Explanation of blockchain Technology

1. blockchain is a kind of data structure formed by orderly linking blocks, in which block refers to the collection of data, including relevant information and records, which is the basic unit of forming blockchain
e to the special data structure of blockchain, blockchain technology has four main characteristics: decentralization, transparency, contract execution automation and traceability
in the future, jinwowo network technology will focus on blockchain technology to promote the legal circulation and commercial application of big data.

2.

blockchain is a decentralized distributed ledger database . The advantage of this distributed ledger is that buyers and sellers can trade directly without any intermediary. Everyone has a backup, even if you lose this, it will not be affected

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blockchain application field

1, financial field

blockchain has potential huge application value in international exchange, letter of credit, equity registration, stock exchange and other financial fields. The application of blockchain technology in the financial instry can save the third-party intermediary link and realize the point-to-point direct docking, so as to greatly rece the cost and quickly complete the transaction payment

2. The Internet of things and logistics

blockchain can also be naturally combined in the field of Internet of things and logistics. Through blockchain, we can rece logistics costs, trace the proction and delivery process of goods, and improve the efficiency of supply chain management. This field is considered as a promising application direction of blockchain

3. The data stored on the public welfare field

blockchain is highly reliable and tamperable, which is naturally suitable for social public welfare scenarios. The relevant information in the public welfare process, such as donation project, collection details, fund flow, recipient feedback, etc., can be stored on the blockchain, and can be made transparent and public, which is convenient for social supervision

4. In the field of insurance

in terms of insurance claims, insurance institutions are responsible for fund collection, investment and claims settlement, and often have higher management and operation costs. Through the application of smart contract, there is no need for the applicant to apply or the insurance company to approve. As long as the claim conditions are triggered, the automatic claim settlement of the policy can be realized

3.

The way in which people keep accounts together is also known as "distributed" or "decentralized", because everyone keeps accounts, and the accuracy of the account book is determined by the program algorithm, not by an authoritative organization

this is the blockchain, the core is finished, blockchain is so simple, a common account book

six core algorithms of blockchain Technology:

blockchain core algorithm 1: Byzantine agreement

the story of Byzantine is like this: the Byzantine Empire has great wealth, and the surrounding 10 neighbors have been around for a long time, but the Byzantine walls stand tall and firm, No single neighbor has been able to successfully invade. Any single neighbor's invasion will fail, and at the same time, it may be invaded by other nine neighbors. Byzantine Empire's defense ability is so strong that at least more than half of its ten neighbors attack at the same time before it can be broken. However, if one or several of the neighbors agree to attack together, but betray in the actual process, then the invaders may be annihilated. So each side was careful and could not easily trust its neighbors. This is the question of Byzantine Generals

blockchain core algorithm 2: asymmetric encryption technology

in the above Byzantine agreement, if several of the 10 generals send messages at the same time, it is bound to cause confusion in the system, resulting in different attack time schemes and inconsistent actions. Anyone can send the message of attack, but who will send it? In fact, it only needs to add a cost, that is, only one node can spread information in a period of time. When a node sends a unified attack message, each node must sign and seal to confirm its identity when receiving the message from the initiator

blockchain core algorithm 3: fault tolerance problem

we assume that in this network, messages may be lost, damaged, delayed and sent repeatedly, and the order of receiving is inconsistent with the order of sending. In addition, the behavior of nodes can be arbitrary: they can join or exit the network at any time, they can discard messages, forge messages, stop working and so on, and they may also have all kinds of human or non-human failures. Our algorithm provides fault tolerance for consensus system composed of consensus nodes, which includes both security and availability, and is suitable for any network environment

blockchain core algorithm 4: Paxos algorithm (consistency algorithm)

the problem solved by Paxos algorithm is how a distributed system can reach an agreement on a certain value (decision). A typical scenario is that in a distributed database system, if the initial state of each node is consistent, and each node performs the same operation sequence, then they can finally get a consistent state. In order to ensure that each node executes the same command sequence, it is necessary to execute a "consistency algorithm" on each instruction to ensure that the instructions seen by each node are consistent. A general consistency algorithm can be applied in many scenarios, which is an important problem in distributed computing. There are two models of node communication: shared memory and message passing. Paxos algorithm is a consistency algorithm based on message passing model

blockchain core algorithm 5: consensus mechanism

blockchain consensus algorithm is mainly workload proof and equity proof. Take bitcoin as an example. In fact, from a technical point of view, POW can be regarded as a reusable hashcash, and the generation workload proves to be a random process in probability. When mining a new secret currency and generating a block, the consent of all participants must be obtained, and the miner must obtain the pow work proof of all data in the block. At the same time, miners have to constantly observe and adjust the difficulty of this work, because the requirement for the network is to generate a block every 10 minutes on average

blockchain core algorithm 6: distributed storage is a kind of data storage technology, which uses the disk space of each machine through the network, and forms a virtual storage device with these scattered storage resources, and the data is stored in every corner of the network. Therefore, distributed storage technology does not store complete data in each computer, but stores the data in different computers after cutting. It's like storing 100 eggs, not in the same basket, but separately in different places. The total number is 100. Want to learn more, you can make more use of network search, network search results - small knowledge

4. Digital currency group of friends to play the most fire money, easybtc and so on a few

5. Explain blockchain with scientific language --- blockchain is a permanent and irreversible modified record generated by superimposing encrypted data (blocks) in chronological order. Many financial institutions in the world, including JPMorgan Chase, HSBC, Citibank and New York Mellon bank, have also cooperated with blockchain companies to study the application of blockchain technology in the financial market. The person in charge of the blockchain Technology Laboratory of Shanghai Heshu software said that when there is no trusted third party in blockchain, all transaction data will be stored in a data block, and the transaction information will form a complete chain and be included in the blockchain, which is a more reliable ultimate solution than the trusted third party.

6. I went to the fire coin college to have a look. Blockchain technology is the underlying technology of bitcoin. In the early days, not many people paid attention to the underlying technology of bitcoin. However, bitcoin has been running stably for many years without any centralized organization operation and management, and there have been no problems. So many people have noticed that the underlying technology may have a great mechanism, and it can be used not only in bitcoin, but also in many fields. Therefore, bitcoin technology is abstracted, which is called blockchain technology or distributed ledger technology. So from a certain point of view, bitcoin can be regarded as the first application of blockchain, and blockchain is more similar to the underlying technology such as TCP / IP, which will be extended to more and more instries in the future. Hope to adopt!