Blockchain: the features that make it safe and reliable

Metaverse, cryptocurrencies, blockchain are words that in this period we hear even from non-experts. Those who, after Mark Zuckerberg’s speech, wondered about the meaning of virtual reality: a digitally created place where you can buy objects, meet avatars of your contacts, and live experiences. This second digital life is possible thanks to the innovative technologies that characterize our era, and the Blockchain is one of them.

The blockchain that allows a secure and immutable transaction without intermediaries leans on features that make it versatile and usable in various contexts.

Here are the main distinguishing factors that have made the distributed, digital ledger such a popular technology:

• Disintermediation: absence of a central authority. The primary need that drives people to rely on blockchain is to bypass the cost of guarantor institutions.
• Decentralization: the decentralized and distributed ledgers. Transaction data and information on the Blockchain platform is distributed on nodes scattered across the network. This feature makes it a true alternative to centralized financial intermediaries.
• Distributed ledger immutability: data is not modifiable. A change to any block in the chain will invalidate the entire transaction.
• Transaction traceability: every item on the blockchain ledger is traceable, which implies that we can trace the exact origin of each transaction.
• Validation consent: every transaction will have to be approved by miners, online auditors who monitor and legitimize Bitcoin transactions, ensuring their validity.

If you’re interested in reading a simplified explanation of the process and how the Blockchain works, I recommend reading the full article on the DeltalogiX blog.

Also, if you think you need updates on Artificial Intelligence, Automation, Cybersecurity, Sustainability, and Internet of Things, you can sign up for the newsletter. You will receive free articles, videos, and audioblogs that simplify Digital Transformation concepts.

Thanks for reading!