Author: Zen and the Art of Computer Programming
1 Introduction
Blockchain is a shared system composed of distributed databases. Its unique feature is that it can record all historical data and record all transaction records and data through a public, non-tamperable ledger. change. In this way, all users can verify and authenticate transaction records and data without relying on any third-party agency or central server.
This article will conduct an in-depth discussion of blockchain from the following three aspects:
1. Working principle and characteristics 2. Key technologies and algorithms 3. Application scenarios and business value
I hope that by reading this article, readers can understand the working principles, algorithms, and key technologies behind the blockchain, and can apply it to actual production environments to solve current and future challenges.
2. Explanation of basic concepts and terms
2.1 Basic concepts of blockchain
- Blockchain: A shared system composed of distributed databases.
- Distributed database: A collection of databases interconnected by network nodes.
- Consensus Mechanism: Consensus mechanism refers to an agreement by which participants reach a consensus while maintaining consistency. The consensus mechanism ensures that all nodes in the network obtain the same results.
- Cryptocurrency: A new payment method based on cryptography.
- Smart contract: is a contractual document that defines certain rights and obligations and how to fulfill these obligations.
- Distributed ledger: A record used to store transaction information.
- Blockchain classification: divided into public chain and private chain. The public chain is an open source public blockchain where all users can participate in data exchange in its network. A private chain is a decentralized blockchain in which only specific users have the authority to participate in data exchange on the network.
2.2 Basic glossary
2.2.1 Account
An account refers to an entity that is capable of transactions, such as an individual, organization, or other type of actor. Each account has a unique identifier, usually an address.2