What is blockchain technology? What can be used in the future?

In layman's words, a blockchain is a general ledger that includes all the historical transactions, and each chunk contains several transactions. If the blockchain is a ledger, then chunks are every page of the ledger. The details of the transaction are recorded on a public ledger that can be seen by anyone on a network.

A chunk is a collection of many transaction data, Fang Hua a blockchain that is labeled with a timestamp and a unique tag of the previous block. An effective chunk will be appended to the main blockchain after it has been recognized as a network-wide consensus. A blockchain is a data structure that has an orderly link from the back to the block that contains the transaction information.


So what are the areas where blockchain technology is used?

1. As a digital, safe and tamper-proof account, the blockchain realizes the core function of the banking industry: the Safe storage and transfer center of value. In other words, in the coming years, a wave of blockchain-based companies will affect the banking sector.

2. Payment and transfer blockchain technology avoids complex systems and creates a more direct payment process between the payer and the payee, both onshore and cross-border, in a way that has a low price, a rapid feature, and no intermediate fees.

3. Network security Although the blockchain system is public, its nuclear inspection, Fang Hua Blockchain transmission and other data exchange process has adopted advanced encryption technology. This technology not only ensures the correct source of data, but also ensures that the data is not intercepted in the middle of the process. If blockchain technology is more widely used, the probability of hacking is likely to fall, so blockchain systems are considered more secure than traditional systems. One reason why blockchain systems can reduce the risk of traditional cyber security is that it relieves the need for intermediaries.

4. The vote of the election "is not likely to be modified or deleted by US-programmers, school administrators or students." ”

5. Smart contract Smart contracts are actually computer programs that function on the action of another object. Like ordinary computer programs, the smart contract is also a "if-then" function, but the blockchain technology realizes the automatic filling of these "contracts", Fang Hua the blockchain without human intervention. Such contracts may eventually replace the core business of the legal profession, namely the drafting and management of contracts in the commercial and civil spheres.

6. Stock trading for many years, companies are looking for ways to streamline the buying, selling and trading of stocks, and emerging blockchain technologies believe they can go beyond the past, automating the entire process and improving safety and efficiency.

Blockchain is really widely used there is a long way to go, we have to do is to accumulate technology waiting for the emergence of ripe time.