Table of contents
Blockchain Features
- Decentralization: A blockchain is composed of a network distributed among multiple participants, with no central authority or intermediary controlling the entire system. All participants jointly maintain and verify the integrity of the ledger, reducing the risk of single points of failure and centralized control.
- Consensus Mechanism: In order to reach consensus in a decentralized environment, blockchains use a consensus mechanism to determine which transactions will be added to the ledger. Common consensus mechanisms include Proof of Work and Proof of Stake.
- Immutable: Once data is added to the blockchain, it is difficult to tamper with or delete it. Each block contains the hash value of the previous block, forming a chain structure, and any tampering with the early blocks will invalidate the subsequent blocks of the entire chain.
Blockchain type
Public chain - everyone can participate
The public chain means that anyone in the world can enter the system at any time to read data, send confirmed transactions, compete
Accounting blockchain. Public blockchains are often considered "completely decentralized" because no individual or machine
Organizations can control or tamper with the reading and writing of data.
Private chain - power is in the hands of a few
An organization can control multiple private blockchains, also known as managed blockchains. The agency decides who can become an
members, and what permissions they have within that network. Private blockchains are only partially decentralized because they have
There are access restrictions.
An example of a private blockchain is Ripple, a digital currency exchange network for businesses.
Consortium Chain - Partially Decentralized
The consortium blockchain network is supervised by an organization, and multiple pre-selected organizations share the responsibility for maintaining the blockchain and ensuring
A network structure that defines the responsibility for accessing data.
Alliance areas are often preferred for industries where many organizations share common goals and can benefit from shared responsibility
blockchain network.
For example, the Global Shipping Business Network Consortium
is a non-profit blockchain consortium dedicated to digitizing the shipping industry and enhancing maritime operations
cooperation between suppliers.
Hybrid Blockchains - Selective Decentralization
Hybrid blockchains combine elements of private and public networks.
Companies can build private, permission-based systems alongside public ones. In this way, the company can control the
Access to specific data stored in the blockchain while keeping the rest of the data public. The company uses smart contracts
The contract allows public members to check whether a private transaction has completed.
For example, a hybrid blockchain could grant public access to digital currencies while maintaining bank-owned currency
in private state
The concept of blockchain
For example, a ledger needs to be generated every day.
Serial number the ledger
Hash encryption of the ledger
Pack the serial number hash value timestamp and transaction records, and the final structure we call a block
When we do the hash operation of the ledger on the second day, we will add the hash value of the first day to the hash operation of the second day.
A new hash is generated during the calculation, and finally a new block is formed, and so on, to form the final form:
Ledger data is stored in blocks according to time, and each storage unit is called a "block". And the header of each block
The department will record the sequence number, timestamp and Hash summary data of this data block.
The more ingenious point is that the Hash summary data in the block header is composed of the summary data of the previous block and this block
It is obtained through the Hash function after the transaction book data of the block is superimposed, namely:
The Hash value of the nth block = Hash (the Hash value of the n-1th block + the ledger data of the nth block)
It can be seen that although the ledger data in each block is independent, the Hash value at the head of the block is
Depending on the Hash value of the previous block, a chain structure is formed. This is where the name "blockchain" comes from.
The tampering of data in any block on the chain will be reflected in the Hash value of the latest block
Therefore, to verify whether the ledger data of a certain node is correct, you only need to compare the Hash of the latest block
Value can prove that the entire chain is correct, so that efficient ledger verification can be completed
Blockchain type
