What is blockchain technology and what are its characteristics

Blockchain is essentially a decentralized database, which has the characteristics of decentralization, openness, independence, security, and anonymity. Based on these characteristics, blockchain technology has laid a solid foundation of trust and created a reliable cooperation mechanism.

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Essentially, the blockchain is a shared database. The data or information stored in it has the characteristics of "unforgeable", "full traces", "traceable", "open and transparent", "collective maintenance", etc. feature. Based on these characteristics, blockchain technology has laid a solid foundation of "trust" and created a reliable "cooperation" mechanism, which has broad application prospects.

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains Contains information about a batch of Bitcoin network transactions, used to verify the validity of the information (anti-counterfeiting) and generate the next block.

Features:

Decentralization. Blockchain technology does not rely on additional third-party management agencies or hardware facilities, and there is no central control. In addition to the self-contained blockchain itself, each node realizes self-verification, transmission and management of information through distributed accounting and storage. Decentralization is the most prominent and essential feature of blockchain.

Openness. The foundation of blockchain technology is open source. In addition to the private information of the transaction parties being encrypted, the data of the blockchain is open to everyone. Anyone can query the blockchain data and develop related applications through the public interface. Therefore, the entire System information is highly transparent.

Independence. Based on consensus specifications and protocols (similar to various mathematical algorithms such as the hash algorithm used by Bitcoin), the entire blockchain system does not rely on other third parties. All nodes can automatically and securely verify and exchange data within the system without the need for any human intervention.

safety. As long as you cannot control 51% of all data nodes, you cannot manipulate and modify network data at will. This makes the blockchain itself relatively safe and avoids subjective and artificial data changes.

Anonymity. Unless required by legal regulations, technically speaking, the identity information of each block node does not need to be disclosed or verified, and information transfer can be carried out anonymously.

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