What is the Block Chain

The chain of blocks once attracted the attention of people all over the world. Many people have heard the word block chain. However, I do not know much about its working principle and its application. What is the block chain?

In common terms, the block chain is a decentralized bookkeeping method. It can involve the whole people. All the information will be stored in a very safe and reliable database. If someone wants to change the information, everyone will know the changed information.

Block chain can solve the problem of trust. It is like a third-party referee. Of course, in the block chain system, the referee will not be a natural person but a machine.

This machine has absolute fairness and impartiality. At the same time, it will not close down or disappear.

The features of block chain are de-centralization and de-intermediation. It is a database with high trust and collective maintenance. And this database is very safe and reliable.

Why is this reliable database called a block chain? The reason is that there will be a lot of transaction information at the same time within a period. And such information is collectively referred to as blocks. Then all the entered information will be recorded on and on. The recorded information is like a chain.

How should the block chain operate in a real sense? Let me explain it for you. Each user in the block chain will have an account book in his hand. When one of the users makes a transaction, everyone involved will know. And everyone will be accurately recorded and cannot be revoked.

In the database of block chain, data can only be increased in the form of blocks through consensus algorithms. At the same time, it is non-modifiable or non-removable. This can prevent data from being tampered with in an effective way.

Each block in the block chain will contain at least one block generation time and the signature when the block is produced. All transaction data will be signed and confirmed by both parties to prevent denial after the transaction.

There might be new blocks in the traditional block chain. In this case, the hash of the previous block will be stored. And it will build connection with the previous block via this hash.

The block chain has a multi-node network. All nodes in it have the permission to browse the block. But it cannot control all the blocks in a thorough way.

The technology of block chain can trace data records and data on the chains. The tracing does not rely on third parties for credit granting.

In addition, it can exchange data communication and trusted values. The realization of the exchange is through peer-to-peer networks. Besides, it has very strong resistance to all attacks directed at the central controller of the system.