What Is Blockchain Technology? History Of Blockchain Technology Development 2023

As we all know, blockchain technology is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption technology, and is an important concept of Bitcoin. The blockchain first appeared in the Chinese translation of the Bitcoin white paper. So, what exactly is blockchain technology? Below, let’s take a look.

What is blockchain technology?

In a narrow sense, the blockchain is a chain algorithm design composed of a method of connecting data blocks sequentially in chronological order, and a non-tamperable and unforgeable distributed ledger guaranteed by cryptographic methods.

Theoretically speaking, blockchain technology uses block chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses automated scripts to A new distributed system architecture and computing method that uses smart contracts composed of code to program and use data.

The efficacy of the following three aspects of blockchain technology ensures that the data on the chain cannot be forged and enhances the credibility and credibility of the data.

History of Blockchain Technology Development

1. The development history of blockchain technology

When Bitcoin was first born, there was no concept of a “blockchain”. Everyone uses Bitcoin (lowercase letter b) to represent Bitcoin, and BITCOIN (asset B) to represent basic technology. Block chain technology”, block chain technology has set off a global financial technology frenzy, global key financial companies, banks are scrambling to research block technology, nearly 2016, billions of dollars have been invested in block chain related companies. In 2017, the Chinese government website published a post titled “China’s blockchain industry is expected to be at the forefront of the world”, publicly applicable to the development of blockchain technology and the promotion of 1.3 billion Chinese blockchain technology, financial blockchain, insurance , retail, fairs, etc., the application of the real economy began to accelerate.

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Second, the block chain, the equipment for making credit

Blockchain is not a newly invented technology, but a series of technology integration, including asymmetric encryption technology, time stamp, consensus mechanism, etc., Bitcoin as a column, blockchain or time stamp and proof of work (proof of work system solution Overcome the DOURLE expense and the Byzantine general problem, ensuring that the same bitcoin cannot be spent twice, and in the entire fragmented blockchain network, all nodes are consistent, the asymmetric encryption system ensures the security of the private key, and the time stamp guarantees The blockchain is connected in sequence, and the proof-of-work system solves the problem of how to distribute 21 million bitcoins fairly in a decentralized system. The blockchain technology is characterized by confidentiality, decentralization, openness and transparency, so the blockchain is called Make machine credits.

3. How blocks are connected into a blockchain

The blockchain is connected by a series of blocks generated using cryptographic algorithms. Each block is filled with transaction records, and the blocks are connected in sequence to form a chain structure, which is the large account book of the blockchain. As a column, when miners generate a new block, they should calculate the new hash value and random number based on the hash value of the previous block, the new transaction block and the random number, that is to say, each block is in Generated on the basis of the previous block, this mechanism ensures the uniqueness of the blockchain data. Since the change of the transaction record will also change the result of the hash value, the miners cannot cheat when they carry out the calculation rate competition. Each miner must wait for the previous block to be generated before starting to calculate the qualified random number based on the information of the previous block, which ensures the fairness of mining.

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4. What information is recorded in the blockchain – block structure

The blockchain is the big account book of the Bitcoin network, and each block is equivalent to a page in the account book. So what information is recorded in the account book? At present, each block of Bitcoin mainly records the block header, Transaction details, transaction counters and other data, the block header is the first 80 bytes in each block, mainly including the hash value of the previous block header to ensure that the blocks are connected in sequence, and the timestamp records the generation of the block The time, random number is the answer to the arithmetic problem of the miners of the whole network to pk together, the difficulty target, the difficulty coefficient score of the arithmetic problem, the transaction details, and the electronic signature of the sender, beneficiary, amount and transferee of each transaction are recorded in detail , is the main content of each block chain, transaction counter, describes the total number of transactions contained in each block, block size indicates the data size of each block, currently each block is limited within 1mb, does not rule out future possibility of expansion.

5. What is the timestamp

The blockchain ensures that each block is sequentially connected according to the timestamp. The timestamp enables each data on the blockchain to have a time stamp. Simply put, the timestamp verifies when and what happened on the blockchain. And no one can forge, the timestamp plays the role of a fair person in the blockchain, and it is more reliable than the traditional notarization system, because the information recorded on the blockchain is difficult to be modified by anyone in any way. Due to the application of time stamp blockchain technology is very suitable for intellectual property protection and other fields. For example, you wrote a paper and wanted to ask industry experts for advice before publishing it, but you are worried that the expert will publish it directly in his name. , at this time, as long as you store it on the chain first, you can easily prove the copyright.

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Speaking of this, I believe everyone already has a certain understanding of what blockchain technology is. Overall, blockchain technology has huge potential and it will have a significant impact in many industries. But at the same time, blockchain technology is facing many challenges, and we need to work together to achieve its greater development.

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Puneet Kantiwal

Puneet Kantiwal is an experienced professional in the field of blockchain and cryptocurrency technology. With a strong background in computer science and programming, Puneet Kantiwal has been involved in the crypto space since its early days. He has worked on various projects related to blockchain technology, including the development of smart contracts, decentralized applications, and blockchain-based platforms.

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