What are the 3 pillars of Blockchain technology?

Every Blockchain can be rated on the basis of 3 components: Decentralization, Scalability, and Security.

What is the importance of Blockchain?

By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees.

What are the elements of Blockchain?

Key elements of a blockchain

  • Distributed ledger technology. All network participants have access to the distributed ledger and its immutable record of transactions. …
  • Immutable records. No participant can change or tamper with a transaction after it’s been recorded to the shared ledger. …
  • Smart contracts.

What are the main features of Blockchain technology?

List of Top Blockchain Features

  • Immutability. There are some exciting blockchain features but among them “Immutability” is undoubtedly one of the key features of blockchain technology. …
  • Decentralized. …
  • Enhanced Security. …
  • Distributed Ledgers. …
  • Consensus. …
  • Faster Settlement.

24 нояб. 2020 г.

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