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Blockchain features - Coggle Diagram
Blockchain features
what is blockchain
a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Blockchain is almost always used instead of the terms Bitcoin and cryptocurrency. And there are many other places this technology can be used. We are beginning to barely scratch the surface of it.
Increased Capacity
The most remarkable thing about this Blockchain technology is that it increases the capacity of the whole network.
Better Security
Blockchain technology has a better security because there is not even a single chance of shutting down of the system.
Immutability
Any database that is centralized is subjected to get hacked and they require trust in the third party to keep the database secure.
Faster Settlement
Traditional banking systems can be slow, as they require a lot of settlement time which usually takes days to proceed.
Decentralized System
Decentralized technology gives you the power to store your assets in a network which further access by the means of the internet, an asset can be anything like a contract, a document etc.
Consensus Based
Consensus Based is an approach to decision making. It is a creative and dynamic way of reaching agreement between all members of a group.
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