What is blockchain?

Blockchain is a new application model of computer technologies such as distributed data storage, peer-to-peer transmission, consensus mechanism, and encryption algorithm. It is an important concept of Bitcoin. It is essentially a decentralized database. At the same time, as the underlying technology of Bitcoin, it is a string of data blocks generated by cryptographic methods.

As an important breakthrough for independent innovation of core technologies, the security risk of blockchain is regarded as a major shortcoming that currently restricts the healthy development of the industry. Frequent security incidents have sounded the alarm for the industry. To embrace blockchain, it is necessary to speed up the exploration and establishment of a security guarantee system that adapts to the blockchain technology mechanism.

From a scientific and technological perspective, blockchain involves many scientific and technological issues such as mathematics, cryptography, the Internet, and computer programming. From an application perspective, in simple terms, blockchain is a distributed shared ledger and database with the characteristics of decentralization, immutability, full traceability, traceability, collective maintenance, openness and transparency.

These characteristics ensure the "honesty" and "transparency" of blockchain and lay the foundation for blockchain to create trust. The rich application scenarios of blockchain are basically based on the ability of blockchain to solve information asymmetry problems and achieve collaborative trust and concerted action among multiple subjects.