Blockchain Facts

 
 

The blockchain is adecentralised technology

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Private and Public blockchains are different.

 The centre point is basically about participation. As in, who is allowed to participate and who isn’t. As for a public blockchain, it is open to everyone who wants to be part of it. A large number of transactions makes the verification process slower. This is what happens in case of Bitcoin.

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More Than One Use

You can implement a Blockchain in more ways than one. Many people seem to think that there is only one blockchain that is used by everyone. That’s not true. Don’t mistake it for single service. Blockchain has no value in itself and its value increases only when it works in conjunction with other applications

 

Blockchain is cryptographically protected.

The user can make new changes in blockchains based on personal actions that have happened before, due to encryption. No user can make an entry on someone else’s behalf as there is a cryptographic key owned and known only by the specific user.

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