Three major guarantees of blockchain and five major characteristics of blockchain

Blockchain is a decentralized distributed ledger that is tamper-proof, secure and reliable. It combines distributed storage, peer-to-peer transmission, consensus mechanism, cryptography and other technologies to record transactions and information through a growing data block chain (Blocks) to ensure data security and transparency.

1. Three major guarantees of blockchain

1. Consensus mechanism

It is how all accounting nodes reach a consensus to select and identify the authenticity and validity of records. The longest blockchain is recognized by the entire network because the workload on it is the largest. If you want to modify the transaction information in a block, you must modify the information of the block and all subsequent blocks. This consensus mechanism can be used as a means of identification and can avoid false transactions and information tampering.

2. Smart contract

It is mainly based on the credible and tamper-proof data in the blockchain system, and automatically executes some pre-defined rules and terms, such as the automatic recording of new blocks, which is convenient, fast and intelligent.

3. Asymmetric encryption

That is, in the process of encryption and decryption, a key pair is used, and the two keys in the key pair have asymmetric characteristics, that is, in the process of information transmission, the sender encrypts the information with one key, and the receiver can only decrypt the information through the other key after receiving the information. Asymmetric encryption makes it easier for any participant to reach a consensus, minimize the friction boundary in value exchange, and achieve anonymity after transparent data to protect personal privacy.

2. Five characteristics of blockchain

1. Decentralization

No need for third-party intervention, realize point-to-point transactions and interactions between people.

2. Information cannot be tampered with

Once the data information is written into the block, it cannot be changed or revoked.

3. Openness and transparency

In a very short time, the block information will be copied to all blocks in the network to achieve data synchronization across the entire network, and each node can trace back all past transaction information of both parties.

4. Collective maintenance

In the entire Internet financial system, both the supplier and the borrower of funds can act as protectors to jointly maintain the reliability and security of the entire blockchain information.

5. Reliable database

Only by mastering 51% of the nodes in the entire system can the blockchain information be tampered with. This is obviously impossible because there are many participants in the entire system, and mastering so many nodes is extremely costly and impossible to achieve. This can ensure the integrity, authenticity and security of the data.