T
he blockchain is a record of information that is not subject to manipulation, which is available to a specific cluster of participants.
The three main characteristics of the blockchain are: decentralization, transparency, immutability.
As for the centralized authorities, the banks are a clear example of them. In their structure there is one main authority, which is responsible for all ongoing processes, operations and participants in the system.
Decentralization is a concept that shows the world that each participant can have access to any information in a particular network, which leads to the second characteristic – transparency.
It is the lack of a single management and control apparatus that contributes to the development of a system that is fully accessible to all stakeholders.
The immutability of the blockchain is an advantage inherent in the way the chain is created.
