According to Huo Wei, the blockchain innovatively applies cryptography, peer-to-peer networks, consensus mechanisms, smart contracts and other technologies to construct a new data organization management solution in a multi-trust application environment that is different from a single trust entity. , Its essence is the distributed ledger technology based on cryptography principles . In a narrow sense, a blockchain is a specific data structure that combines data blocks in a chain according to the time sequence, and cryptographically ensures that the data cannot be tampered with or forged . Broadly speaking, blockchain is a decentralized infrastructure and distribution that uses encrypted chain block structure to verify and store data , uses distributed node consensus algorithm to generate and update data , and uses automated script code to program and manipulate data. Formal computing paradigm is a distributed infrastructure and computing rules.
Huo Wei said, the block chain innovation to construct a practical distributed trust model , providing books consensus at / multi-center center in the weak point of trust , has a special value in the multi-party negotiations require consensus of business scenarios . Block chain consensus-based mechanisms provide external authentic storage and computing services , is from the "digital encryption features currency" to "universal data storage and processing is characterized by" evolution , possible future large data storage and algorithms The automatic execution platform is the core technology and infrastructure of a possible new generation of Internet architecture . Blockchain will be a cognitive revolution in the online world , prompting us to think about how to create transactions , store data, and exchange assets.