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Essential Features Of Blockchain You Should know
Blockchain is the lattest buzzword acorss IT, Corporate & Busiess domains. The demand for Blockchain has now exceeded all the limits with the rise in the demand for Bitcoin led digital transactions. If you are a tech enthusiast then I’m sure you must be aware of this in-trend technology. But for the readers who are new to this technology, Blockchain can be interpreted as a decentralized ledger that maintains collective records of all the digital transactions.
Blockchaintechnology has far-reaching consequences that benefit the businesses & enterprises that carry out higher number of transactions over a period of time. Banking, Legal, IT & Software, Finance & Banking are among the numerous professional services that benefit from Blockchain.
Here Are The Top Features Of Blockchain Technology-
The technology of Blockchain possesses numerous astonishing features which contribute to several high performance applications. Let’s have a look at some of the most promising features of Blockchain technology
- Decentralized Consensus (on or off Bitcoin’s Blockchain)–
The decentralized consensus of the Blockchain technology breaks the old paradigm of centralized consensus. You would surely be amazed to know that the protocol which is used in the Bitcoin technology is based upon this decentralized scheme of the Blockchain technology. This decentralized scheme will enables the creation of several virtual networks whose nodes can continuously & sequentially record all the digital transactions on public block thus creating a unique chain ‘The Blockchain’
- Smart Contracts-
Smart Contracts is a special feature of Blockchain the can be coined as the building blocks of the decentralized applications. A smart contract can be made equivalent to a unit program to which one can entrust a unit of value. Smart Contracts enables tracking the transaction’s & contractual governance between two or more number of concerned parties through Blockchain.
- Proof Of Work-
“Proof Of Work” is another distinct feature of Blockchain that has gathered a lot interest. Its quite evident that the transactions that are carried on the digital ledger across the Blockchain nodes are authenticated & it prevents the other users from altering the records of these transactions.
There are plenty of such innovative features in the technology of Blockchain. Get to know more about this technology by being a part of Kelly Technologies industry relevant learning program of Blockchain Training In Hyderabad.