Key Characteristics
Decentralization: Unlike traditional databases controlled by a central authority, a blockchain operates on a peer-to-peer network. Each participant (or node) maintains a copy of the entire blockchain, ensuring transparency and reducing the risk of a single point of failure.
Immutability: Once data is recorded on a blockchain, it is extremely difficult to alter. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This chaining of blocks ensures that any change in a block would require changes to all subsequent blocks, making tampering virtually impossible.
Transparency and Anonymity: While all transactions are transparent and can be viewed by anyone on the network, the identities of the participants remain anonymous. Transactions are linked to cryptographic addresses, not personal identities.
Security: Blockchain uses advanced cryptographic techniques to secure data. Transactions are validated through consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), ensuring that malicious actors cannot easily manipulate the system.
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