Blockchain is the technology that makes crypto possible. Without it, trading platforms like bitcoin trader wouldn’t exist. In recent years, more and more individuals and businesses have been paying attention to blockchain as they try and find ways to cash in. 

Knowing its key features is a must. Therefore, we’ve listed all the unique selling points of blockchain to point you in the right direction. 

It’s Immutability

If you haven’t heard of the term, immutability means something that cannot be altered or changed, and that’s exactly what blockchain is good at. 

This is done through the use of nodes, which is not used in traditional banking systems. Every single node that is put on the system is connected to the digital ledger. Therefore, every transaction must be checked to ensure its validity. If the node is accepted by the majority then it’s put onto the ledger. The blockchain then prevents anyone from changing items on the ledger. Once the transaction block is added no user on the network has the ability to modify, remove, or even update it. 

By doing so, it ensures two things are achieved: ultimate transparency and proof against corruption.  

The Decentralized Framework

The word decentralized is thrown around a lot when blockchain is discussed. But what does it actually mean? Using Blockchain means currencies that use its technology are independent of any third-party authority. This includes being separated from governments, corporations and central banks (unlike traditional currencies). 

This feature is truly one of the technology’s greatest selling points as it’s so unique. The power is given to the users, with them being able to access it easily through the internet and hold assets in a completely digital form. 

Although it’s currently mainly used for cryptocurrencies, it also provides users with the chance to store other valuable assets, such as documents, contracts, and more. They can be stored securely and accessed with the use of a private key. 

Increased Security

As mentioned, no authority has the ability to control the network to its own advantage. This, alongside the use of high-end encryption, helps heighten the security blockchain provides. One of these encryption features is called cryptography. 

Cryptography in its simplest terms is a long mathematical algorithm that helps shield the network from possible cyber-attacks, acting as a firewall. All information on the network is hashed cryptographically. This way, certain aspects of the data are hidden from others. However, what is shown can be viewed publicly.

Ledgers That Are Distributed

Public ledgers will typically record a lot of information when a transaction takes place, such as transaction information of the parties involved, the amount, and more. Blockchain allows for the process to be more efficient compared to traditional ones. This is due to the network being maintained by the community of users that are on the system, making it one of the technology’s core features.

To Wrap Things Up

There are some amazing components to Blockchain. Most of the time the hardest part is understanding exactly what they do and how they work. However, when they are successfully communicated through the right marketing channels the results can be fantastic for businesses using the technology for their product or service.

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