Three main features of blockchain

Compared with the traditional centralized scheme, blockchain technology has the following three main features:

1. The core idea of blockchain is decentralization

In the blockchain system, the rights and obligations between any nodes are equal, and all nodes have the ability to go to the vote with their computational power, which ensures that the results that get acknowledged are the ones that are recognized by more than half of the nodes. Even if a serious hacking attack is suffered, as long as the number of nodes controlled by the hacker does not exceed half of the total number of nodes in the world, the system will still function normally and the data will not be tampered with.

2. The biggest disruptive aspect of blockchain is the establishment of credit

Theoretically, blockchain technology can make WeChat Pay and Alipay no longer have existence value. The Economist made a graphic analogy to the blockchain: simply put, it is "a machine that creates trust". Blockchain allows people to collaborate without trusting each other and without a neutral centralized institution. Fighting counterfeiting and financial fraud will not be necessary in the future.

3. Collective maintenance of the blockchain can reduce costs

Under the centralized network system, the maintenance and operation of the system depends on the operation and management of the data center and other platforms, and the cost cannot be omitted. The nodes of the blockchain are available to anyone, and each node comes to verify the correctness of the results recorded by other nodes while participating in the record, so the maintenance efficiency is improved and the cost is reduced.