What is the basic technology of blockchain

The basic technologies of the blockchain include: distributed ledgers, consensus mechanisms, encryption algorithms, and smart contracts, which are maintained by nodes, miners, and validators through network connections.

Basic technology of blockchain

Blockchain is a decentralized, distributed ledger technology used for Transactions are recorded and shared among network participants. Its underlying technologies include:

Distributed ledger:

• Blockchain is a shared, immutable ledger that records all transactions.
• Every network participant (called a node) owns a copy of the ledger.
• Achieve consensus on the ledger status through the consensus mechanism.

Consensus mechanism:

• The consensus mechanism is used to reach agreement among nodes on the current state of the ledger.
• Popular methods include Proof of Work (PoW), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS).

Encryption algorithm:

• Blockchain uses encryption algorithms to protect the security of transactions and ledgers.
• Cryptography ensures that only authorized users can access and verify data.
• Commonly used algorithms include hash functions, digital signatures and public key cryptography.

Smart Contract:

• Smart contracts are computer programs stored on the blockchain.
• They allow rules to be defined and executed in an automated, executable way.
• Smart contracts make complex transactions and business logic possible.

Nodes, miners and validators:

• Node: A device or entity that holds a copy of the ledger and participates in the consensus process .
• Miners: Nodes responsible for validating new blocks in the proof-of-work consensus mechanism.
• Validator: The node responsible for verifying the authenticity of transactions or blocks.

Network Connection:

• Blockchain nodes communicate through a network connection.
• A strong network connection is crucial to ensure fast and accurate transmission of ledger information.

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