Understanding Blockchain - Part 3
Hello everyone, hope you all are doing good? I'm back with the Part 3 of this amazing series, Understaning Blockchain. If you haven't read the Part 1 and Part 2, I strongly suggest you that by clicking here for Part 1 and here for Part 2. In today's article we would be looking at Blockchain Distributed ledger.
Blockchain distributed ledger is a database that helps record data, share data and synchronize data across several nodes. Data recorded are immutable as they have been signed cryptographically i.e hashed. How is it possible? The reason is that, when a transaction takes place, it generates a hash, and once another new transaction takes place, the hash of the previous transaction is included in the new transaction, thereby chaining transactions after transactions, hence, it becomes impossible to change one transaction because it has hash of previous transactions, hence, data becomes immutable.
There are some notable features of Blockchain distributed ledger, which are ;
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There is high level of transparency as data is available to all members and once there's a change, it can seen by all.
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There's no need for KYC (Know Your Customer), hence, privacy of users are adequately maintained.
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Data are highly secured as they are hashed, hence, they become immutable.
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It is highly decentralized as there is no central authority controlling the activities of authorizing and validating transactions.
I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks.
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