The best and top feature of blockchain is its “Immutability”. This means that this disruptive technology
cannot be changed and this ability is undoubtedly the trump card of block chain. Questions may arise on
how is this technology so robust and futile for manipulation. Let’s begin with connecting block chain
Things or situation that can’t be changed or altered according to one’s need are known as immutable Immutability is one such feature of block chain that helps to ensure that the technology will remain as a permanent, and unchanged network.
Block chain technology works slightly different than the typical banking system. In the banking system, we are majorly relying on centralized authorities, though many a time, it’s accurate it is hugely susceptible for corruption. However, Block chain is a collection of nodes. Every node on the system has a copy of the digital ledger. To add a transaction every node needs to check its validity. If the majority of them think it’s valid, only then it is added to the ledger. This promotes transparency and makes it corruption-proof technology
The network is not human monitored rather it is decentralized meaning it doesn’t have any governing
authority or a single person looking after the framework. Rather a group of nodes maintains the
network making it decentralized.
This can be considered as another vital block chain technology that works perfectly. To simplify, Block chain puts the users in a straightforward position. As the system doesn’t require any governing authority, we can directly access it from the web and store our assets there.
You can store anything starting from crypto currencies, important documents, contracts or other valuable digital assets. And with the help of block chain, you’ll have direct control over them using your private key. So, you see the decentralized structure is giving the common people their power and rights back on their assets.
Less Failure: Everything in block chain is technically well organized, and as it doesn’t depend on
human calculations. It’s highly fault-tolerant and accidental failures of this system are not a usual
User Control: With decentralization, users now have control over their properties. The reliability on third party reduces as the asset management is automated and completely flawless. The user can do this simultaneously by them.
Less Prone to Breakdown: With Block Chain being a decentralized unit, this key feature of block chain technology can survive any form of malicious attack. This is because attacking such a robust system is an expensive act for hackers and not an easy solution. So, it’s less likely to be manipulated.
No Third-Party: No more relying on third party companies; the decentralized nature of the technology has made this a self efficient system. No third party, no unnecessary troubles.
Zero Scams: As the system runs on algorithms, there is no chance for people to scam you out of anything. Nobody can utilize block chain for their personal gains and to an extent guarantees the users, a zero scam explicit technology.
Transparency: Every change in the bloc kchain is viewable by the user and makes it more concrete. The user gets the update of every single change or edit made on this system making it a transparent and completely reliable unit.
Authentic Nature: This transparent nature of the system makes it a unique kind of system for almost everybody. Making it next to impossible to hackers, scam or any other malicious activity this technology proves its authenticity every time.
With so many features mentioned above this cutting edge technology guarantees enhanced security. Of the data stored. The decentralization feature backs the purpose so well that no one can just simply change any characteristics of the network for their benefit. Using encryption ensures another layer of security for the system.
Well, it’s extremely secure because it offers a special disguise – Cryptography.Added with
decentralization, cryptography lays another layer of protection for users. Cryptography is a rather
complex mathematical algorithm that acts as a firewall for attacks.
Every information in blockchain is hashed cryptographically. In simple terms, the information on the network hides the true nature of the data. For this process, any input data gets through a mathematical algorithm that produces a different kind of value, but the length is always fixed.
Usually, a public ledger will provide all the information about the transaction and its participants. The
information is out there in the open, nowhere to hide. Although the case for private or federated block
chain is a bit different. But still, in those cases many people can see what really goes on in the ledger.
That’s because the ledger on the network is maintained by all other users on the system. This distributed network aids the computational power across the computers to ensure a better outcome.
For this reason, the distributed ledger is considered one of the block chain’s essential features. The traditional ones lack such kind of facility and the results drawn in the distributed ledger makes it a efficient one
Every block chain thrives because of the consensus algorithms. The architecture is cleverly designed, and
consensus algorithms are at the core of this architecture. Every block chain has a consensus to help the
network made decisions. In simple terms, the consensus is a decision-making process for the group of
nodes that are active on the network. Here, the nodes can come to an agreement quickly and relatively
faster. When millions of nodes are validating a transaction, a consensus is absolutely necessary for a
system to run smoothly. You could think of it as kind of a voting system, where the majority wins, and
the minority has to support it.
Block Chain, well supported by its incredible feature is definitely a cutting edge technology that will changes lives in near future.