Introduction
Blockchain contains 2 words in itself one is block and the other is chain. The block represents the data which are stored in variety of computers and chain makes the network. So the blockchain is a record of data stored in networks of computers.
There are 3 features of blocchain which makes it useful:
- Decentralization
- Immutability
- Transparency
Decentralization:
Once a data is being created, it gets divided among the network of computers and no particular authority has a hold on it. So, no centralized authority is present in a blockchain platform.
Immutability
Once a data is being put up in the blockchain network, it cannot be altered or forged. This happens due to advanced cryptography hashing concepts.
Transparency
In a blockchain network every action is stored as a transaction and once a transaction is made, the data becomes available to all. Since no central authority remains and the data is also immutable, the data is kept forever and everyone can see it making it a transparent and trustable system for everyone.
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