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Blockchain technology is highly suitable for recording and maintaining data in a trustworthy, secure, decentralized, and efficient way.
For a change to be made, the majority of the network’s computers that store data must agree to that.
This makes it virtually impossible for a single entity to manipulate the information without the knowledge of the other participants.
The security of the blockchain is guaranteed by data encryption.
For someone to gain access to the stored data and alter it, they need to possess a unique set of keys to decode and encode information.
As there is no single point of control, if one copy of the data ceases to exist, the network will continue to work without any disruption or information loss.
The more copies there are, the more decentralized a blockchain becomes.
A blockchain can process multiple transactions at the same time.
With the growth of its computer network, the capability for transaction processing also grows, known as blockchain scalability.
Hint: Once a block is recorded on the blockchain, it cannot be deleted.