What is block chain technology? Briefly explain the three pillars of block chain
Blockchain technology is a decentralized ledger technology that enables secure and transparent data sharing, transactions and storage. It is a digital record of all transactions that take place between two parties, without the need for intermediaries.
The three pillars of blockchain technology are:
1. Decentralization: This refers to the distributed and decentralized nature of the blockchain network. Transactions are verified and recorded by a network of nodes, rather than a single central entity, making it resistant to censorship and fraud.
2. Transparency: All transactions on the blockchain are visible to everyone on the network in real-time, providing complete transparency and reducing the likelihood of fraud or corruption.
3. Security: The blockchain uses advanced cryptography to secure data and transactions. The decentralization and redundancy of the network make it significantly more secure than centralized systems.