Blockchain consensus issues __ Blockchain

question of the Byzantine general

Four generals discuss the timing of the attack on Byzantium, in which any three of them can agree and win. As a result of their lack of mutual trust, they could not be in the same room and could only express their views to other generals through correspondence, for example, in the first round of communication, there could be 4 generals. So, how to coordinate, let everybody's attack time coincide. In such a case, if 40 people, or more people, how to coordinate it. The nature of the problem is how to reach consensus in a network that is not based on trust. Blockchain technology solves consensus issues

The blockchain solves this problem by selecting an arbitrator to exercise the right to arbitrate. In order to avoid becoming a centralized chain, the arbitration right and the arbitrator were deliberately separated. When quorum is required, a node is randomly selected as the arbiter in all nodes, and other nodes follow it to complete the bookkeeping task. In this way, the general ledger maintained by all nodes is consistent.
The consensus issue here is that in the Bitcoin network, when miners find a new block, the block becomes the arbiter, leading the entry into the transaction. the value of a trusted blockchain network Blockchain technology can reduce trust risk

Blockchain technology is open-source and transparent, and the participants in the system can know the rules of the system. In the blockchain technology, because each data node can verify the authenticity and completeness of the ledger content and the history of the ledger structure, ensure that the transaction history is reliable and not tampered with, which is equivalent to improve the system's accountability and reduce the system's trust risk. Blockchain drives the emergence of new business models

The characteristics of blockchain technology enable it to implement some business models that are difficult to implement in the centralized mode. In the IoT industry, for example, organizations have proposed to use blockchain technology to manage the identity, payment, and maintenance tasks of Bai IoT devices. With blockchain technology, IoT device manufacturers can extend the product lifecycle and reduce the cost of IoT maintenance. Blockchain technology with flexible architecture

Depending on the application scenario and user requirements, blockchain technology can be divided into public chain, private chain and alliance chain of several types, according to the actual use of the organization to choose. Blockchain technology is a beneficial tool to realize shared finance

The essence of shared finance is to achieve the goal of optimal allocation of financial resources by reducing the asymmetry of financial information, and to ensure the implementation of the rights and interests of the parties through strict third-party certification and supervision mechanism, and to facilitate the transaction. By using blockchain technology, financial information and financial value can be more tightly protected, enabling more efficient, lower-cost flows that enable the sharing of value and information. openness in blockchain technology encourages innovation and collaboration

Through open and collaborative source code, blockchain technology facilitates collaboration among different developers, researchers, and organizations to complement each other, enabling more efficient and secure solutions. In recent years, many overseas financial institutions and commercial organizations have tried to use blockchain technology to improve the business model, in China, although the technology has not been widely recognized and applied, but has begun to attract more and more extensive attention, its influence is rapidly increasing. Blockchain technology is now regarded as one of the basic protocols for the next generation of global credit certification and value Internet, and the importance of blockchain technology to China's financial industry and financial system cannot be neglected. Reference Articles

Blockchain with bankers
The consensus mechanism of blockchain