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What is a popular explanation of blockchain (what does blockchain mean)

Time : 22/05/2022 Author : 6ud0l8 Click : + -
        Who keeps double entry bookkeeping? Of course, it is an accounting entity, such as a company. This accounting entity is centralized. The whole company has only one set of account books. The disadvantage of one set of account books is that it can be used for false accounts. Now the accounting practice of false accounts has become well-known. The company's financial statements are beautiful. Who dares to say that every transaction is true?. Of course it does. Blockchain is essentially a decentralized or distributed ledger. This account book is very interesting. Everyone can keep accounts, and everyone has a complete set of account books. The fastest one will broadcast to everyone through the blockchain, telling everyone that a transaction has occurred, and then everyone will confirm that the transaction is indeed correct, and record the account in their own account books.
 
        The advantage of distributed bookkeeping is that everyone has a complete set of account books. If someone tampers with them, it is useless. As long as more than half (51%) of the account books are correct, there is no problem. This account book is reliable. To sum up, a blockchain is a multi-party distributed, tamper proof, anonymous and traceable ledger or database. The reason why a blockchain is called a blockchain is that it is a chain structure formed by connecting one block to the other according to the generated time sequence (i.e., timestamp).
 
        Each block is composed of a block header (i.e., the hash value of the previous block, the hash value of the current block and the timestamp) and a block body (which can be transaction information or other information records). Let's add the concept of hash value. For a simple understanding, hash value is a fixed length string obtained by a computer algorithm (hash algorithm). The hash value of each block is different, which is equivalent to a person's ID card and unique. The process of generating blocks on the blockchain is also the process of many nodes competing to calculate the hash value. Since asymmetric encryption is adopted, the calculation of the hash value consumes special computational power, However, verifying a hash value is very simple (for example, you do not know how the ID card number is calculated, for example, how the last four digits of the ID card come from. Most people do not know and do not need to know. Anyway, as long as you get an ID card number and go to the public security bureau to check, you will immediately know whether it is true or false, who it is, and find out a bunch of information by the way).
 
        The more blocks on a blockchain, the more difficult it is to add another block. This is also why it was originally possible to use personal computers to calculate hash values (commonly known as mining), but now it is necessary to use professional mining machines. In the process of mining, it is basically running at full load, and then it takes special electricity. What is the hard accounting chart? The blockchain system is designed with a reward mechanism. The first to calculate the hash value and broadcast it. The node that successfully records to the block will get the token awarded by the system. For example, in bitcoin, the reward for recording a block is 25btc. Anonymity: Although the transaction is open and transparent, the two sides of the transaction are anonymous. You only know that there is a transaction, but do not know who is trading with whom to avoid privacy disclosure;.
 
        Eliminate Intermediaries: for example, for house leasing and sales, the landlord and the tenant do not need a third-party platform guarantee, and realize point-to-point transactions through blockchain technology. The smart contract will protect the interests of both parties. Payment, deduction, and check-out will be automatically executed according to the smart contract, and the defaulter will be punished according to the smart contract. The smart contract here can have a basic template, and both parties only need to follow the agreed amount, method A set of templates such as default clauses can be used. The user interface is friendly. The blockchain is only the guarantor of the underlying technology. Product traceability: food such as milk, milk powder, fruits and vegetables, and medical products such as vaccines (melamine poisoned milk powder and fake vaccines can be eliminated);.
 
        Traceability of industrial products: for example, mobile phones, computers, automobiles, airplanes, etc., every part and every process flow are clear, which is of great significance to product improvement and problem accountability. Property rights protection: for example, music, movies and literary works, all things involved in copyright protection can be recorded on the blockchain. Whoever owns it, how long it needs to be protected, how to protect it, and how to pay for commercial purposes can be programmed and automatically executed with smart contracts. Wait, there are many more, and blockchain technology is only an underlying technology. In the future, it needs to be combined with the Internet of things, big data, cloud computing, artificial intelligence, etc. for common development. Blockchain originates from the underlying technology of bitcoin. It is still at an early stage. The concept has been born less than ten years and is very young.
 
        The above scenario scenario has a long way to go, and it needs the cooperation of other emerging technologies.
 
        
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