to ask through the comment section.
See also – Hyperledger in Bitcoin