Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
IMMUTABILITY: Every node on the network has a copy of digital ledger. To add the transaction, every node needs to check the validity. If the majority thinks it’s valid, the it is added in the ledger. This promotes transparency and make it corruption-proof.
DECENTRALIZED TECHNOLOGY: The network is decentralized meaning it doesn’t have any governing authority or any single person look after the framework. Instead, ta group of nodes maintain the network that making it decentralized.
CONSENSUS: Every blockchain thrives because of the consensus algorithms. The architecture is clearly designed and the consensus algorithm are at the core of this architecture. Blockchain has a consensus to help the network make decisions.
ENHANCED SECURITY: As it eliminates the needs for central authority, no one can change any characteristics of the network for their benefit. Also using encryption ensures another layers of security for the system.