![]() And third, since it removes the figure of a central authority, there is no need for third-party verifications or reconciliations, eliminating middle-men costs. Because of this immutable nature, it can provide superior security and traceability. Second, once a block has received sufficient confirmations, the transactions inside it cannot be duplicated, corrupted, modified or eliminated by any one actor or node. First, all the network participants have access to a copy of the blockchain in real time, including its history. ![]() ![]() The advantages of a decentralized ledger are based on the premise of trust. While anyone can create data on public blockchains by creating a new block and chaining it to a previous block, the consensus-based approach to validation means nobody can edit or falsify the data once it’s received a sufficient number of block confirmations. In the blockchain’s decentralized approach, data is recorded in “blocks” that are distributed and validated across several participants, or nodes, on a P2P (peer-to-peer) network. In a centralized database, a singular authority retains total control over all aspects, including entering data, ensuring its validity, and maintaining that data. But its unique properties stem from its decentralized – or distributed ledger – approach. In its most basic sense, a blockchain is a type of database focused on recording and maintaining data.
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