What are the key technologies of blockchain

Blockchain technology includes six key technologies: distributed ledger, consensus mechanism, smart contract, encryption algorithm, block structure and blockchain classification, which together build a secure, transparent and distributed network to promote the industry Innovation and efficiency improvements.

Key technologies of blockchain

Blockchain technology is a basic technology, including the following key technologies:

1. Distributed ledger technology

A distributed ledger is an immutable digital record shared by all participants in the network. It records transaction data on multiple decentralized nodes, ensuring data transparency and security.

2. Consensus Mechanism

The consensus mechanism is a set of rules used to reach consensus in the network and determine the validity and order of transactions. Common consensus mechanisms include proof of work, proof of stake, and delegated proof of stake.

3. Smart Contract

Smart contracts are automated contracts stored on the blockchain. They execute automatically when specific conditions are met, eliminating the need for middlemen and increasing efficiency and transparency.

4. Encryption Algorithm

Encryption algorithm is used to protect data and transactions on the blockchain. These algorithms include hash functions, signature algorithms, and symmetric key encryption.

5. Block structure

A block is a container that stores transaction data. Each block contains header and body. The header stores the block height, timestamp, and hash of the transaction. The body stores the transaction data itself.

6. Blockchain Classification

Blockchains can be classified according to the permission types of their participants, including:

• Public Blockchain: Anyone can participate and verify transactions.
• Private Blockchain: Only authorized participants can participate and verify transactions.
• Consortium Blockchain: Controlled and managed jointly by members of a specific group.

These key technologies work together to create a secure, transparent and distributed network, providing opportunities for innovation and efficiency improvement for various industries.

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