Blockchain through the following attributes:
- Distributed: The distributed ledger is shared and updated in real-time with every incoming transaction among the nodes connected to the Blockchain. No central server controlling the data.
- Secure Transparent : There is no unauthorized access to Blockchain made possible through Permissions and Cryptography and every node know about all transactions.
- Consensus-based Algo: All relevant network participants must agree that a transaction is valid by use of consensus algorithms. (POW/POC)
- Flexible: Smart Contracts which are executed based on certain conditions can be written into the platform.
Blockchain Technology Benefits:
- Time-saving: No central Authority verification needed for settlements making the process faster and cheaper.
- Cost-saving: Participants can share assets directly.
- Tighter security: No one can temper with Blockchain Data as it shared among millions of Participant.
