What is Blockchain?
In short, blockchain technology can keep track of all transactions within a system along with their details in a secure and transparent manner.
Five Properties:
1. Decentralization
2. Consensus
3. Anonymity
4. Immutability
5. Traceability
Three main benefits:
1. Better security: Transactions are secure and private.
2. Better Efficiency: Transaction records are transparent.
3. Better Reliability: Increased data accuracy prevents transaction records from being manipulated.
The Core of Blockchain: Decentralization and Security
The distributed ledger system is why blockchain is decentralized and does not require a central authority to operate. Each member shares equal rights and obligations as well as opportunities to gain rewards. A decentralized distributed ledger also provides better security measures against fraud and cyberattacks.