Rewrite, correct errors, add section (#20752)
Mostly corrected grammar and clarified wording. Removed capitalization of many common nouns. Added a "More Resources" section.pull/34202/head
Bennett Garner
Huyen Nguyen
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@ -3,34 +3,33 @@ title: Features of BlockTech
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## Features of Blockchain Technology
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Blockchain is almost always used in lieu of Bitcoin and cryptocurrency. However, there are many other places this technology can be used. And we are beginning to barely scratch the surface of it. With all the hype around it, we know, the Blockchain Technology (BlockTech) is going to be huge. But what makes it unique?
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Blockchain is usually thought of as Bitcoin and cryptocurrency. However, there are many other applications of this technology. We are barely beginning to scratch the surface of it. With all the hype around blockchain, it's clear blockchain technology will play an important role in the future of applications and data. But what makes it unique?
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In this article, we are going to explore the key characteristic features of BlockTech.
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In this article, we are going to explore the key characteristic features of blockchain.
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#### _* Decentralized System_
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> Blockchain is a Decentralized Technology, by design.
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> Blockchain is a decentralized dechnology, by design.
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When something is controlled by a central authority, where the power to make decision lies in the hands of the apex of the management, such system is called a Centralized System. Banks, for example, are a centralized system, where it's the responsibility of the Governor to make decisions.
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When something is controlled by a central authority, where the power to make decision lies in the hands of an overseeing organization, such a system is called a centralized system. Banks, for example, are centralized systems. One company is responsible for securing and maintaining a ledger of transactions.
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On the contrary, when the power is vested in the hands of the people or the users, such system is said to be a Decentralized System.
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The peer to peer network, Torrent, for example is a decentralised system, where the user has complete control.
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On the contrary, when the power is vested in the hands of the people or the users, such system is said to be a decentralized system. A peer-to-peer network, like a torrent or an open source project, for example, is a decentralised system where users contribute to update and maintain data.
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#### _* Distributed Ledger_
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> Blockchains use distributed Ledger Technology (DLT) to store and access the data around.
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> Blockchains use distributed ledger technology (DLT) to store and access data.
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When something is stored on a Distributed Ledger, multiple copies of it are made across the network at the same time. Unlike traditional databases, distributed ledger do not have a central database or administration functionality.
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When something is stored on a distributed ledger, multiple copies of it are made across the network at the same time. Unlike traditional databases, distributed ledgers do not have a central database or administrator.
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When applied in a decentralized system like Blockchain, each user has a copy of the ledger and participates in the transaction verification. This gives Blockchain the property of Immutability and ensures security. Since, the data is distributed, there is no centralized version of the data for the hackers to corrupt. The data and the records are public and easily verifiable. This also eliminates single point of Failure.
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When applied in a decentralized system like blockchain, each user has a copy of the ledger and participates in the transaction verification. This ensures security. Since the data is distributed, there is no centralized version of the data for the hackers to corrupt. The data and the records are public and easily verifiable. This also eliminates any single point of failure.
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#### _* Secure Ecosystem (Cryptographic Hash)_
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BlockTech uses the concepts like Proof of Work and Hash encryption to ensure security and immutability. Proof of work involves several people around the world using computational algorithm to try and find the appropriate hash value that satisfies a predefined condition regarding the hash value.
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Blockchain uses concepts like proof of work and hash encryption to ensure security and immutability. Proof of work involves many people around the world using computational algorithm to try and find the appropriate hash value that satisfies a predefined condition.
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@ -51,7 +50,7 @@ Blockchains, ideally, are just very sophisticated linked lists where each block
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#### _* Consensus Based_
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Consensus Based is an approach to decision making. It is a creative and dynamic way of reaching agreement between all members of a group. A transaction on Blockchain can be executed only if all the parties on the network unanimously approve it. It is however, subjected to alterations to suit various circumstances.
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Consensus is an approach to decision making. It is a creative and dynamic way of reaching agreement between all members of a group. A transaction on blockchain can be executed only if all the parties on the network unanimously approve it.
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### Sources
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@ -62,3 +61,10 @@ Consensus Based is an approach to decision making. It is a creative and dynamic
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4. [Major Features of Blockchain](https://cryptocurry.com/news/top-4-major-features-blockchain/)
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5. [Application and Features of Blockchain](https://arxiv.org/pdf/1806.03693.pdf)
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6. [Key Characteristics of the Blockchain](https://www2.deloitte.com/content/dam/Deloitte/in/Documents/industries/in-convergence-blockchain-key-characteristics-noexp.pdf)
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### More Resources
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1. [Blockchain - Wikipedia](https://en.wikipedia.org/wiki/Blockchain)
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2. [What is blockchain technology? - Blockgeeks](https://blockgeeks.com/guides/what-is-blockchain-technology/)
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3. [In Blockchain We Trust - MIT Technology Review](https://www.technologyreview.com/s/610781/in-blockchain-we-trust/)
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