1. Decentralized: The network is decentralized meaning a group of nodes maintains the network making it decentralized. This is one of the key features of blockchain technology. Blockchain puts us users in a straightforward position. As the system doesn’t require any governing authority, we can directly access it from the web and store our assets there.
2. Immutability: Immutability is something that can’t be changed or altered. This one is the top Blockchain features that ensures that the technology will remain as it is a permanent, unalterable network. As it is distributed system, every node on the system has a copy of the digital ledger. When a transaction is added every node needs to check its validity. If the majority thinks it’s valid, then it’s added to the ledger. This promotes transparency and makes it corruption-proof. Without the majority consent from the nodes, no one can add any transaction blocks to the ledger.Once the transaction blocks added to the ledger, no one can change it. Thus, any user on the network won’t be able to edit, delete or update it.
3. Enhanced Security: As it gets rid of the need for a central authority, no one can just simply change any characteristics of the network for their benefit. Using encryption ensures another layer of security for the system. Every information on the Blockchain is hashed cryptographically. So, changing or trying to tamper with the data means changing all the hash IDs. If someone wants to corrupt the network, he/she would have to alter every data stored on every node in the network. There could be millions and millions of people, where everyone has the same copy of the ledger.
4. Distributed Ledgers: A public ledger will provide every information about a transaction and the participant nodes. Many people can see what really goes on in the ledger. The ledger on the network is maintained by all other users on the system. Distributed ledger responds really well to any suspicious activity or tamper. Nodes act as verifiers of the ledger. If a user wants to add a new block others would have to verify the transaction and then give the green signal.To make the blockchain features work, every active node has to maintain the ledger and participate for validation.
5. Consensus: Every blockchain succeeds because of the consensus algorithms. Every blockchain has a consensus to help the network make any transactions. In simple, the consensus is a decision-making process for the group of nodes active on the network. Here, the nodes can come to an agreement quickly and relatively faster. When millions of nodes are validating a transaction, a consensus is absolutely necessary for a system to run smoothly. Nodes might not trust each other, but they can trust the algorithms that run at the core of it.