Saturday, October 23, 2021

BlockChain - Kapil Sharma (Class 100/S2021)

 



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. 

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