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Home Common Problem What are the four major characteristics of blockchain

What are the four major characteristics of blockchain

Apr 13, 2024 pm 03:24 PM
Blockchain

Blockchain is a distributed ledger technology with four main characteristics: decentralization (multiple nodes store data), immutability (cryptography protects data), transparency (all transactions are visible) and Efficiency (eliminating middlemen, automating processes).

What are the four major characteristics of blockchain

Four major characteristics of blockchain

Blockchain is a distributed ledger technology with the following features Four main characteristics:

1. Decentralization

  • The blockchain network consists of multiple nodes (computers) rather than a central organization control.
  • Each node stores a complete copy of the blockchain, ensuring data consistency and security.

2. Immutability

  • Once the data on the blockchain is recorded, it cannot be tampered with or deleted.
  • This is done by using cryptography technology to protect data and ensure the irreversibility of transactions.

3. Transparency

  • All transactions on the blockchain are visible and can be viewed by any node on the network.
  • This increases transparency and reduces the possibility of fraud and corruption.

4. Efficiency

  • Blockchain eliminates the need for middlemen, allowing transactions to be processed faster and cheaper.
  • Increase efficiency by automating processes and reducing paper work.

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