BlockChain – An Overview
In the blockchain, the transaction cost is free (though there’s infrastructure cost). Since there’s no intermediary concept in blockchain, we can replace all processes and business models which accept charging a little fee for the transaction. For eg: one party initiates the transaction process by creating a block. These transactions are verified by network nodes through the utilization of cryptography and recorded in a public distributed ledger called the blockchain. Once it’s stored across the internet, it’s not only creating a unique record but a unique record with a unique history. Falsifying one record would mean falsifying the whole chain in many instances, which is virtually impossible.
The three key features of blockchain are Decentralisation, Immutability, and Transparency. In decentralization, everyone within the network owns the knowledge. Without the assistance of an intermediary, we can directly communicate with one another.
Hai, my name is Ameena Abdu Rahiman
Advantages & Disadvantages of Blockchain
Improved accuracy by eliminating human involvement in the verification process
Significant technology cost related to mining bitcoin
Cost reductions by eliminating third-party verification
Low transactions per second
Decentralization makes it harder to tamper with
History of use in unlawful activities
Transactions are secure, private, and efficient
Chances of being hacked
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