Blockchain technology was out of favor if we take a stroll down memory lane. When Bitcoin made an entrance, everybody didn’t just buy bitcoin with bpay, they also became aware of blockchain technology. After seeing the rising interest of people in the technology, several blockchain platforms like Ethereum were introduced.

So the reason you can buy Ethereum and other cryptocurrencies online is because of blockchain. If you still aren’t fully aware of the features of blockchain, then keep reading as we will be discussing some of the most crucial things one should know about blockchain.  

• Immutable:

The best and most convincing feature of blockchain is its immutability. Being immutable means nothing can be altered or changed. Therefore, all blockchain users are always satisfied that no one can corrupt the data no matter how hard they try. 

Blockchain is quite different from traditional banking systems as it is not dependent on the government; instead, it relies on a group of nodes that keep the system free of corruption and errors. 

Furthermore, blockchain eliminates corruption that one would normally become a victim of if they put their trust in banks. This is because the blockchain system is almost impossible to hack into, unlike the ones used in banks. It doesn’t matter how many security measures a bank takes, there’s always a loophole that gives hackers a way into their system, thus leading to compromised security. 

• Decentralized:

As mentioned above, blockchain does not rely on any specific government body to process. There’s no individual in charge of the infrastructure; instead, a group of nodes helps maintain the decentralized system.

You have various companies, such as Luabase, who can help you to get to grips and make sense of the concept.

Blockchain being decentralized is what compels a lot of people towards it. There are no governmental bodies present, which means that we can store our assets on the web and access them as well conveniently.

Be it Ethereum, Bitcoin, highly classified digital documents, or any digital asset, blockchain has made itself available to every individual so that they can store their digital assets without having to worry about security. Furthermore, blockchain users have complete control over their assets, unlike other services that look after their investments. 

• Quick settlement:

Traditional financial systems like banks are extremely time-consuming. The settlement process can get dragged for days because of other formalities one has to complete to finish the transaction. However, with blockchain, you can send your payments way faster than a bank, thus saving you a whole lot of time. 

This is one of the most attractive features of blockchain technology as there is a boatload of people who often need to send money quickly, but traditional banks disappoint them. This is why the number of blockchain networks has been continuously increasing, as it is an ideal option for those dealing with large quantities of transactions.

• Consensus:

Consensus algorithms are the foundation of blockchain. Without them, a blockchain system will fall short of attaining its goal of making appropriate decisions. Therefore, smartly designed consensus algorithms are assigned to each blockchain, which is why blockchain keeps working smoothly.

There isn’t just one consensus algorithm; there are various and each has its unique way of making the right decisions. 

• Better Security:

Decentralization of blockchain is what you might think makes it extremely secure for storing digital assets or making transactions. But there is another coat of security known as cryptography that keeps the network safe from threats and failures. Cryptography is a complex algorithm that is a form of firewall or encryption to keep the system out of harm’s way. 

With the help of cryptography, the data or any form of the digital asset becomes unrecognizable; in simpler terms. Cryptography gives all pieces of information a unique identity. 

• Distributed Ledgers:

The ledger utilized by blockchain is public, which indicates that the public ledger provides all the information related to the transaction. So it is worth knowing that what happens in a ledger isn’t hidden from anyone and this is because the ledger is distributed among other users in the system. Furthermore, due to this distribution, the blockchain system is so secure and smooth. 

Wrapping up!

Blockchain Technology is still a very confusing topic to many, but one can’t get out of that confusion until he isn’t ready to educate himself about the matter. As you keep educating yourself regarding blockchain and attending nft events to get to know the latest, you’ll realize halfway through that it really is a better and more convenient way of storing assets as compared to traditional methods. 

What we have mentioned above is just a small part of the diverse features blockchain holds; however, these features are sometimes enough to convince an individual about the advantages of blockchain.