Decentralized technology gives you the opportunity to store your assets in a network that can be further accessed through the internet. An asset, in this case, can be anything from a contract to a document and many more. Through this token-based asset, the owner has direct control over his account through the use of a key linked to his account, giving the owner the power to securely transfer his assets to anyone he wants.Blockchain technology proves to be a really useful tool for decentralizing the web. It has the power to bring big changes in the industries.
Mining” is carried out by a “miner” who solves a complex mathematical computation. It is the process of creating new blocks and pushing them up to the blockchain. Miners compete with one another because of the reward they can get after they solve puzzles. The miner who solves the puzzle first will get the prize. This process of solving the puzzle is called “Proof of Work”. This set of procedures that the network has to follow to create the next block is known as “the consensus model”. In Proof of Work, a miner has to use a large number of computational materials to create the next block. So, this was all about Blockchain Features. I hope you like our explanation on Why Blockchain is popular.
Safe and Secure System
is able to analyze and revise itself from time to time which serves as a self- revision process. All the nodes in a Blockchain together create a very powerful network. Every node serves as an “administrator” of the blockchain and joins the network. Every node in the network is rewarded for participating in the network. Therefore, the nodes compete by solving computational puzzles for a chance to win the digital currencies. This way, these specific nodes are “mining” for the blocks that contain all the transaction details. Blockchain
This is the first and also an important Blockchain feature. The most amazing thing about this Blockchain technology is that it increases the capacity of the whole network. This is because there are a lot of computers working together that offer more power in total then the few devices that are centralized. A perfect example of this increased capacity function is reported in a project by Stanford University. A supercomputer that simulates protein folding was created for medical research.