What is blockchain? Understand what blockchain is in one article
Blockchain is a decentralized database technology that connects data blocks and encrypts them for protection. Its features include distributed ledgers, blockchain, hash encryption, consensus mechanism and anonymity. Its advantages include security, transparency, efficiency and immutability.
What is blockchain?
Blockchain is a decentralized database technology that connects data blocks and encrypts them through cryptographic methods. Its main features include:
1. Decentralized ledger:
Data is not stored on a single central server, but is distributed across all nodes in the network, thus eliminating the risk of single points of failure.
2. Blockchain:
Data is grouped and stored in records called "blocks", and each block contains a series of transactions or data. The blockchain is concatenated in chronological order and once added to the chain, it cannot be tampered with.
3. Hash encryption:
Each block is encrypted using a hash function. A hash is a unique and irreversible identifier used to ensure the integrity of a block. If the data in the block changes, its hash value changes as well.
4. Consensus mechanism:
All nodes in the network must reach a consensus on the validity of the new block. Common consensus mechanisms include Proof of Work (PoW) and Proof of Stake (PoS).
5. Anonymity:
Transactions on the blockchain are generally anonymous as they do not contain personally identifiable information. However, some blockchains, such as Ethereum, allow users to create addresses linked to real identities.
Advantages of Blockchain:
- Security: The decentralized and cryptographically protected nature makes it difficult to tamper or hack.
- Transparency: All transactions can be viewed by any node in the network, providing a certain degree of transparency and audit capabilities.
- Efficiency: Eliminating middlemen and traditional clearing processes can improve transaction efficiency and reduce costs.
- Immutability: Once added to the blockchain, data cannot be changed or deleted, ensuring the integrity and credibility of the data.
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