What is the blockchain industry

Blockchain is an advanced Internet underlying technology, and does not belong to a certain industry only, nowadays some fields have begun to use these technologies and plus one application. Blockchain is an important concept of Bitcoin, and the 2014-2016 Global Bitcoin Development Research Report released by Firecoin in conjunction with the Internet Finance Lab at Tsinghua University's Wudaokou School of Finance and Sina Technology mentions that blockchain is the underlying technology and infrastructure of Bitcoin. It is essentially a decentralized database that also serves as the underlying technology for Bitcoin. The blockchain is a string of data blocks generated using cryptographic methods of correlation, each of which contains information about a single Bitcoin network transaction that is used to verify the validity of its information (anti-forgery) and generate the next block.

The blockchain is the trusted network for delivery. Huawei Cloud Blockchain focuses on building a secure and reliable blockchain infrastructure that allows enterprises and governments to quickly and efficiently build blockchain networks and industry applications, realizing trusted and rapid flows of capital, logistics, and information, and efficient and trusted collaboration, helping to reduce collaboration costs and improve efficiency.

Blockchain originated in Bitcoin, November 1, 2008, a self-proclaimed Satoshi Nakamoto (Satoshi Nakamoto) published "Bitcoin: A Peer-to-Peer Electronic Cash System" article, describing the concept of electronic cash system based on the P2P network technology, encryption technology, time-stamping technology, blockchain technology and other electronic cash system, which marks the Bitcoin's Bitcoin was born. Two months later, the theory was put into practice, and on January 3, 2009, the first Genesis block with a serial number of 0 was born. A few days later, on January 9, 2009, a block with serial number 1 appeared and was connected to the creation block with serial number 0 to form a chain, marking the birth of the blockchain.

In recent years, the world's attitude toward Bitcoin has ebbed and flowed, but blockchain technology, one of the underlying technologies of Bitcoin, has received increasing attention. In the process of Bitcoin formation, blocks are one-by-one storage units that record all of the information exchanged by each block node over a certain period of time. Between each block through the random hash (also known as hash algorithm) to achieve the link, the latter block contains the hash value of the previous block, with the expansion of information exchange, a block and a block successive succession, the formation of the result is called the block chain.