1. Decentralization: Blockchain operates on a decentralized network, where multiple participants called nodes maintain and validate the data. There is no central authority controlling the entire system.
2. Transparency: Blockchain provides transparency as all transactions and data stored on the blockchain are visible to all participants. This transparency helps in building trust among participants and enables auditing of transactions.
3. Security: Blockchain makes use of several cryptographic techniques in order to secure data and transactions.
4. Immutability: Whenever a transaction is being recorded on the blockchain, it is very difficult to alter or delete.
5. Data Integrity: Blockchain ensures data integrity through consensus mechanisms.
6. Traceability: Every transaction on the blockchain is recorded and linked to previous transactions, forming a transparent and traceable history of events.
7. Efficiency: Blockchain eliminates the need for intermediaries or middlemen in many processes, reducing costs and increasing efficiency.
8. Scalability: Various consensus mechanisms and scaling solutions, such as sharing and off-chain transactions, are being developed to improve the scalability of blockchain networks.
