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A. What is the biggest feature of blockchain technology

Blockchain has no administrator and is completely centerless. Other databases have administrators, but blockchain does not. If one wanted to add auditing to the blockchain, it would not be possible because it is designed to prevent the emergence of a central authority. Jinwowo Network Technology Analysis-Characteristics of Blockchain Technology
Without an administrator, everyone can write data into it. How can we ensure that the data is trustworthy? This is the wonderful thing about blockchain. .

B. What is blockchain

Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. Blockchain is an important concept of Bitcoin. It is essentially a decentralized database.

At the same time, as the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify its Validity of information (anti-counterfeiting) and generation of the next block.

In fact, the original English version of the Bitcoin white paper does not appear in the word blockchain, but uses chain of blocks. In the earliest Chinese translation of the Bitcoin white paper, chain of blocks was translated into blockchain. This is the earliest time when the Chinese word "blockchain" appeared.

(2) Blockchain and Position Manager Extended Reading

Block Application of blockchain:

Blockchain has potential huge application value in financial fields such as international exchange, letters of credit, equity registration and stock exchanges. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby greatly reducing costs and quickly completing transaction payments.

For example, Visa launched Visa B2B Connect based on blockchain technology, which can provide institutions with a lower-cost, faster and safer cross-border payment method to process business-to-business transactions worldwide. .

Be aware that traditional cross-border payments require 3-5 days of waiting and a 1-3% transaction fee. Visa also launched the first Bitcoin debit card in conjunction with Coinbase, and Citibank is testing the cryptocurrency Citicoin on the blockchain.

C. Brief understanding of blockchain

Blockchain is an important concept of Bitcoin, the underlying technology and infrastructure of Bitcoin, and a distributed data storage , point-to-point transmission, consensus mechanism, encryption algorithm and other new application models of computer technology.
In a narrow sense, blockchain is a combination of data blocks that are connected sequentially in chronological order.Chained data structure, and cryptographically guaranteed distributed ledger that cannot be tampered with or forged.
In a word, it is a special distributed database.

A very important understanding is decentralization

In the world of blockchain, there is no central node. Every node is equal and stores the entire database. Any reading is parallel and transparent.
Blockchains have no administrators, and the blockchain format was first applied to Bitcoin as a solution for making databases secure without the need for trust from administrative agencies.
So how did he obtain anti-counterfeiting?

Blocks and Hash have a one-to-one correspondence. If someone modifies a block, the Hash of the block will change.
So he is the only one!
The machine that calculates Hash is called a mining machine, and the person who operates the mining machine is called a miner.
The block header contains a difficulty coefficient (difficulty), which determines the difficulty of calculating the Hash.
It takes about 1 billion calculations to count once.

Blockchain mainly solves the trust and security issues of transactions, so it proposes four technological innovations to address this issue:
The first one is called distributed ledger, which means transaction accounting is done by Multiple nodes distributed in different places work together, and each node records a complete account, so they can all participate in supervising the legality of the transaction and can also jointly testify for it. Different from traditional centralized accounting solutions, no node can record accounts independently, thus avoiding the possibility of a single accounting person being controlled or bribed to record false accounts. On the other hand, since there are enough accounting nodes, theoretically, the accounts will not be lost unless all nodes are destroyed, thereby ensuring the security of the accounting data.
The second one is called asymmetric encryption and authorization technology. The transaction information stored on the blockchain is public, but the account identity information is highly encrypted and can only be accessed with authorization from the data owner. This ensures data security and personal privacy.
The third one is called the consensus mechanism, which is how all accounting nodes reach a consensus to determine the validity of a record. This is both a means of identification and a means of preventing tampering. Blockchain proposes four different consensus mechanisms, which are suitable for different application scenarios and strike a balance between efficiency and security. Taking Bitcoin as an example, it uses proof of work. Only when more than 51% of the accounting nodes in the entire network are controlled, it is possible to forge a non-existent record. When there are enough nodes joining the blockchain, this is basically impossible, thus eliminating the possibility of fraud.
The last technical feature is called smart contracts. Smart contracts are based on these trustworthy and non-tamperable data and can automatically execute some predefined rules and terms. Taking insurance as an example, ifEveryone's information (including medical information and risk occurrence information) is true and credible, so it is easy to automate claims settlement in some standardized insurance products.

