5 main principles of blockchain technology
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The document outlines the five main principles of blockchain technology: peer-to-peer networking, elimination of third parties, time-stamping for data integrity, decentralization of information, and cost-effectiveness by reducing intermediaries. These principles contribute to the technology's increasing popularity across various sectors, prompting a demand for blockchain expertise and certifications. It concludes with a promotional note for blockchain certification programs offered by the Blockchain Council.
5 main principles of blockchain technology
- 1. Copyright © Blockchain Council www.blockchain-council.org 1
- 2. Copyright © Blockchain Council www.blockchain-council.org 5 Main Principles of Blockchain technology Blockchain technology doesn’t need any introduction today. A term that was once alien has now received accolades from people across the globe. Every company and investor is talking about this technology. Blockchain started its journey as an underlying technology for Bitcoin exchange, and over the years, it has garnered so much attention. From students to working professionals, everyone is speaking about Blockchain; so what makes Blockchain so alluring, for this, you need to know about the principles of Blockchain technology. 2
- 3. Copyright © Blockchain Council www.blockchain-council.org 5 principles of blockchain technology: 1. Peer-to-peer network- The first principle is that Blockchain works on peer-to- peer interaction. It means that the interested parties directly interact with each other via a Blockchain platform. 2. No third-party- Taking a cue from the above-mentioned point, we want to discuss the second principle of Blockchain, and that is no third-party investment. It means that two parties directly connect with each other without depending on a third party for validation and verification. With lesser third-party involvement, it becomes easier for the buyer and seller to interact and execute transactions without any delay. 3
- 4. Copyright © Blockchain Council www.blockchain-council.org 3. Time-stamping- The next important feature that Blockchain brings forth is time-stamping. Any information that gets an entry in the DLT is time-stamped. With this, it becomes easier to track and trace the information. One can easily track the data or information. This has become a helpful tool for companies to track and trace information. Moreover, each information or data is stored as a block, and one block is connected with others in a sequence, any removal of the block will become visible to the people in the network. Thus it helps in finding out if there has been any data alteration. 4
- 5. Copyright © Blockchain Council www.blockchain-council.org 4. Decentralization- One of the noticeable working features of Blockchain is that it is a decentralized technology. It means that the information is spread across the network, rather than it being stored centrally. Hence, it becomes easy to track and trace the information. This becomes helpful for companies and even individuals. 5. Cost-effective solution- You would agree to the fact that the conventional supply chain system involves too many intermediaries, and because of this, there are time delays, and it also enhances the cost. But with the intervention of Blockchain, we can cut down the participation of intermediaries there by lowering the cost. 5
- 6. Copyright © Blockchain Council www.blockchain-council.org Takeaways- Companies are going to hire Blockchain experts and Blockchain professionals for this task, and those who have Blockchain certification have all the possibilities of exploring a new set of opportunities and better professional growth. If you too are one of them and are looking for the best Blockchain certification program, then you must connect with the Blockchain Council today. 6
- 7. Copyright © Blockchain Council www.blockchain-council.org Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. ● Certified Blockchain Expert ● Certified Blockchain Developer ● Certified Smart Contract Developer ● Certified Solidity Developer ● Certified Ethereum Developer 7
- 8. THANK YOU! Any questions? You can mail us at hello@blockchain-council.org Copyright © Blockchain Council www.blockchain-council.org 8