Understanding Blockchain Technology: 3. Characteristics of a blockchain
- Data is always available as long as any of the nodes are online since the full copy of the data is stored on all the full nodes causing minimal disruption
- Data is highly secure and immutable because the data is encrypted with strong cryptographic algorithms
- Location of the nodes can be distributed anywhere in the world which can make data access fast and easy
- All transactions in the ledger are publicly visible but still private
- Transactions have to be verified by all nodes
- No intermediaries are involved
- Almost zero fees are involved
- Smart contracts are agreed upon when setting up the blockchain and are stored in the blockchain which set the rules for verifying and accepting transactions
- Data is updated nearly in real-time
- Uses cryptography and digital signatures to prove identity, authenticity and enforce read/write access rights
- A blockchain is autonomous
Sources:
https://bitsonblocks.net/2015/09/09/a-gentle-introduction-to-blockchain-technology/