Discuss the various attributes of blockchain technology, namely why it is so widely considered the future of data security and maintaining anonymity among users?
Discuss The Various Attributes Of Blockchain Technology
The various salient features as to why blockchain is very secure and can maintain the privacy of the user. Blockchain came into light due to the boom in bitcoin, which later died down due to its controversial fluctuation in growth. But it did bring to light the technology behind it, i.e., blockchain and its various benefits.
The various features of blockchain are as follows,
Incorruptible
The concept of incorruptibility and immutability are closely related. To understand one, you need to understand the other. Immutability means that object or thing cannot be changed. Blockchain is slightly different from typical banking procedures which depend on centralized authorities; here it depends on several nodes and its decisions.
Every node in the system has a copy of the ledger’s contents and whenever an entry is added, its validity is checked against the info present in various nodes. If the majority of the nodes accept its validity, then it is added. Once an entry is included in the blockchain, it cannot be changed or removed hence becoming incorruptible or permanent.
Decentralized technology
Decentralized means that there is no particular community/company or a person looking after the network, but the nodes which are a part of this do it themselves. That means that you can store any type of data onto it and only you will have access to it using your very own private key.
Enhanced security
Since the system is decentralized, it is already very secure, but on top of that, there is also a layer of extreme cryptography present which hashes the several data inputs into a block so that no two data have the same hash value and is hence kept independent. The user will have a private key to access data and a public key to make transactions.
