Features of Blockchain

The blockchain system has some basic criteria and is built on these standards. These features are briefly described below.

Distributed: The most basic feature of the blockchain is that the data is not kept in one place, but is recorded, stored, and updated in a distributed manner.

Transparent: With the blockchain system, the record of data is transparent to every node and the data can be verified retrospectively. For this reason, the blockchain is considered reliable.

Independent: Thanks to the consensus structure, the node data in the blockchain system can be transferred securely, there is no need to request a center.

Unchangeable: The record added to the blockchain cannot be updated or deleted in any way, and the record is permanently stored. It is not possible to change the record, except for various types of attacks.

Identity Privacy: In the blockchain system, nodes can transfer data without specifying an identity. For this process, it is enough to know a person’s blockchain address.

Cost reduction: Unlike centralized architecture, where an advanced, complete hardware and software system is required to create the centralized server, blockchain technology uses the processing power of communication devices to reduce the cost associated with installing and maintaining large centralized servers.

Autonomy: The ability to make autonomous decisions is among the features that blockchain technology can provide. It enables the production of new devices that can make smart and autonomous decisions.

The blockchain provides numerous advantages for multiple fields and applications.