HOLA!!
So today we are going to talk about features of Blockchain. These are the core and key concepts, this technology is build upon, that fulfills the drawbacks of the centralized system. These 6 key features or characteristics will get you familiar with the basic aspects that Blockchain implements in an efficient manner....
Lets list them one by one and put a brief about each:
IMMUTABILITY:
This feature allows the data on the system to be unchangeable. As said earlier every piece of data is hashed and all the blocks are linked together end to end. But what if someone tampers with hashes? DOOMED :(
NO ;)
The "HOW" of the implementation is answered by Avalanche Effect. This effect causes the hash to change completely even if a full stop is removed. YESS!! Any minute change in the data will result into a completely different hash. This will alarm the peers because now the hash of the block and the previousHash field of the next block won't match. You can try out and see Avalanche Effect on SHA-256 hash calculator | Xorbin.
This is how Blockchain ensures immutability and helps tackle any tampering efficiently.
DECENTRALISED:
We have already talked about decentralization. As no one owns the system, the peers have complete authority of their own data. They can access and store their data on the web easily. Peers have direct control of their assets which can be of any type, cryptocurrencies, files, documents, images, videos, audios, etc. Their ownership is validated by their private key, that is only known by the owner.
Nodes validate any data with the help of signature which is based on Zero-knowledge-proof.
This means that the data can be validated with actually knowing anything about it.
This dispersed power of governance among the participating nodes creates a trustless environment that can be easily relied upon.
SECURITY (ENHANCED):
Blockchain uses high level cryptographic algorithms that are practically irreversible. The system preserves the identity of the peer by providing key pairs to each of them in which one is private that is only known by that very node and the other one is public that is used and displayed over the network.
Further, since every node owns a separate copy of the ledger any tampering can be easily detected on the network. So peers don't need to worry about their assets being taken away from them.
Even if a hacker is able to tamper with one block he has to change all the blocks next to it. For instance, if that also happens, he has to change every blockchain on every peer in the network that is practically impossible.
Also, even the transaction validation uses signature concept that is also a one way function and can be only proved by zero knowledge proof as mentioned above. This is how the Blockchain offers a secure system to the peers.
DISTRIBUTED SYSTEM:
This distributed system corresponds to distributed computational power among the peers. The data is available to all the peers participating in the network which is transparent and immutable at the same time.
Every node keeps track of the newly added blocks on their end and ensures proper sync by broadcasting every time a block is added. This distributed ledger ensures reliability and efficiency of the system. It removes the need of intermediaries that leads to speedy validation of transactions.
All the peers share equal power and authority over the network and no one is treated special.
Thus, the distributed system ensures security, transparency, reliability and equality.
CONSENSUS:
Consensus is the protocol that is defined at the core of the blockchain architecture. This algorithm is the backbone of the decision making ability of the widespread network. It has to be a major issue of concern in a distributed system that how the blockchain will grow. A blockchain network may have millions of nodes participating, so how they come to an agreement?
WELL!! Here the consensus comes into play. It is responsible for the making the system trustless. Peers may not trust each other for any decision but can rely on the algorithm that is embedded at the network's core. This algorithm is followed by all the peers which ensures faster and more efficient decision making ability. Here the majority wins and the minority has to follow them.
There are a lots of consensus algorithm developed around the world. We are going to read about some of them which are popular and widely used in further posts.
SPEEDY SETTLEMENT:
Blockchain technology out-levels the traditional banking system by its secure, distributed and trustless, yet reliable system. People find it hard to process transactions overseas through traditional system that would takes days for validation. Blockchain provides peer to peer interaction that requires no intermediary. This distributed network ensures speedy validation of transactions due to the consensus already defined. People have full control and access to their assets that can be transferred easily to any part of the world in the most secure manner.
These features make Blockchain so popular and reliable technology to be used widely in most of the industries can be efficiently revolutionized.
Hope this article was helpful. STAY TUNED!.
Upcoming: Block Architecture
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