Decentralization - The essence of Blockchain
Blockchain technology is a massive technology that introduces the concept of Decentralization to the digital globe. It is proven that decentralization is the essence of blockchain technology. Most of the experts says that blockchain technology finds application in many industries because of its decentralized nature. Here let us discuss something interesting about the decentralization of blockchain technology. Concept of Decentralization When designing bitcoin, Nakamoto used the consensus mechanism between nodes. This is a non-trust mechanism, to prevent problems generated by a centralized network. When the number of nodes that confirm a transaction is higher , the risk of a multiple payment problem becomes smaller. In a non-trust mechanism, all nodes are considered as equal, and there is no privilege. Blockchain is a combination of mechanisms, which includes asymmetric encryption, point-to-point network communication, blockchain data structures and so on.Most impor...