Blockchain concepts and principles

Blockchain is a distributed ledger technology used to record transactions securely, transparently and tamper-proof. Its principles include: distributed ledger storage, hash value verification, consensus mechanism and block creation process. Features include: decentralization, security, transparency and immutability.

Blockchain: Concepts and Principles

What is Blockchain?

Blockchain is a decentralized, distributed ledger technology that can record transactions securely, transparently and tamper-proof.

The principle of blockchain

The working principle of blockchain is based on the following key concepts:

• Distributed ledger: The blockchain is not stored on a single centralized server, but is distributed across multiple on the computers of participants (called nodes).
• Blocks: Blockchain consists of a series of data blocks called blocks. Each block contains a set of transactions, a timestamp, and a hash pointing to the previous block.
• Hash: A hash is a mathematical function that converts a block of data into a unique and irreversible identifier.
• Consensus Mechanism: Consensus mechanism is an algorithm that ensures that all nodes agree on the state of the blockchain.

Creation process of blockchain

• When a new transaction occurs, it is broadcast to all nodes.
• The node verifies the validity of the transaction.
• Verified transactions are grouped into blocks.
• Nodes use the consensus mechanism to reach consensus on blocks.
• After consensus, the block is added to the blockchain and broadcast to all nodes.

Characteristics of blockchain

• Decentralization: There is no single controlling entity.
• Security: Blockchain is difficult to tamper with because modifying a block requires recalculating the hashes of all subsequent blocks.
• Transparency: All transactions are recorded on the public blockchain and can be viewed by anyone.
• Immutable: Once added to the blockchain, a block can no longer be changed.

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