A person signed by Satoshi Nakamoto proposed a revolutionary idea: let’s create a currency that is not controlled by the government or anyone else!
----The origin of Bitcoin.
Blockchain technology has extremely broad application prospects, especially in digital currency, cross-border payments, etc. in the financial field. Previously, it was reported that the People’s Bank of China is expected to become the first central bank to develop digital currency and carry out real-life applications.
35 Internet: The company and CICC Online have signed a letter of intent to cooperate and plan to jointly carry out Bitcoin projects, and blockchain technology is the core of Bitcoin.
Hundsun Electronics: is trying to establish a digital bill system based on the alliance chain using blockchain technology.
Feitian Integrity: The company once stated on the interactive platform that it currently has certain technical reserves and research in blockchain technology. The company will actively participate in digital currency and other blockchain technology industries in the future.
Wintime: On April 11, it was stated on the investor relations interactive platform that the company currently has technical reserves in this area, but it is in the initial stage.
Judging from the current situation, the vast majority of blockchain technology applications in my country’s listed companies are still in the research stage, and the implementation, promotion and application of projects have yet to be tested over time.

D. What is blockchain

Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. It is an important concept of Bitcoin. It is essentially a decentralized database. At the same time, as the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity of the information, prevent counterfeiting and generate the next block. It is a set of data storage mathematical architecture constructed in a way that is almost impossible to forge or tamper with, and can be used to store all kinds of valuable data.

The Internet has entered the ecological era, and its applications have penetrated into many fields such as financial services, Internet of Things, supply chain management, digital asset transactions, and e-commerce. The emergence of blockchain has transformed the development of the Internet from the information Internet to the value Internet and the order Internet. Its "distributed business" model with the sharing economy and value link as the main features will give birth to a large number of new innovative cooperation scenarios across institutions and build The creation of a new industrial ecosystem with blockchain technology as the virtual center will have a disruptive impact on economic and social governance, industrial transformation and innovation.

E. What are the main features of blockchain

Decentralization
Due to the use of distributed computing and storage, there is no centralized hardware or management organization, and any The rights and obligations of nodes are equal, and the data blocks in the system are jointly maintained by nodes with maintenance functions in the entire system.
Openness
The system isOpen, in addition to the private information of the transaction parties being encrypted, the blockchain data is open to everyone. Anyone can query the blockchain data and develop related applications through the public interface, so the entire system information is highly transparent.
Autonomy
The blockchain adopts consensus-based specifications and protocols (such as a set of open and transparent algorithms) to enable all nodes in the entire system to exchange data freely and securely in a trustless environment, making Trust in "people" has been changed to trust in machines, and any human intervention has no effect.
Information cannot be tampered
Once the information is verified and added to the blockchain, it will be stored permanently. Unless more than 51% of the nodes in the system can be controlled at the same time, modifications to the database on a single node will not be allowed. is invalid, so the data stability and reliability of the blockchain are extremely high.
Anonymity
Because the exchange between nodes follows a fixed algorithm, the data interaction is trustless (the program rules in the blockchain will judge whether the activity is valid by itself), so the counterparty does not need to disclose it through the The method of identity allows the other party to trust itself, which is very helpful for the accumulation of credit

F. What is blockchain

What is blockchain? We need to understand the essence of blockchain:
First of all, we need to understand a concept. The so-called blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system.
Blockchain was born from Satoshi Nakamoto’s Bitcoin. Since 2009, various Bitcoin-like digital currencies have appeared, all based on public blockchains.
Essentially, it is a decentralized database, which is the underlying technology and infrastructure of Bitcoin that is currently very popular. Of course, having said this, perhaps everyone still doesn’t quite understand what this is. Roughly speaking, blockchain is a machine that builds trust. It may change the way value is transmitted throughout human society.
Let’s start with a brief explanation. Recently, Tencent is vigorously promoting a software called TIM. This software is similar to QQ, but its biggest feature is that all participants can edit documents online, which is similar to a block. chain. It’s just that there is no single user in the blockchain that controls this document. Instead, all participants in the blockchain system can jointly maintain the update of the document, which can only be modified according to strict rules and consensus.