What are the main characteristics of blockchain technology as described?

Blockchain technology is defined as a secure, decentralized ledger system that maintains transparency and verification of transactions. Its characteristics set it apart from traditional record-keeping methods.

The essence of blockchain can be observed through its core traits, which contribute significantly to its growing adoption and relevance across various sectors.

• Decentralization: Rather than relying on a central authority, blockchain spreads data across a network, allowing multiple parties to verify transactions independently.
• Transparency: Each transaction on the blockchain is publicly verifiable, promoting trust among participants within the network.
• Immutability: Once recorded, data cannot be altered or deleted. This characteristic protects the integrity and permanence of transaction histories.

This technology's innovation draws on earlier concepts of digital currency but vastly improves upon trust and transparency, addressing the vulnerabilities present in traditional banking systems.

In summary, blockchain technology revolutionizes how transactions are conducted and recorded, offering a promising foundation for numerous applications beyond digital currencies.