Four major characteristics of blockchain

Blockchain is known for its four major characteristics: 1. Distributed storage improves data security and reliability; 2. Immutability ensures that records cannot be changed once added; 3. Transparency makes all transactions publicly visible , increase trust and reduce fraud; 4. Non-traceability protects user anonymity.

Four major characteristics of blockchain

Blockchain is a distributed ledger technology because of its Popular for its unique characteristics. Its four major characteristics are as follows:

1. Distributed

Blockchain stores data on multiple nodes distributed on the network rather than centralized Stored in a central entity. This decentralized storage method improves the security and reliability of data, because the compromise of any single node will not compromise the entire network.

2. Immutable

Once a record on the blockchain is added, it becomes immutable. This is because each block contains the hash of the previous block, and any changes to the block will cause the hash to change, thereby invalidating the entire blockchain.

3. Transparency

All transactions on the blockchain are publicly visible and can be audited and verified by anyone. This transparency increases trust in the network and reduces the possibility of fraud and corruption.

4. Non-traceability

While transactions on the blockchain are publicly visible, user identities can remain anonymous. This is because the blockchain only records transaction data and block information, not user personal information.

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