What is a blockchain?

The blockchain

The blockchain originated from Satoshi Nakamoto's Bitcoin. As the underlying technology of Bitcoin, it is essentially a decentralized database. It refers to the technical solution of collectively maintaining a reliable database through decentralization and detrust .

  Blockchain technology is a technical solution that does not rely on third parties to store, verify, transfer and communicate network data through its own distributed nodes. Therefore, from the perspective of financial accounting , some people regard the blockchain technology as a decentralized and open decentralized large-scale network bookkeeping book. Anyone can use the same technology standard to add their own information at any time . The blockchain continuously meets the data entry needs brought by various needs.

  In simple terms, blockchain technology refers to a way for people to participate in bookkeeping. There is a database behind all the systems. You can think of the database as a big ledger. Then it becomes important who keeps this ledger. At present, it is who's system who keeps accounts. WeChat 's account book is kept by Tencent , and Taobao 's account book is kept by Ali. But now in the blockchain system, everyone in the system can have the opportunity to participate in bookkeeping. If there is any data change within a certain period of time, everyone in the system can come to bookkeeping. The system will judge the person who records the fastest and best time during this period, write his recorded content to the ledger, and write this Within a period of time, the contents of the ledger are sent to all others in the system for backup. In this way everyone in the system has a complete ledger. In this way, we call it blockchain technology.

  Blockchain technology is considered to be the most disruptive technological innovation since the invention of the Internet . It relies on clever decentralized algorithms of cryptography and mathematics. On the Internet that cannot establish a trust relationship, it can be done without the intervention of any third-party center. Allow participants to reach consensus and solve the problem of reliable transmission of trust and value at a very low cost.