1.1 Blockchain Technology
Blockchain technology is essentially a distributed database of peer-to-peer networks, maintained in a decentralized and trustless manner, forming a reliable database through the combination of "blocks" and a "chain."
From a data perspective, blockchain is considered an immutable distributed database, meaning the data cannot be altered or tampered with. The current two-layer P2P network consists of distributed records, also known as ledger or accounting, and an internal distributed storage network supporting the accounting layer.
From a technical perspective, blockchain is a combination of various technologies integrated into a new data recording method, encompassing storage and supporting upper-layer applications.
The advent of blockchain brings about disruptive, revolutionary, and boundless possibilities, leading to a transformation in production relationships. This transformation is reflected in two aspects: first, establishing trust mechanisms based on a technological system that does not require endorsement from third parties, known as machine trust. Second, the transmission of value has evolved from merely transferring data on the internet to endowing data with value and conducting value transmission.
Blockchain technology has undergone several iterations:
Blockchain 1.0: This stage featured "one chain one coin," where each created digital currency required a new blockchain. Many cryptocurrencies were created by modifying the parameters of the Bitcoin source code, leading to the term "altcoins." Typical examples include "Bitgold, LiteSilver, and YBTC."
Blockchain 2.0: Ethereum entered this phase, aiming to be a global distributed computer with a well-defined roadmap and system architecture.
Blockchain 3.0: During this phase, blockchain and cryptographic currencies gained recognition and acceptance. Various cryptocurrencies and blockchain technologies emerged, such as Litecoin, Ripple, and R3. National and international financial institutions and banks began developing their blockchain projects.
Mass Commercialization: Blockchain applications expanded to fields like bills, securities, insurance, supply chain, certification, traceability, and intellectual property. Numerous proof-of-concept cases have been successful, and some projects have entered the practical stage. Financial institutions, banks, and traditional enterprises worldwide have launched their own blockchain projects, showcasing the booming trend of blockchain technology in various industries.
The core value of blockchain lies in achieving an anti-tamper, secure, and reliable distributed billing system. Multiple participants using the blockchain ledger can establish a trust base for multi-party transactions without the need for additional third-party guarantees, resulting in a low-cost, low-latency information exchange and processing system, thus enabling efficient digital value flow.
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