Blockchain is a new application mode of distributed data storage, point-to-point transmission, and consensus mechanism computer technology. Blockchain mainly solves the trust and security problems on transactions. Blockchain has four innovative technologies:
1. Distributed ledger, that is, transaction is done by multiple nodes distributed in different places, and each node records the complete account, so they can participate in supervising the legality of the transaction, and they can also be witness each other. It is different from traditional distributed storage. Traditional distributed storage generally divides data into multiple parts according to certain rules. In blockchain, each node storage is independent and equal in status, relying on consensus mechanism to ensure storage consistency, while traditional distributed storage generally synchronizes data to other backup nodes through a central node.
2. Encryption and authorization technology: Transaction information stored on the blockchain is public, but the account identity information is highly encrypted and can only be accessed if authorized by the data owner, thus ensuring data security and personal Privacy.
3. Consensus mechanism: It is how to reach a consensus among all nodes to determine the validity of a record. This is both a means of identification and a means of preventing tampering. Blockchain proposes four different consensus mechanisms that apply to different application scenes and strike a balance between efficiency and security.
4. Smart Contracts: Smart contracts are based on these trusted, non-tamperable data that can be automated to execute some predefined rules and terms.
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