Monday, March 12, 2018

What is Blockchain Technology? What are its features?

The blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.

  • The basic element of a blockchain is a ledger. It is not sitting in one company or person but many places as itself. It is duplicated across the globe - Transaction ledger
  • It has Peer to Peer connectivity
  • There is pseudonymity i.e. you can hide your identity but transactions that happen are transparent
  • Irreversibility - As transactions happen on ledger it is very difficult to change them - We do the computational proof to ensure that the transactions are locked in.
  • The blockchain is programmable. We can build software logic into our transactions.

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  7. Hi Rapidsoft Technologies,

    Great content! I like this simple explanation. I would like to add other source that may be good for community.
    Sources: What Mobile App Developers Need to Know About Blockchain?

    Best Regards
    -Vignes ( Mobile App Development company)

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