Question: Basic blockchain security Blockchain technology produces a structure of data with inherent security qualities. It's based on principles of cryptography, decentralization and consensus, which ensure
Basic blockchain security
Blockchain technology produces a structure of data with inherent security qualities. It's
based on principles of cryptography, decentralization and consensus, which ensure trust
in transactions. In most blockchains or distributed ledger technologies DLT the data is
structured into blocks and each block contains a transaction or bundle of transactions.
Each new block connects to all the blocks before it in a cryptographic chain in such a way
that it's nearly impossible tamper with. All transactions within the blocks are validated
and agreed upon by a consensus mechanism, ensuring that each transaction is true and
correct.
Blockchain technology enables decentralization through the participation of members
across a distributed network. There is no single point of failure and a single user cannot
change the record of transactions. However, blockchain technologies differ in some
critical security aspects.
cryptography, consensus, and distribution as some of the highlighted principles of blockchain
techology in the excerpt Marks
Question : The first sentence in the last paragraph reads as follows, "Blockchain technology
enables decentralization through the participation of members across a distributed network".Question : In very simple terms, explain how security is achieved via decentralisation,
cryptography, consensus, and distribution as some of the highlighted principles of blockchain
technology in the excerpt
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