Rajeev Lakhanpal, a seasoned blockchain expert and thought leader, articulates blockchain technology's fundamental principles with clarity and insight. Drawing from his extensive experience and expertise, Rajeev Lakhanpal emphasizes the key pillars defining blockchain's revolutionary potential.

2. Blockchain operates on a peer-to-peer network, eliminating
the need for a central authority. Each participant (node) in the
network stores a copy of the entire blockchain, ensuring no
single point of failure and enhancing resilience against
censorship or manipulation.

3. Transactions recorded on the
blockchain are visible to all
network participants. This
transparency promotes trust
among users, as anyone can
verify the validity of
transactions and the integrity
of the data.

4. Once a transaction is
recorded on the blockchain,
it cannot be altered or
deleted. Each block in the
blockchain contains a
cryptographic hash of the
previous block, creating a
chain of blocks that is
immutable and resistant to
tampering. This feature
ensures the integrity and
security of the data stored
on the blockchain.

5. Blockchain employs cryptographic techniques to secure transactions
and data. Each transaction is cryptographically signed to ensure
authenticity, and consensus mechanisms such as proof of work (PoW)
or proof of stake (PoS) are used to validate transactions and maintain
the integrity of the network. Additionally, the decentralized nature of
blockchain enhances security by removing single points of failure and
reducing the risk of cyber attacks.

6. Blockchain relies on consensus mechanisms to validate and agree upon the state of the
network. These mechanisms ensure that all participants reach a common consensus
on the validity of transactions and the order in which they are added to the blockchain.
Examples of consensus mechanisms include proof of work (PoW), proof of stake (PoS),
delegated proof of stake (DPoS), and practical Byzantine fault tolerance (PBFT).
Consensus mechanisms play a crucial role in maintaining the security, efficiency, and
reliability of blockchain networks, enabling trustless and decentralized systems to
operate effectively.