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6 Features that make blockchain unique

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6 Features that make blockchain unique

Decentralized: 

Regarding the significance of blockchain's decentralised nature, opinions differ. Many think that the necessity for reliable "middle men" may be eliminated by distributing a decentralised copy of the blockchain database across several workstations. However, "permissioned" or private blockchains between business actors are already on the increase and appear to be more useful. Decentralization also implies that there isn't a single point of failure, which increases the network's resilience and makes it more difficult to attack.


Immutability: 

An entry becomes publicly visible once it has been recorded on a public blockchain. It gives a time-stamped version of "the truth" that cannot be afterwards changed, updated, or altered. This characteristic makes many people think the blockchain is perfect for recording ownership of goods like homes, vehicles, and financial holdings. Therefore, a significant use-case for blockchain technologies is land and property registration.


Transparency: 

The block's whole data set is accessible and available to the general public. Although Cryptocurrency trading is a clear use for blockchain technology, its principles may be applied throughout the internet. Using a block chain, any type of data, including contracts and documents, may be shared. The use of blockchain technology for additional applications is already generating increasing interest online. A couple in Singapore registered their marriage licence using blockchain technology. The Nasdaq Stock Market employs blockchain to streamline stock trading for private firms, taking a leaf from the Bitcoin playbook. Blockchain now offers the sought mark of transparency and trust in the online world. The potential of the internet grow as more aspects of our lives are uploaded there.


Data Integrity: 

Because every computer on the blockchain runs an algorithm to obtain consensus over the legitimacy of a transaction as it is executed, blockchain data is constantly complete, accurate, reliable, and publicly accessible. Once agreement has been established, no one participant may change the transaction, and everyone can see the result of the transaction in the open. In some circumstances, replacing many private ledgers with a single public ledger might produce a more transparent shared version of the truth. Consider a scenario where banks recorded and reconciled trade activities in a single ledger that they shared. Future settlement and reconciliation processes might see major advancements.


Efficiency and Cost Reduction: 

In certain situations, technology offers the ability to cut costs and boost the effectiveness of corporate operations by decreasing reliance on centralised record-keeping bodies. For instance, Sweden's land registration, Lantmäteriet, started registering property ownership on the blockchain in 2016. As a result of a large portion of its record keeping duty becoming automated, the agency anticipates €100 million in yearly savings for tax payers. A Santander FinTech research claims that distributed ledger technology, or blockchain, may lower financial services infrastructure costs by 15 to 20 billion US dollars annually by 2022, allowing for the decommissioning of outdated systems and infrastructure and drastically lowering IT expenses.


Cryptographically Secure: 

Securing blockchains may be done in a number of ways, from the initial Proof of Work (PoW) used by Bitcoin to the more current Proof of Stake (PoS). Each "consensus method" shares an exceptionally high bar for cryptographic security. Maintaining the integrity of a ledger shared by several parties requires this intrinsic security.

Therefore, blockchain technology may become increasingly prevalent in the future. Not only will all market players see significant cost reductions thanks to a traceable global currency and an effective infrastructure, but it will also revolutionise the existing global financial system. The same thing that email did for communication, Cryptocurrency will do for payments.



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