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What is the term “blockchain” (What does blockchain mean)

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What is the term \”blockchain\”? According to coindesk, based on a report from Th

What is the term blockchain (What does blockchain mean)

What is the term “blockchain”? According to coindesk, based on a report from TheBlockResearch, blockchain was a term in 2019. It is a distributed database technology developed collaboratively by computer scientists, software engineers, and cryptographers, and is used to build decentralized systems to ensure that information stored on the internet is not interfered with or destroyed. In addition, there is a new concept: cryptocurrency, a technology for peer-to-peer transactions, or a price discovery method for virtual assets (such as Bitcoin), or a new type of asset?

What does blockchain mean

What is blockchain exactly? How did it come about? From the birth of Bitcoin until now, people’s understanding of blockchain has remained at the bull market of 2017 and the second half of 2018. At the beginning of 2020, everyone already had a preliminary understanding of this concept. So, what technologies do we know are supporting it?

First is encrypted digital currency, because it has no connection to real life. So as long as you store money in it, you can engage in various virtual goods and services, and you can use this method to buy goods or services, and even use some virtual services for virtual goods, such as game coins, etc. These are all based on the new electronic payment system (DCEP) based on distributed ledger technology.

Another interesting aspect is that the “blockchain” records and stores all the information of all participants, and then sends it to a third-party organization for management through public or private keys. This is actually one of the core technologies of blockchain, which allows users to more conveniently engage in daily consumption behavior.

When someone wants to obtain certain data, they need to use blockchain technology to ensure its immutability. What if someone is unsure if their own data has been stolen? How to solve the problem? For example, using smart contracts to achieve identity authentication, making the entire process more transparent and avoiding issues like hacking attacks.

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