What is Blockchain?
Blockchain, as the name suggests, is a distributed database that provides encrypted transaction tracking in a chain structure consisting of blocks. This technology has many different features that make peer-to-peer data sharing possible in an open, transparent and secure way, without being tied to any central authority.
What Are the Most Important Features of Blockhain?
In this article of our blog, we will touch on the 6 most important features of Blockchain technology.
Decentralized, distributed structure
The fact that the blockchain is decentralized and distributed means that this technology is not under the control of any central authority. So Blockchain technology cannot be controlled by governments, institutions or individuals. In the blockchain, instead of these authorities, transactions are recorded on distributed nodes.
Once the data is verified, it is added to the blockchain network and stored in a distributed manner. Thanks to the distributed storage, records are kept in many places, so that even if a single network is damaged or cyber-attacked, data cannot be changed or lost.
In blockchain technology, every person who can access the network through the internet acts as a hub. Therefore, for a cyber attack to be successful, at least 51% of the network must be compromised. Considering that the data is also stored in a distributed way in different places, it is almost impossible for this attack to occur. In this case, it shows that Blockchain technology is quite secure.
Being Open and Transparent
Information in Blockchain technology can be accessed by any user who wants it. The fact that users take part in various activities such as being able to audit data and develop various applications within the system shows that the technology is open and transparent. In addition, your personal data is protected by cryptographic passwords and your personal privacy is ensured.
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Since Blockchain technology is inherently distributed and open to everyone, it can perform peer-to-peer transfers without the need for an authority or an intermediary. Therefore, it completely eliminates commission expenses and allows you to carry out your transactions without transaction fees or with a very small fee.
Transactions can be completed very quickly in Blockchain technology with features such as being able to perform peer-to-peer transfers without an authority and being distributed. In this way, it can perform daily transactions such as money transfers in minutes or even seconds, regardless of location and time.