Recently, the term Blockchain is mentioned by many people. Those who understand what blockchain are, desire to know more, those who do not know blockchain are curious to understand what "it" is that "people" refer to as a great source of power. change many things in many aspects of life.
We would like to introduce the article of author Nguyen Quang Huy so that readers can better understand this technology.
What is blockchain?
According to experts, blockchain is a technology of storing and transmitting information with blocks that are linked together and expands over time. Each block contains information about initialization time and is associated with previous blocks.
Blockchain is designed to resist changing data. Information in the blockchain cannot be changed and only added with the consensus of all nodes in the system. Even if one part of the blockchain system falls, other computers and nodes will continue to work to protect information.
Blockchain technology acts like a ledger for all transactions. The main features of blockchain are:
• Cannot be tampered with, cannot destroy blockchain chains. According to the theory, only quantum computers can intervene and decrypt the blockchain chain and it is only completely destroyed when there is no internet around the globe.
• Immutable once the transaction or data has been recorded by the holder of the private key (private key - only the creator of the blockchain has) that data cannot be repaired, it will remain forever.
Information about transaction: киви на приват
• Data Security: Information and data about blockchain chains are distributed and absolutely secure, only the private key holder has the right to access that data.
• Transparency: Anyone can track the path of the blockchain from one address to another and can statistics the entire history on that address.
• Smart contract: are digitally embedded with an if-this-then-that (IFTTT) code, allowing them to execute themselves. In practice, an intermediary makes sure that all parties involved are in compliance with the terms. Blockchain does not need a third party, but it also ensures that all participants know the details of the contract and the terms are automatically fulfilled once conditions are met.
Blockchain is essentially a database containing information that is managed simultaneously by many participants of the system, instead of an individual agency such as the state or central bank. The new information needs to be accepted by all network members before being added to the database.
How does the world see blockchain?
Because of the characteristics of Blockchain Technology, experts consider this technology to be a breakthrough technology of human thinking to ensure absolute transparency, accuracy, reasonableness and convenience in the era. digital.
The Economist newspaper in June 2017 cited an IBM survey showing that 9 out of 10 state agencies around the world admitted planning to invest in blockchain to manage financial transactions, assets, and contracts. and legal compliance of institutions in the coming years.
Or as in a recent statement, French Finance Minister Bruno Le Maire announced that France will become the first country in Europe to allow trading of some unlisted stocks via blockchain technology.
At the end of November 2017, Goldman Sachs and JPMorgan Chase completed a 6-month test on the swap market totaling $ 2,800 billion and according to the program implementation unit, the success rate was 100. %.
The warming of Blockchain technology has created great excitement for a series of large economic organizations. However, in the assessment at the end of November 2017, many major central banks in the world have also shown quite mixed views. Some banks see blockchain technology as a potential revolution in the financial industry, some banks are worried about security, some banks are waiting for clearer developments ...
Blockchain brings many benefits to the community and society?
With the characteristics of Blockchain, experts believe that Blockchain technology will open up a potential application trend for many fields such as finance, banking, retail, freight, manufacturing, and telecommunications. .. The application of Blochchain to life will bring real benefits to the community and the whole society.
The application of blockchain to life
The application of blockchain to life
(Source: www.btcs.com)
For production:
Typically, applying Blockchain's indestructible, non-counterfeit feature to the manufacturing industry will help consumers trace the origin of the product being offered for sale. For example: If a dairy enterprise applies Blockchain to product quality management, consumer managers can access very transparent information.