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One article clarifies the important characteristics of blockchain

Time : 22/07/2022 Author : nf7w3z Click : + -
        Blockchain provides a credible, reliable and transparent business processing logic framework for transaction participants through Internet technologies such as encryption algorithm, point-to-point network and consensus algorithm, which greatly reduces the cost and complexity of transactions. The technical structure of blockchain makes blockchain have the following important characteristics. The verification, accounting, storage, maintenance and transmission of data on the blockchain are all based on the distributed structure. Mathematical and algorithmic methods are used instead of the central mechanism to build the trust relationship between distributed nodes, so as to form a decentralized and trusted distributed structure. Transaction participants can self certify and trade directly without relying on the trust endorsement of a third-party intermediary.
 
        The data is difficult to change after being written into the blockchain. The algorithm of the blockchain ensures the extremely harsh conditions for modifying the data on it, which is almost impossible to achieve, ensuring the authenticity of the data. Blockchain has fundamentally changed the centralized way of credit creation, using a set of consensus based mathematical algorithms to establish a trust network between robots, so as to create credit through technical endorsement rather than centralized credit institutions. With the algorithm proof mechanism of blockchain, data exchange between each node participating in the whole system does not need to establish a trust process. Within the rule range and time range specified by the system, nodes cannot and cannot cheat other nodes, that is, a small number of nodes cannot complete fraud.
 
        The blockchain system is open. In addition to the private information of the trading parties being encrypted, the data of the blockchain is open to all participants. Any participant can query the blockchain data and develop related applications through the open data interface. Therefore, the information of the whole system is highly transparent. Since there is no need for mutual trust between nodes, there is no need to disclose the identity between nodes, and each participating node in the system can be anonymous. The two parties involved in the transaction transmit information through the address. Even if they have obtained all the block information, they cannot know who the two parties involved in the transaction are. Only those who have mastered the private key can open their wallets. In addition, in transactions such as bitcoin, it is advocated to apply for different addresses for each transaction, thus further protecting the privacy of the participants.
 
        Similar to the tcp/ip protocol of the Internet, blockchain can also be regarded as a basic communication protocol, which, together with other mechanisms, constitutes a blockchain based value Internet. The nodes on the blockchain network operate independently based on common algorithms and data structures. The main consumption is computing resources, which is independent of the platform. Computing nodes can be deployed on any platform. It can be said that the characteristics and development of blockchain come from the soil it produces &mdash& mdash; The development of Internet technology and the rise of cloud computing and big data. Most people engaged in blockchain research believe that blockchain is a huge technological breakthrough, similar to the Internet technology in the 1960s and 1970s. Although it is still in the stage of infrastructure construction, it will have the potential to change many industries in the next 10 years.
 
        
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