Since the advent of blockchain technology, many experts have touted it the second internet. Others believe that it has the potential to bring us to the next era of the internet where applications run a lot faster and with more security.
Just before we get on with the core features of blockchain technology which has got everyone talking, you can get a simple explanation of the invention by clicking this link.
If you already have a basic knowledge of the tech, then we can get on with this.
Five Core Features Of Blockchain Technology That Makes it Special
A Highly Trusted and Fast Means of Exchange
When it comes to the transfer of financial assets, traditional banking systems can be slow especially when large volumes of the fund is involved.
However, this is not the same when blockchain technology is employed.
Transaction on modern blockchain networks such as EOS is completed in split seconds while there is no limit to a number of transactions that can be conducted by a single user.
Without a doubt, this has made asset transfer easier for individuals and ultimately saves a lot of time for both parties to a transaction.
Moving forward, all blockchains commonly hold trust as an atomic unit of service. Users can trust that transactions will be executed exactly as the protocol commands removing the need for a trusted third party.
Two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.
A Transaction Platform
A blockchain network validates value-related transactions of digital money or assets. Each time a consensus is reached, a transaction is recorded on a “block” (a storage space). The blockchain keeps permanent track of every transaction for future verification.
The Bitcoin network, which represents one of the first demonstrations of blockchain technology proved how this is possible by allowing millions of people to exchange money freely.
One of the major issues with today’s digital economy is online security, but blockchain technology has addressed this to a very large extent
This is due to the decentralized networks which means that they have no central point that can be attacked by hackers.
Coupled with the use of strong cryptography, blockchain networks create transactions that are impervious to fraud and establishes a shared truth.
Creating immutable ledgers is one of the main values of the blockchain. Values stored on it cannot be altered or deleted because, in its setup, the data blocks are linked and secured with a special cryptography, called Hash.
In theory, records stored on a blockchain can exist for eternity with no one having the power to tamper with it.
If you can visualize a Facebook that is owned by no one and is kept running by the activity of its users, then you can understand the form of decentralization promised by blockchain technology.
Blockchain provides digital autonomy where users are the government of the whole network and managers of their own jurisdiction (account). So what’s so special about this?
Well, any database that is centralized can be hacked and they require trust in the third party to keep the database secure.
But with decentralized technology, users are given the power to store assets in a network which can be accessed over the internet. Through this, a person has a direct control over his account by the means of a key that is linked to it. With this key, a user has the power to transfer his assets to anyone he wants without consulting any third party.
With the core features of blockchain technology listed above, it is clear to see why the technology is highly touted. It has already brought about remarkable improvement across several sectors of the world economy and looks set to do more in the near future.
African blockchain startups are also championing the technology in the region and it will only be a little while until we see blockchain technology everywhere.
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