Characteristics of blockchain technology

The five basic features of blockchain technology are as follows:

1. Blockchain Technology Feature 1: Distributed Database

Each party on the blockchain has access to the entire database and its complete history. No single party controls the data or information. Each party can directly verify the records of its trading partners without the need for an intermediary.

2. Blockchain Technology Feature 2: Peer-to-peer Transmission

Communication occurs directly between peers, not through a central node. Each node stores and forwards information to all other nodes.

3. Blockchain Technology Feature III: Transparent Anonymity

Each transaction and its associated values are visible to any user who has access to the system. Each node or user on the blockchain has a unique address of 30 or more letters and numbers to identify itself. Users can choose to remain anonymous or provide their identification to others. The blockchain takes place over these addresses.

4. Blockchain Technology Feature 4: Irreversibility of Records

Once a transaction has been entered into the database and an account has been updated, the records can't be changed because they are linked to every transaction record that precedes them (hence the term "chain"). Different algorithms are used to ensure that the records in the database are permanent, chronologically ordered, and accessible to all other nodes on the network.

5. Blockchain Technology Feature 5: Computational Logic

The digital nature of the ledger means that blockchain transactions can be associated with computational logic that is inherently programmable. Therefore, users can set up algorithms and rules that automatically trigger transactions between nodes.

A blockchain, is a chain of block after block. Each block holds a certain amount of information, and they are connected into a chain in the chronological order in which they were each created. This chain is kept in all the servers, and as long as there is one server working in the whole system, the whole blockchain is secure. These servers are called nodes in the blockchain system and they provide storage space and arithmetic support to the entire blockchain system. If you want to modify the information in the blockchain, you must obtain the consent of more than half of the nodes and modify the information in all the nodes, and these nodes are usually in the hands of different subjects, so tampering with the information in the blockchain is an extremely difficult task. Compared with traditional networks, blockchain has two core features: data is difficult to tamper with and decentralization. Based on these two features, the information recorded in the blockchain is more authentic and reliable, and can help solve the problem of people not trusting each other.