Blockchain technology, referred to as BT (Blockchain technology), also known as distributed ledger technology, is an Internet database technology, which is characterized by decentralization, openness and transparency, allowing everyone to participate in database records.
Fundamental
Transaction: An operation that results in a change in the state of the ledger, such as adding a record;
Block: Records transactions and status results that occurred within a period of time, which is a consensus on the current ledger status;
Chain: It is formed by concatenating blocks in the order in which they occur, and is a log record of the entire state change.
If the blockchain is used as a state machine, each transaction is an attempt to change the state, and the block generated by each consensus is the confirmation of the results of the state change caused by all transactions in the block.
Features of Blockchain Technology
1. Openness, Consensus
Anyone can participate in the blockchain network, each device can act as a node, and each node is allowed to obtain a complete copy of the database. Based on a consensus mechanism, the nodes jointly maintain the entire blockchain through competitive computing. If any node fails, the remaining nodes can still work normally.
2. To go to the center, to trust
The blockchain is composed of many nodes to form an end-to-end network, and there is no centralized equipment and management organization. Data exchange between nodes is verified by digital signature technology, without mutual trust, as long as it is carried out according to the established rules of the system, nodes cannot and cannot deceive other nodes.
3. The transaction is transparent and both parties are anonymous
The operating rules of the blockchain are open and transparent, and all data information is also public, so every transaction is visible to all nodes. Since there is no trust between nodes, there is no need to disclose identities between nodes, and each participating node is anonymous.
4, can not be tampered with, traceable
Modifications to the database by a single or even multiple nodes cannot affect the databases of other nodes, unless more than 51% of the nodes in the entire network can be controlled to modify at the same time, which is almost impossible. Each transaction in the blockchain is linked to two adjacent blocks by cryptographic methods, so it can be traced back to the past and present of any transaction.