The originality of blockchain lies in the economic incentive mec

1. At present, blockchain is most widely used in the field of financial technology, such as digital asset trading. As a kind of underlying technology, blockchain is the technical implementation of bitcoin. The rapid application of blockchain technology also needs virtual currency. In the past, a large-scale economic scenario requiring mutual trust and extensive cooperation between many people can only be solved by centralization, with low efficiency. The emergence of blockchain technology has solved this problem and eliminated this center. One of the important reasons to get rid of this center is that virtual currency provides an endogenous economic incentive mechanism for the blockchain, so that people have the motivation to participate in the economic activities after the transformation of the blockchain. Of course, blockchain will have more extensive and mature applications in more fields in the future. For example, in November last year, State Grid submitted a patent application named "power transaction control method and device about blockchain". This year, Xi'an City Wall International Marathon also used blockchain technology for the first time in the world to collect athletes' competition data, data and data All the information such as the winning part is registered on the blockchain. With its traceable and tamperable technical characteristics, the information channel between the events is opened up, which effectively ensures the reliability of the competition results.

2. First, the characteristics of decentralization
as the name suggests, a blockchain does not need a centralized server, and all information is stored on each node in the chain in a distributed form. Even if a node is damaged or tampered, the operation of the whole blockchain will not be affected, and the data will not be disordered
Second, consensus mechanism
consensus mechanism plays an important role in the trustworthiness of data on blockchain. Due to the decentralized architecture, any two nodes in the chain do not need to trust each other's identity to establish a connection, and there is no need to trust each other for data exchange. Since all nodes in the network can act as "supervisors", there is no need to worry about fraud. When a transaction is completed, all nodes on the blockchain will synchronize this information, so the consensus mechanism is based on the distributed architecture to ensure the data can not be tampered with
Third, smart contract
before we talk about blockchain + smart contract, let's first clarify the meaning of smart contract: a set of commitments defined in digital form, on which contract participants can implement these commitments. Generally speaking, it is a smart contract. In a computer system, when certain conditions are met, the contract can be executed automatically.

3.

Seeing some answers to the debate on the definition of blockchain, I suddenly realize that my answer to this explanation principle has always been directed at bitcoin. There is no specific and unique answer in the instry between the definition of blockchain. Here I first summarize the characteristics of "blockchain" according to the papers I read:

1; Hash chain & quot There are several nodes participating in the system operation (distributed)

3. Reach a consensus on the consistency of basic data (consensus agreement / algorithm) through a certain protocol or algorithm

since bitcoin is currently one of the most typical and influential applications of blockchain, it will be much easier to understand how bitcoin uses blockchain before understanding other forms of blockchain applications

4. The incentive layer mainly includes the issuance system and distribution system of economic incentive, whose function is to provide incentive measures, encourage nodes to participate in the security verification work in the blockchain, and bring economic factors into the blockchain technology system, encourage nodes who comply with the rules to participate in bookkeeping, and punish nodes who do not comply with the rules.