Huashang talks about the importance of blockchain
Huashang talks about the importance of blockchain TechnologyWith the progress of the technology industry, the blockchain and bitcoin markets are catching up. Next is cryptocurrency, which is often mentioned in the discussion of ICO, bitcoin and blockchain. The process of sweeping the market is praiseworthy.
Blockchain technology is widely considered as a revolutionary means to reduce costs, improve speed and show transaction transparency. As enterprises are in urgent need of other solutions to destroy and abandon the single management institution, the government, financial institutions and non-profit organizations will experience considerable changes in their motivation and mechanism.
Enterprises and entrepreneurs, especially in the field of digital and technology, should know that decentralization provides freedom of consensus, freedom of fault tolerance and anti attack, and freedom of collusion.
It is precisely because of the network integrity issues, involving the issue of personal privacy and property. If someone uses the power of technology to invade the website, tamper with the user's personal data and asset ownership, it will cause huge losses.
Blockchain is such a technology, which can make the data on the Internet unable to be falsified. Therefore, to a certain extent, blockchain is the trust in the cornerstone of silicon-based civilization, because when the global network uses blockchain, there will be no dishonesty on the Internet. Every move you make on the Internet will be recorded and can not be changed. Who dares to falsify your credit system?
The reason why people value blockchain is that blockchain has the advantages of decentralization, distrust and non tampering, which makes it can be applied in many fields, such as financial field, game field, medical field, food traceability, copyright protection, etc. so many fields need this technology to improve the development of the industry, so the demand for blockchain development is natural More and more.
Blockchain technology, also known as distributed ledger Technology (DLT), has become a major mainstream of new financial technology. Blockchain uses the completeness of Turing, cryptography and a variety of mathematical algorithms to provide a distributed general ledger system. The solution based on blockchain technology is a new distributed database, which has natural disaster recovery ability and can ensure that the data will not be leaked and lost. This is highly valued by the financial industry.
Bitcoin is mainly a digital currency based on blockchain technology. With the new encryption technology and algorithm, bitcoin can "prove itself", which has the advantages of anonymity, decentralization, openness, autonomy, and information tampering.
However, bitcoin is usually an open form of system, but most financial services, such as the banking system, are closed networks. This is like the "Intranet" of the Internet and the office. Each has its own advantages and disadvantages.
One thing to understand is that blockchain is a very complex technology. It's no coincidence that people have been studying the technology for years, but the researchers claim that they have only touched the surface of its true potential. Therefore, it consists of many parts. These include:
Smart contract: smart contract is a program running on the blockchain. They are the aspects that allow blockchain to exit, because it is only the basis for using cryptocurrency.
Peer to peer network: this component allows blockchain to store, update and maintain its ledger. Each node in the network contains its own copy of the ledger, and the job of the network is to reach an agreement before the ledger changes. In this way, each copy of the ledger will be consistent.
Blockchain wallets: blockchain wallets are software that can store user credentials and allow them to track and manage digital assets.
Member service: all members of the public blockchain have the same power, right and authority. Anyone can join at any time and become a recognized participant in the network. Private or licensed ledgers require new users to be authorized to join, which is mainly reserved for enterprises using blockchain for private communication.
Events: This includes notification of various updates and other operations performed on the blockchain. Everything that happens is updated. Some examples include creating new transactions, adding new blocks to the chain, or providing notifications from smart contracts.
Ledger: an immutable, distributed history that should allow the blockchain to record everything that happened in chronological order.
System management: this aspect includes monitoring, modifying and creating new components. Due to its unique design, blockchain is expected to become a lasting system. However, it still needs to evolve and change.
System integration: This is an aspect of the blockchain that allows it to integrate with external systems. With the development and function growth of blockchain, it is considered necessary. In most cases, integration with external systems is accomplished through smart contracts, but system integration is still a recognized function of blockchain technology.
Data structure: blockchain data consists of two largest dimensions, which are usually related to performance and scalability. These are data storage and data processing.
Data storage can be understood by remembering how traditional databases work. Blockchain provides immutable distributed storage, and it has built-in integrity checking. However, it still has the maximum capacity per block, depending on its size and rate. In order to improve the efficiency, it is not uncommon to store the actual data outside the chain, and the hash value of the data is the only information actually stored on the chain. In this way, the data is still protected, and the blockchain will not be over occupied.
For data processing, this is usually represented by some external system that performs additional processing. The smart contract executed on the blockchain is usually the process that needs the maximum processing power. For this reason, external devices are used to provide this capability and facilitate the execution of various contracts.