From the beginning of 2018, taking advantage of the a-share market, blockchain has become A hot topic. However, in the face of the recent continuous limit of conceptual stocks, to many prepared to march into the block chain tide followers a cold water. Why blockchain is hot? Today we will talk about some important aspects of blockchain


　　
Block chain
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In simple terms, this unique blockchain is an electronic ledger of every transaction made in Bitcoin since its inception.

This ledger is shared by computers from all over the world, ensuring that every computer has an exact copy of the entire blockchain.

When the number of transactions on a block is full, the blocks are connected in a chain

Hence the term ‘blockchain’. Every transaction on the blockchain must be verified by a node before it can be stored on the blockchain.

　　
Cut out the middleman

First, due to the decentralized nature of blockchain technology, there is no need for intermediate individuals or third parties to prove and guarantee the entire transaction process, and all parties work for their own interests.

　　

“The problem is that these ‘institutions’ are often associated with incentives, with errors, and they are constantly fighting for their own interests.”

By using blockchain technology, some important information can be authorized and shared through efficient algorithms, free from tyranny.

　　

“If we use this technology on a scale, we can remove the errors of human bias while maintaining a clean, more accurate database of trading information.”

　　
Certifying owner

Ethereum is the first blockchain to be equipped with smart contracts, which can effectively attach contract parameters to transactions or shared information. Smart contracts ensure that credible and transparent contractual obligations are fulfilled in the use of blockchain technology, which effectively ensures that contractual obligations are agreed upon by all parties and witnessed by everyone in the world at the same time.

　　
A more secure

As it becomes increasingly difficult to avoid hacking of all kinds, blockchain technology is a crucial step in the right direction to avoid the threat of cyber attacks.

Because blockchains must be verified by nodes in a network, the process requires millions of computers around the world to work together. Changes to one node in the network are invalid because other nodes in the blockchain remove that node and the unfaithful ledger records it submits.

Even if a hacker could destroy and affect every node on the blockchain, the data on the blockchain is encrypted using cryptography. