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Understand the operation, characteristics and application of blockchain in five minutes!

According to the unprofessional statistics of this station, 85% of people have tried to understand the blockchain, but 83% felt that they did not succeed in the end.
So today we are going to challenge for five minutes to let you know about the blockchain!

Blockchain operation

First of all, remember that blockchain is technology. Let’s explain how this technology works:

Blockchain = encrypted decentralized decentralized account

Today my colleague Ah Jiu borrowed 1,000 yuan from me and agreed to return it to me next payday. So I immediately recorded this agreement, sent an E-mail and CC to all the people in the office, to every LINE group, and then uploaded to various social media to inform the world, until the next payday Shi Jin couldn’t fall back on the bill, so he could only return 1,000 yuan to me obediently.
And after returning the money, Jiu can also record this fact, send E-mail CC to the entire office, upload it to the LINE group, upload it to various social media, and update the information to everyone and say, “He has really paid the money. “.
At this time, in everyone’s equipment, the timeline & information content of the entire event record will be: “Jiu borrowed 1,000 yuan from the editor and agreed to pay it back on the next payday” → “Jiu has indeed sent the next payday I paid 1,000 yuan in my payday.”
The operation of dispersing facts on different devices is the blockchain.

On the blockchain, any data written will be locked in a “block” and no one can change it. Moreover, this database does not have a supervisor but is maintained by a consensus network composed of all people. Any information is directly transmitted point-to-point, without an intermediate platform.

And “precisely”, how do the details work? (⚠ The following content is slightly hard, please appreciate it carefully⚠)

Tens of thousands of participants on the chain (data recorders, called nodes), unite to form a huge working network. Each participant has his own private key and corresponding public key. If you want to initiate a data change (such as a transfer), participants must first calculate an electronic signature based on their “private key + data change content” and then submit a change request to the Internet.

*Have private key=Have control over the wallet, please keep it well and don’t tell anyone.
*If the content of the data change is different, the final electronic signature will also be different.

When this application is received by the node (= miner) that wants to verify the data, the miners will use the computing power to verify the function (= mining) according to the “data content + electronic signature + public key” to confirm that the data is indeed I issued it. Verification data is better than speed. People with greater computing power (computer computing power) have a higher chance of success, and those who succeed will receive coins as a reward.

When the miner completes the verification of the application during that period, it will be packaged into a block, a hash value (Hash) calculated by the hash function is given to the block, and it is broadcast to all nodes to update their own account this.
The hash value of each block is unique, and the hash value of the next block will be linked to the hash value of the previous block. Changing any point of data in the block at will will cause the hash value to be extremely high. Big difference, so it can ensure that the time sequence of each block on the chain is fixed and the same for everyone.

Assuming that the block numbers are arranged in order from A to Z when someone tries to tamper with the content of block A, it will cause the hash value of block A to change, and it will also cause block B, block C, block D… etc. The hash value of is not in line with the original, so the tamper must keep producing newly created blocks B and C… to pretend to be the original blockchain, trying to convince everyone that this is correct of.

When more than one version of the record appears on the Internet, the longer chain is the “fact” recognized by everyone. Therefore, the data on the calculation chain is easy to be seen through. At least 51% of the total calculation power needs to be controlled, and the latest blocks are continuously produced, so that the fake chain can continue (and at the same time compare the speed with other miners) to succeed. . If it succeeds, it is called a 51 attack.

Okay, please don’t jump out. The hardest part is over, I’m still challenging.

Blockchain features

Speaking so much, so what is the blockchain so popular? Smart you, have you discovered why it is so highly anticipated?
From the above description, we can conclude that the blockchain has the following characteristics:

Features❶ Decentralization

Any information on the blockchain is directly transmitted point-to-point, and there is no intermediate platform; there will be no problems such as the loss of data due to third-party servers being attacked, and there will be no handling fees for intermediary services!
For example, the money in the transfer will be passed directly to the recipient without going through the bank, and there will be no handling fee.

Features❷ Cannot be altered

On the blockchain, any data written will be packed into “blocks” and locked, and the data of all nodes will be synchronized and interlocked. It is almost impossible to modify successfully. Can solve the trust problem in today’s society!
For example: transfer the contract to the blockchain and set up automatic payment when the conditions are met, and no one can rely on the account.

Features❸ Traceability▏ Features❹ Anonymity▏ Features❺ Encryption Security

All participants on the chain are anonymous (but identifiable). Since all data changes on the chain will be recorded and the time sequence cannot be changed, any problems can be traced back.
For example, the entire supply chain process from product tracing to protection can be fully recorded to avoid loss, theft, forgery, and exchange. If something goes wrong, it will be possible to find the cause directly from the chain record.

Because of these characteristics, the applicable range of blockchain is very wide. Simply put, it solves the most difficult “trust problem” in today’s society!
Where there are people, there is a problem of trust, which makes blockchain technology applicable to almost all industries.

Blockchain can be used like this

▍Data verification uploads personal data, background, past credit records, etc. to the blockchain, so that different insurance companies can query the data on the chain, which can greatly reduce the time for reviewing customer applications and verification.

▍The cash flow of charity organizations uses blockchain technology, and each donation can be tracked to confirm whether it is actually received by the group in need. Increasing transparency will greatly improve people’s willingness to participate in public welfare, which in turn will benefit more disadvantaged groups.

▍Attribution of intellectual property rights by uploading the ownership of works and related data to the blockchain, so that subsequent profits and royalties can be accurately retrospectively distributed, increasing the motivation of creators and making the overall creative ecology healthier.

▍The voting system introduces blockchain technology into the voting system. Everyone will be able to vote directly using mobile devices, and the voting results will be immediately uploaded to the blockchain for storage and cannot be modified. Therefore, the doubts about voting can be eliminated and reduced Opportunities for human error.

Conclusion

Well, I know that today’s “five minutes to let you know about the blockchain” challenge should have failed XD. However, after reading this article, you already know better than ordinary people how the blockchain works and why it has attracted attention.

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