What are the four major characteristics of blockchain

Blockchain is a distributed ledger technology with four main characteristics: decentralization (multiple nodes store data), immutability (cryptography protects data), transparency (all transactions are visible) and Efficiency (eliminating middlemen, automating processes).

Four major characteristics of blockchain

Blockchain is a distributed ledger technology with the following features Four main characteristics:

1. Decentralization

• The blockchain network consists of multiple nodes (computers) rather than a central organization control.
• Each node stores a complete copy of the blockchain, ensuring data consistency and security.

2. Immutability

• Once the data on the blockchain is recorded, it cannot be tampered with or deleted.
• This is done by using cryptography technology to protect data and ensure the irreversibility of transactions.

3. Transparency

• All transactions on the blockchain are visible and can be viewed by any node on the network.
• This increases transparency and reduces the possibility of fraud and corruption.

4. Efficiency

• Blockchain eliminates the need for middlemen, allowing transactions to be processed faster and cheaper.
• Increase efficiency by automating processes and reducing paper work.

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