What is blockchain technology? What are its characteristics?

Blockchain technology is a decentralized database that consists of interconnected encrypted blocks, each block containing a set of transactions. Its features include: decentralization, immutability, transparency, security, automation, scalability, efficiency and trust.

What is blockchain technology?

Blockchain is a decentralized database based on distributed ledger technology. It consists of interconnected blocks, each of which contains a set of transactions and is cryptographically encrypted.

What are the characteristics of blockchain technology?

Decentralization: The blockchain is not controlled by a single entity but is distributed across multiple nodes, which makes it less susceptible to tampering or manipulation.

Untamperable: Once information is recorded on the blockchain, it is difficult to modify or delete because each block contains the hash of the previous block, like an unbreakable chain.

Transparency: All transactions on the blockchain are transparent and traceable, which increases transparency and accountability.

Security: Protected by cryptography, blockchain is highly resistant to hackers and data leaks.

Other features:

• Automation: Blockchain can automate contract execution without the need for an intermediary.
• Scalability: Blockchain technology can be expanded by adding more nodes to handle higher transaction volumes.
• Efficiency: Blockchain can reduce transaction time and costs because no third-party verification is required.
• Trust: By eliminating the need for third-party intermediaries, blockchain builds trust, allowing secure and transparent interactions between different entities.

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