Block chain is the peer to peer fund transfaring system that typically managed by a peer-to-peer network, Block chain can be called the spine of the entire crypto-currency system. Block chain technology not only helps with the users perform transactions using crypto-currencies but also ensures the security and anonymity of the users involved It is a continuously growing list of records called blocks, which are linked and secured using cryptographic techniques the main advantage of block chain is the Transactions once stored in the Block chain then the transaction will be permanent. They cannot be hacked or manipulated.
Security features of Block Chain
The block chain system have number of security features the main security feature following given blow
Features of Blockchain
- SHA256 Hash Function
- Public Key Cryptography
- Distributed Ledger & Peer to Peer Network
- Proof of Work
- Incentives for Validation
SHA256 Hash function
the block chain is used secured Hash function to encrypted the data the main feature of the SHA256 is the output is not ‘encryption’ or it cannot be decrypted back to the original text. It is a ‘one-way’ cryptographic function, and is a fixed size for any size of source text
Public Key Cryptography
The public key cryptographic technique to creating a set of keys like Public key and Private key. Here the Public key is shared with all user’s but the Private key is kept as a secret by the user.
Distributed Ledger & Peer to Peer Network
Distributed Ledger & Peer to Peer Network means the Every single person on the network has a copy of the ledger. There is no single centralized copy
Proof Of Work
the block chain has the proof of work because of when you are performing some transection in the network then the transection is permanent stored so you can see your transections at any time anywhere
Incentives for Validation
The block chain system used Incentives for Validation so the hacker can not hacked your work transitions
Block chain can be known as the spine of the whole digital money framework. Block chain innovation not just assists with the clients perform exchanges utilizing cryptographic forms of money yet additionally guarantees the security and obscurity of the clients included. It is a ceaselessly developing rundown of records called squares, which are connected and secured utilizing cryptographic systems. A Block chain can fill in as an open and disseminated record, that can record exchanges between two gatherings in an unquestionable and lasting way. This record is shared among everybody in the system is open for all to view.This acquires straightforwardness and trust into the framework.