Blockchain technology came into the limelight after the launch of the first cryptocurrency bitcoin, bitcoin is built and powered by blockchain. The enhanced security and transparency offered by this emerging technology is great. Blockchain is a distributed open ledger that provides a secured medium to store data on an open network. It does not have any centralized server for data storage rather all data is on the nodes in the network. All devices on the network are termed as nodes, all nodes in the system have access to the data stored on the blockchain.
Features of Blockchain —
- Transparent- In a blockchain network all nodes in the system have equal access to data, unlike the case in traditional systems where the server holds all data and those who have access to the server can read and edit the information stored in the server.
- Security- Blockchain implements a consensus algorithm for the addition of new blocks in the network. And each block has a unique value depicted as a Hash value which is linked to other blocks thus creating a sequential chain.
- Peer-to-Peer- Blockchain eliminate the need of third-party institution such as banks for transactions, or email for communication, these third-party service providers have access to all your data which make them unsecured. In the blockchain, the parties can get in touch with one another without having any third-party mediator.
- Immutability- Data once stored on a blockchain stays forever, it cant be edited or deleted with ease. To change the data on a blockchain huge amount of resources and the computing power of more than half of the nodes are required to make any changes in the blockchain.
Blockchain technology is the next big thing after the www (world wide web)technology and has a huge potential for growth. Today in almost all industries companies and businesses are relying on blockchain and its usage will continue to grow. We at Sara Technologies are a leading blockchain software development company based in California, with more than 500 blockchain projects developed and deployed.
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Enterprise Blockchain Development
Blockchain as a Service Company
Blockchain Development Services
