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What is the core technology of blockchain?

Time : 09/07/2022 Author : erizo9 Click : + -
        Distributed ledger refers to that transaction bookkeeping is jointly completed by multiple nodes distributed in different places, and each node records a complete account. Therefore, they can participate in monitoring the legitimacy of transactions and also testify for them. Different from the traditional distributed storage, the uniqueness of the distributed storage of the blockchain is mainly reflected in two aspects: first, each node of the blockchain stores complete data according to the block chain structure, and the traditional distributed storage generally stores data in multiple copies according to certain rules. Second, the storage of each node of the blockchain is independent and equal, and the consistency of storage is ensured by the consensus mechanism. However, traditional distributed storage generally synchronizes data to other backup nodes through the central node.
 
        No single node can record ledger data separately, thus avoiding the possibility that a single bookkeeper is controlled or bribed to make false records. There are enough accounting nodes. Theoretically, unless all nodes are destroyed, the accounts will not be lost, thus ensuring the security of account data. The transaction information stored on the blockchain is public, but the account identity information is highly encrypted and can only be accessed with the authorization of the data owner, thus ensuring the security of data and personal privacy. The consensus mechanism is how all accounting nodes reach a consensus to determine the validity of a record. This is not only a means of identification, but also a means of preventing tampering.
 
        Blockchain proposes four different consensus mechanisms, which are applicable to different application scenarios and achieve a balance between efficiency and security. The consensus mechanism of the blockchain has the characteristics of "the minority is subordinate to the majority" and "everyone is equal". The "minority is subordinate to the majority" does not completely refer to the number of nodes, but also can be the calculation capacity, the number of shares or other characteristics that can be compared by computers. "Everyone is equal" means that when a node meets the conditions, all nodes have the right to put forward consensus results first, which may become the final consensus results after being directly recognized by other nodes. Taking bitcoin as an example, workload proof is adopted. Only when more than 51% of accounting nodes in the whole network are controlled, it is possible to forge a nonexistent record.
 
        When there are enough nodes in the blockchain, this is basically impossible, thus eliminating the possibility of counterfeiting. Smart contracts are based on these trusted and tamper proof data and can automatically execute some predefined rules and terms. Take insurance as an example. If everyone's information (including medical information and risk occurrence information) is authentic, it is easy to conduct automatic claim settlement in some standardized insurance products. In the daily business of insurance companies, although the transactions are not as frequent as those in the banking and securities industries, the reliance on reliable data is increasing. Therefore, the author believes that the use of blockchain technology from the perspective of data management can effectively help insurance companies improve their risk management capabilities.
 
        Specifically, it mainly includes the risk management of the applicant and the risk supervision of the insurance company. Return to Sohu to see more.
 
        
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