Concept of the Blockchain
The blockchain has become a process of integrating the finance technology. The blockchain is a trusted mechanism and promotes the real economy. It provides for high–quality development in the world’s economy, and is expected to improve the quality of governance and public service.
The blockchain gives a trusted channel for information and transfer in an untrusted network by integrating a peer–to–peer network, cryptography, consensus mechanisms, and smart contracts. The blockchain moves quickly as a key technology such as a privacy protection and security management. The blockchain is, however, still in an experimental stage and there is still a lot to learn about the technology.
Cryptography is used to ensure the security of transmission and access to achieve data storage consistency, tamper–proof data, and prevention of duplication. Also, the blockchain is known as a Distributed Leger Technology (DLT). A blockchain stores data in units of blocks. Each block includes the cryptographic hash of the previous block in the chain, linking the blocks to each other. The linking of blocks is called chains. This is one of the necessary and vital keys for building a new trusted system and developing a digital economy in future.
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