Block chain is a shared public ledger technology used for storing transactions securely. It can be used for securing transactions across several self-regulating computers, which are usually called nodes. Block chains are made up of a decentralized distribution of a chain. It equally gives easy access to all participants on that block chain to see the list of transactions. This means that block chain does not just keep a record but also makes the record public for all and sundry to see and access. Before you can access the details of the transactions stored in the blockchain, however, you need to have the public and private keys for the specific transactions.
Assurance of security
The use of the public and private keys gives an indication that block chain is highly secure. It means that only individuals that should have access to the transactions stored in the block chain ends up having such an access. This means that not just anyone can access the details of your transactions stored in the blockchain. This is a good thing since it gives an assurance of security and offers some measure of privacy.
Additionally, the transaction details stored in the block chain can never be modified or edited in any way. Consequently, these transactions are secure and will remain so forever. The fact that the transaction details stored in the block chain cannot be edited helps to forestall fraudulent activities.
The stored transaction delays means that every bitcoin transaction you carry out can be traced. This is one of the features that help to make bitcoin transactions highly transparent. It means that those who think that bitcoin transactions cannot be traced are totally wrong; the transaction can be traced by any individual that can spare the time to trace the transaction. The facts discussed above helps to confer more protection on your cryptocurrency wallet.