How Does Blockchain Store Information (Storage Methods and Mechanisms of Blockchain)
What is blockchain and how does it store information? It uses encryption algorit
What is blockchain and how does it store information? It uses encryption algorithms to ensure data security and integrity. In the traditional internet, people can transfer, distribute, or exchange their favorite content peer-to-peer without relying on third-party intermediaries.
For example, if you want to publish a video but don’t have enough time to browse your friend’s videos, you won’t be able to download the video. In this case, you need to send the content to others through software and share it with them. This method can result in a lot of waste (users may not know what happened to these videos). So, what should we do?
1. Use centralized servers to manage data.2. Establish cloud-based databases.3. Build a trusted execution environment.4. Create new systems with public-key cryptography.5. Develop new smart contracts.6. Introduce blockchain technology into existing systems.7. Differences between blockchain technology and other technologies: (1) Consensus protocol + encryption algorithm.8. Off-chain data structure + distributed ledger.9. Block proposals + timestamps.10. Multi-party computation.11. Many more.
The emergence of blockchain solves some problems, such as achieving consensus settlement conditions through the immutability of transactions in the blockchain network. It also provides cross-platform secure information sharing mechanisms, a digital signature system on the blockchain, private transactions on the blockchain, Bitcoin as a currency, various assets on the blockchain (e.g., 100 BTC, 1000 ETH, 500,000 XRP, etc.), DeFi applications, financial products, stablecoins, ICOs, STOs, NFTs, and many other tokens with different use cases.
What does blockchain rely on to store data? It stores personal data and records data through the use of blockchain storage services. However, it is not easy to achieve this. All data on the traditional internet exists in a specific node and is publicly transparent and unalterable. Therefore, for companies, it is difficult to achieve complete decentralization and full process transparency, let alone relying on centralized servers to provide a large amount of intangible assets. As a result, the development of the blockchain industry is relatively slow, but some emerging companies have already started to use blockchain to protect their privacy information and financial statements.
Storage Methods and Mechanisms of Blockchain
The storage methods and mechanisms of blockchain mainly include the following points:1. Decentralized distributed ledger. Traditional databases have a single data availability issue: the data cannot be fundamentally verified.2. The immutability or tamper-proof nature of blockchain makes the whole network insecure, difficult to access (i.e., cannot be fully replicated), inefficient, and low in trustworthiness.3. Trust issues in smart contracts. These problems require smart contract developers to build new DApps to achieve faster, more efficient, and more useful operating systems and functional components. This will lead to the emergence of more diverse use cases.
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