6 Key Blockchain Features You Need to Know Now

Blockchain is here to stay, and it's highly popular among the enterprise community. However, many are still not educated on the subject matter properly. Blockchain technology is not just for creating cryptocurrencies. It offers a lot of features that can help enterprise companies to mitigate all of their problems.

Blockchain comes with 6 key benefits that everyone should know about. All of these features help to make the platform more secure and fairer. These are – Immutability, Decentralized, Distributed, Enhanced Security, Consensus, and Faster settlement.

The characteristics of blockchain heavily depend on these features. For example, immutability can help to eliminate corruption in every sector. Consensus, on the other hand, helps users to make a collaborative decision on the network.

All of these blockchain features and benefits increase the demand for this technology. If you want to understand blockchain features, it's best to start with blockchain courses. We at 101 Blockchains can offer you a wide collection of courses to help you out in your learning process.

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Beginner's Guide to Corda Development Course
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Ethereum Development Fundamentals Course
https://academy.101blockchains.com/courses/ethereum-development-fundamentals

Check out our full article on this topic ->
https://101blockchains.com/introduction-to-blockchain-features/

1. 6 KEY BLOCKCHAIN
FEATURES YOU NEED TO
KNOW NOW
101blockchains.com

2. Why Learn Blockchain With Us?
Trusted Strategic Practical

3. What is Blockchain Technology?
Blockchain technology is a decentralized and distributed ledger system
that provides data integrity, transparency and immutability. Typically,
blockchain platforms don't need a centralized authority to maintain the
network. However, private and federated blockchain is not fully
decentralized in nature.

4. What Are the Features of
Blockchain Technology?

85%

15%
Item 2
95%
Item 1
5%

90%

10%

60%

40%
Item 2
70%
Item 1
30%

65%

35%
Immutability
Distributed
Enhanced Security
Decentralized
Faster settlement
Consensus

5. Blockchain technology is immutable. This means when
data gets added to the ledger, no one can alter or delete
that data.
Immutability helps blockchain to maintain an unaltered
and permanent network.
Immutability helps to eliminate corruption and prevents
any favoritism. No user has more authoritative power over
other users and can't misuse their position in the network.
Immutability

6. Blockchain technology guarantees full transparency in the
data trail and history of any application. This shows the
integrity of the information on the ledger.
Immutability ensures a complete and easy auditing
process, where it's simple to prove whether data has been
tampered with or not.
Immutability ensures a full historical record; thus, it
creates opportunities in analytics, query and increases
efficiency in business processes.

Immutability

7. Saves time and reduces costs for many business
processes.
Unfortunately, immutability comes with few
disadvantages. If accidentally wrong information or
personal data gets added to the ledger, there's no way to
delete it.
As blockchain preserves all historical data, it requires
massive storage space, which is very costly.
Immutability

8. Blockchain is a decentralized network, which means
there isn't any centralized authority maintaining the
framework.
Network participants are responsible for maintaining
the ledger system.
Users are given public and private key, which they can
use to authenticate transactions and smart contracts
on the network.
Decentralized

9. The network is fault-tolerant as it does not depend on
human authorities. Therefore, there are fewer
accidental failures.
It empowers users, and they don't need any third-
party to maintain their properties or assets.
The decentralized structure of the network makes it
extremely expensive and difficult for cybercriminals
to launch an attack.
Decentralized

10. Gets rid of third-party services, which reduces the
likelihood of a security breach.
Does not offer any scope of corruption as the
technology uses various algorithms to maintain it.
Promotes transparency within the system as the users
can view every single change on the blockchain.
Decentralized

11. Blockchain offers a high level of security compared to
other centralized platforms.
Aside from decentralization, it uses Cryptography to
encrypt data on the ledger system.
Cryptography is a complex encryption process that acts
as a firewall against malicious cyber-attacks.
Enhanced Security

12. The technology can recognize corrupt commends and
reject the request on automated systems.
A decentralized DNS system is more robust in
combating cyber-attacks.
As it's decentralized, there's no single point of entry.
Thus, your information is more secure.
Enhanced Security

13. Blockchain is perfectly capable of helping
organizations to eliminate any DDoS attack.
Counterfeit hardware has hidden malicious viruses.
With device hardware provenance from blockchain, no
malicious viruses can breach the network.
With the help of proper authentication keys, it can
quickly detect any third-party attempts to enter the
network and stop it.
Enhanced Security

14. Blockchain provides a distributed ledger system.
In this type of ledger system, the data is shared,
replicated and synchronized across multiple
geographical countries, sites or institutions.
Every user on the network will get a copy of the ledger,
and any changes on the network are automatically
added to every copy of the ledger.
Distributed Ledgers

15. In case of any system failures, there will always be a
copy of the ledger that can be used to retrieve the data.

Users can't edit their copy of the ledger as they want
because during synchronizing, the system will
recognize the falsified ledger entry after comparing it to
other ledger copies and nullify it.
This structure allows the distributed ledger to respond
quickly to any tamper or suspicion activities.
Distributed Ledgers

16. Every node or selected nodes (based on the type of
blockchain) acts as a verifier for the ledger.
If a user wants to add new data to the ledger, it needs
to first get approved by other nodes. It helps to
maintain fair participation.
It eliminated the need for intermediaries, which
quicken the response time of the system.
Distributed Ledgers

17. Consensus algorithms are one of the major features of
a blockchain platform.
Consensus helps the nodes within the network to
make collaborative decisions or come to an
agreement.
It helps the participants to make faster and quicker
decisions on whether a transaction is valid or not.
Consensus

18. Proof of Work
Proof of Stake
Proof of Elapsed Time
Practical Byzantine Fault Tolerance
Proof of Activity
There are many types of consensus algorithms. Some
of the popular ones are –
Consensus

19. Blockchain offers a faster transaction settlement
system.
Traditional banking systems can take a lot of days to
process a transaction.
Blockchain can settle a transaction within minutes.
Faster Settlement

20. Some blockchain platforms can process a high
volume of transactions every second.
Unfortunately, the transaction rate depends heavily
on the capacity of the platform and the scalability
rate.
When there are too many users on the platform, it
can slow down the network resulting in a slower
transaction speed.
Faster Settlement

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