What is Blockchain Technology?
Blockchain technology can simply be defined as a decentralized, distributed ledger that makes the history of any digital asset transparent and immutable through the use of decentralization. Blockchain can be considered as a high-security platform as it has no central authority, which makes it difficult to hack or impossible to change the information (state) of the system (immutability property). Apart from that, it combines many technologies such as cryptography, communication protocols, and consensus algorithms. The main point of using blockchain is to build trust among its users, so people can confidently share data in a secure and tamper-proof way.
Blockchain is different from traditional ledgers because its database is decentralized and has no “master”, that is, no central authority exists. So, blockchain can be permission-less, which means all the nodes can access the information (read access) and it is providing read and write access to everyone. There are also blockchains in which only privileged nodes can write and compete to win the next block.
The advantages of decentralized blockchain are:
· Transparency — everyone can see the data which have taken place on the network
· High level security — No central point of failure
· Immutability — The recorded history cannot be changed
· Trustless — Users don’t need to trust each other, technology can guarantee the data integrity for users
ECOChain brings a brand-new solution for economy and business. It is a decentralized public blockchain providing security and scalability, using Proof-of-Stake (PoS) consensus. ECOChain also supports smart contracts by using Virtual Machine (VM) as execution environment and offers High Transactions Speed (560 TPS) and short block creation time (32 seconds). ECOChain works as the bridge, connecting applied technology and real-world markets on blockchain technology.
There are more interesting topics about ECOChain coming up soon. Please stay tuned and be ready to explore with us! #ECOC #ECOChain
