Understanding the technology
The world we live in is equipped with many different technologies and we have a clear understanding of the basic functionalities of those technologies. However, a considerable percentage of users don’t show an interest in order to figure out more information about technology at play.
We all know how to send emails. When we send an email, we expect it to get to the recipient unless the data transfer process fails. In such a situation, we would see the “Retry” option. Once we get this message, we simply go ahead and click on that button. Unfortunately, most of us don’t have any understanding about the technicalities and protocols that are associated with an email.
How does it apply to the Blockchain?
The above mentioned scenario is pretty much applicable to the Blockchain as well. When we think about Blockchain, we know that the data is transparent, immutable and the system is somewhat difficult to be hacked. Unfortunately, most of us don’t know why a Blockchain is that secure. In order to figure this out, we should figure out some of the basic features associated with Blockchain technology, which can enhance its security when storing your information.
The security features of Blockchains
The number of cyber-attacks is increasing on a daily basis. Therefore, we are always worried about our digitally stored data. The most prominent feature of a Blockchain is that it is a completely trustless system. In other words, permissions that are given out to write and read data on a Blockchain have been distributed equally among all users who are connected with the network. However, it is important to keep in mind that no user has been provided with any special privileges to make decisions.
Prior to the introduction of Blockchain, it was not possible