Key features that make blockchain a must-have technology

Blockchain technology is one of the most intriguing technologies today. Up until recently, it has only been used for cryptocurrencies. However, more recently, many are realizing the untapped potential of this technology. you can learn blockchain online to better understand its innumerable uses. A blockchain's main selling point is it's remarkable and enhanced security. This is all thanks to the structure in which the data is stored and its famous decentralized technology.

Data structure

The data recorded in a blockchain is recorded in a certain structure. The structure starts with one single block. This is called the Genesis block. Every bit of data recorded on the system, as it increases, is added in the form of a block to the genesis block. Each new block is linked to the previous block and thus forms a chain connected al the way back to the genesis block. This “chain of blocks” is where this data structure gets its name from. 

Distribution Ledger Technology

One of the attributes of the blockchain technology which is perhaps its most popular is the Distribution Ledger Technology. The ledger is shared with all the people involved in the transactions. This could be a few people or even thousands. The desirable attribute of this distribution technology is that it is decentralized and does not require a trusted central party that keeps all the records.

A new block is created for every transaction and every user receives a message. In this way each person always has an updated version of the ledger. The ledger on the blockchain network is thus maintained by all the users and not one single centralized party. This makes the structure more secure since each person is responsible for the data recorded. 

Enhanced Security

Since the technology does not have a centralized authority, no singleuser has the power to change any characteristic of the existing network for their own benefit. A Blockchain is also much safer because it has an additional layer of security. That of cryptography. Cryptography is a rather complex mathematical algorithm that acts as a firewall against any attacks. Every piece of information on the Blockchain is hashed cryptographically. This means that the true nature of the data is encrypted and hidden. Every time any new data is added, it passes through the complex algorithm which produces a different value, thus encrypting the original data.

The blocks in the ledger each come with its unique hashing and are linked to the hashing of the previous block. This makes it much more difficult to tamper with any one single block of data.

The encryption algorithms make a Blockchain immutable. Immutability is the attribute of being unchangeable. This is thanks to the decentralized technology that does not require a centralized authority to curate all data added to the ledger. 

Each user is a node on the system and each node has a copy of the ledger. Thus when one needs to add a transaction to the ledger, every node must approve of its validity. Only of the majority validate the transaction can it be added to the ledger. This factor promotes transparency in the system and makes it corruption- proof.  

If you want to know more about this technology, you can learn from the best online course for learning blockchain online. Thus, from the elements mentioned above, you can see that the Blockchain is an extremely secure technology that gives you the freedom to be responsible for your own transactions and does not require you to put your trust in a third party that could possibly tamper with your data. This technology can be used in every sector of society in the future. This makes the knowledge of blockchain technology invaluable.