Understanding Blockchain Technology: 3. Characteristics of a blockchain

Sep 23, 2017 • 1 min read

Data is always available as long as any of the nodes are online since the full copy of the data is stored on all the full nodes causing minimal disruption
Data is highly secure and immutable because the data is encrypted with strong cryptographic algorithms
Location of the nodes can be distributed anywhere in the world which can make data access fast and easy
All transactions in the ledger are publicly visible but still private
Transactions have to be verified by all nodes
No intermediaries are involved
Almost zero fees are involved
Smart contracts are agreed upon when setting up the blockchain and are stored in the blockchain which set the rules for verifying and accepting transactions
Data is updated nearly in real-time
Uses cryptography and digital signatures to prove identity, authenticity and enforce read/write access rights
A blockchain is autonomous

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