Blockchain is a revolutionary technology with distinctive features that set it apart

from traditional financial systems. Now let's take a look at blockchain and its major
differences from the current financial system.

One of the key features of blockchain is decentralization, which is achieved through a

distributed ledger. In traditional financial systems, ledgers are centrally maintained
and managed, with all transactions and data concentrated in one place. However, in
blockchain, the ledger is decentralized and spread across multiple nodes. Each node
possesses a complete copy of the ledger, ensuring that all participants have the same
information. There is no single institution with sole control or authority to modify the
ledger.

Another characteristic is immutability. Transactions and data on the blockchain are

encrypted, verified, and recorded in blocks that form a chain. This ensures the
security and irreversibility of transactions, making them difficult to modify or delete.

Blockchain is also known for its public transparency. Users can engage in transactions
with anonymous identities, while all transaction information is publicly recorded on
the blockchain for anyone to view. This improves privacy protection and prevents
illegal activities and fraud.

The most significant difference between blockchain and the current financial system
is its decentralization. In the traditional system, transactions often rely on
intermediaries like banks, incurring trust and fees. Blockchain eliminates these
intermediaries, allowing direct peer-to-peer transactions, saving time, costs, and
enhancing security.