Blockchain Explained

Blokchain is distributed and open cryptographic ledger shared on decentralized database across all nodes that participate in the network. The blockchain technology enables users to create value and authenticate digital informations. Not just information but anything of value, money, goods, property, work, deeds, titles, music, art, scientific discoveries, intellectual property, and even votes -can be stored securely and privately. On the blockchain, trust is established, not by powerful 3rd parties & middlemen like banks, governments and technology companies, but through mass collaboration and by smart coded contracts. Blockchain ensures integrity and trust between all parties.

Main Key Characteristics of Blockchain

Distrubuted Ledger

On Blockchain, every node stores the transactional data and these nodes can have a full copy of the data. This is called the “distributed ledger” and it makes the data immutable.

Decentralized Consensus

Thanks to Blockchain's decantralized nature there is no central authority required to approve transactions and set the rules.

Smart Contracts

``Smart contracts`` enables to give confidence that every party on blockchain is playing by the rules.

Immutable Data

Once parties on blockchain has agreed on a transaction, it can never be changed on blockchain. That's also known as ``Provenance of Assets``