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This article will explain in detail the principle of blockchain technology and what problems can be solved. The content of the article is of high quality, so Xiaobian shares it with you for reference. I hope you have a certain understanding of relevant knowledge after reading this article.

What does blockchain technology mean? Can you solve those problems? Blockchain technology is referred to as BT, also known as distributed ledger technology, an Internet database technology characterized by decentralization, openness and transparency, allowing everyone to participate in database records. Blockchain is like a public ledger that allows people to record synchronously on the Internet, recording each person's transactions in real time and unable to tamper with them.

What is blockchain technology?

Blockchain is a chain data structure that combines data blocks in a sequential manner in chronological order and cryptographically guarantees tamper-proof and unforgeable distributed ledgers.

Broadly speaking, blockchain technology is a brand-new distributed infrastructure and computing method that uses block chain data structure to verify and store data, distributed node consensus algorithm to generate and update data, cryptography to ensure data transmission and access security, and intelligent contract composed of automated script code to program and operate data.

It was originally the basic technology of Bitcoin, which is currently being studied all over the world and can be widely used in various fields such as finance. Blockchain mainly solves the trust and security problems of transactions, and four technological innovations are proposed for this problem:

1. Distributed ledger

Transaction bookkeeping is done by multiple nodes distributed in different places, and each node records a complete account, so they can participate in monitoring the legitimacy of the transaction and can jointly testify for it. No single node can record ledger data alone, thus avoiding the possibility that a single bookkeeper may be controlled or bribed to falsify accounts. Because there are enough accounting nodes, in theory, unless all nodes are destroyed, the accounts will not be lost, thus ensuring the security of the account data.

2. 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 if authorized by the data owner, thus ensuring the security of the data and the privacy of the individual.

3. Consensus mechanism

How to reach a consensus among all accounting nodes to determine the validity of a record is both a means of identification and a means of preventing tampering. Blockchain proposes four different consensus mechanisms, suitable for different application scenarios, to strike a balance between efficiency and security.

4. Smart contracts

Smart contracts are based on trusted, tamper-proof data that can automatically enforce predefined rules and conditions. Take insurance as an example. If everyone's information is true and credible, it is easy to automate claims in some standardized insurance products.

From an economic point of view, blockchain is a decentralized, anonymous and fully autonomous system, similar to what we call anarchy.

The principle of blockchain technology and what problems can be solved are shared here. I hope the above content can be helpful to everyone and learn more knowledge. If you think the article is good, you can share it so that more people can see it.

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