The blockchain as the underlying technology in the field of bitcoin has not been well known to the public until the article "The promise of the blockchain: The trust machine" by The Economist proposes that blockchain technology will be far-reaching at all levels. After the influence of human society, the concept of blockchain began to ignite.
Foreign investment in blockchain began in 2014, and the amount of investment in the second half of 2015 rose very rapidly. Foreign financial institutions and more than 200 investment institutions began to flood into this field.
The most attractive part of the blockchain is that it is very safe and reliable as a decentralized technology. Bitcoin has been in operation for more than seven years now, and the total market value has recently exceeded $10 billion. Numerous hackers around the world have tried to attack Bitcoin, but until today there have been no trading errors.
What is the blockchain?
On November 1, 2008, "Satoshi Nakamoto" published a research report in a secret cryptography discussion group, which first proposed the concept of Bitcoin. In order to support the operation of the Bitcoin system and ensure the authenticity of the data and the consistency of the transmission, he proposed the concept of blockchain.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology for Bitcoin. A blockchain is a string of data blocks generated using cryptographic methods. Each block contains information about a bitcoin network transaction for verifying the validity of its information (anti-counterfeiting) and generating the next block.
Blockchain technology has seven characteristics: pure mathematical methods to establish trust relationships, decentralized structure (high operational efficiency, low operating costs), complete and transparent data information (in compliance with laws and easy tracking), distributed accounting and storage (high Fault tolerance), smart contract programmable (no burden of evolutionary models), a global database (highly inclusive business model), anonymity behind the transparent world (protection of privacy).
Due to these characteristics, the core application advantages of blockchain technology are very significant: the decentralized distributed structure can save a lot of intermediary costs in reality; the non-tamperable timestamp feature can solve the problem of data tracking and information security; The trust mechanism can solve the core flaws of today's IoT technology; flexible programmable features can help regulate the existing market order.
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