Blockchain concepts and principles
- WBOYOriginal
- 2024-07-17 15:03:55880browse
Blockchain is a distributed ledger technology used to record transactions securely, transparently and tamper-proof. Its principles include: distributed ledger storage, hash value verification, consensus mechanism and block creation process. Features include: decentralization, security, transparency and immutability.
Blockchain: Concepts and Principles
What is Blockchain?
Blockchain is a decentralized, distributed ledger technology that can record transactions securely, transparently and tamper-proof.
The principle of blockchain
The working principle of blockchain is based on the following key concepts:
- Distributed ledger: The blockchain is not stored on a single centralized server, but is distributed across multiple on the computers of participants (called nodes).
- Blocks: Blockchain consists of a series of data blocks called blocks. Each block contains a set of transactions, a timestamp, and a hash pointing to the previous block.
- Hash: A hash is a mathematical function that converts a block of data into a unique and irreversible identifier.
- Consensus Mechanism: Consensus mechanism is an algorithm that ensures that all nodes agree on the state of the blockchain.
Creation process of blockchain
- When a new transaction occurs, it is broadcast to all nodes.
- The node verifies the validity of the transaction.
- Verified transactions are grouped into blocks.
- Nodes use the consensus mechanism to reach consensus on blocks.
- After consensus, the block is added to the blockchain and broadcast to all nodes.
Characteristics of blockchain
- Decentralization: There is no single controlling entity.
- Security: Blockchain is difficult to tamper with because modifying a block requires recalculating the hashes of all subsequent blocks.
- Transparency: All transactions are recorded on the public blockchain and can be viewed by anyone.
- Immutable: Once added to the blockchain, a block can no longer be changed.
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