Properties of Blockchain

There are some latent properties of a Blockchain that makes it so useful.

Secure: All data is cryptographically secure. It is tamper evident- any modification in the data will be immediately evident in the network.

Auditable: The chain of records (sequence of ledger entries) makes it possible to track transaction information back to its origin (provenance), thus making Blockchain auditable. This feature is finding much application in the food industry where the consumers of a food item can verify the source of the item they are consuming (food to fork use case)

Immutable: Transactions once written in a Block of a Blockchain, it cannot be altered. It is however possible to reverse the transaction through an additional reverse posting.

Transparent: The above properties and the fact that a copy of the shared ledger is placed on every participating node of the Blockchain network (not by a single authority), and that the access of the data can be permissioned, makes a Blockchain ledger (distributed Ledger) transparent.

Resilient: Blockchain applications are resilient to failures as there are no central servers hosting all the applications. Applications are hosted in a peer-to-peer network, and the more the number of peers the stronger and resilient the network becomes.