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What Are Blockchain Blocks (What Does Blockchain Mean)

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What are blockchain blocks? What is the blockchain network?In the field of comp

What Are Blockchain Blocks (What Does Blockchain Mean)

What are blockchain blocks? What is the blockchain network?

In the field of computing, every server needs to perform a lot of calculations to complete its workflow: each node will record the hash value, block number, and timestamp of all data; and use encryption technology to ensure the security and integrity of the storage repository (even if only a small group of people have access). These calculations involve a large number of transactions and various complex data structures, which can cause system crashes or unpredictable events. Therefore, many operations in the blockchain network are included in separate blockchain codes. For example, when a user submits a request to a transaction, they receive tokens equal to the number of blocks distributed by the blockchain to miners for the original transaction. If this transaction fails and is unable to be processed successfully, it means that other information will also be lost. To achieve this goal, the Bitcoin network creates a “mining” program – by providing a verifiable delay function to reduce reliance on mining machines. It also allows participants to perform changes to prevent them from incorrectly accessing specific components, such as mining pools. (Bitcoinist)

What Does Blockchain Mean

Blockchain technology is one of the most attention-grabbing concepts globally and is also receiving increasing attention internationally. As a new technology, the application of blockchain has gradually spread from the field of information storage to various fields such as finance, the Internet of Things, healthcare, and logistics management.

So, what are the characteristics of blockchain? This article will introduce it using Bitcoin as an example. What is blockchain? “Blockchain” refers to using smart contracts to record and update transaction data or other publicly transparent information. By accounting, transferring, and confirming the data structure of these transactions through a ledger or public key encryption, it can realize value transfer and exchange in a distributed system. (e.g., personal profile pictures on the Internet)

For users, “blockchain” is a new type of network architecture. It is a “decentralized network” rather than a single secure node. It allows everyone to become a validator and have the opportunity to participate in decision-making. “We call it blockchain” because its consensus mechanism has the characteristics of peer-to-peer transmission. Therefore, this protocol allows anyone to simultaneously perform various business operations online, such as processing cross-border transfers, sending digital currencies, and so on.

The underlying framework of blockchain is a database based on blockchain. It aims to provide a complete and open infrastructure to address the interoperability issues of trust between various industries (including governments, enterprises, and other institutions), allowing all entities to share the same electronically proven evidence. For example, when an organization or group initiates a proposal and wants it to be approved, it uploads it to this distributed database, and then makes corresponding modifications based on specific needs, ensuring the stability and security of the system. This cryptographic-based architecture can protect user privacy, prevent hacker attacks, and improve collaboration efficiency and reduce costs without exposing identities.

Blockchain has two main advantages:

(1) Increased scalability to address resource wastage issues in the current business environment

(2) Reduced complexity of intermediate links

(3) Secure multiparty computation, making operations on the entire chain more efficient

(4) Higher performance and lower entry barriers

(5) Better governance model.

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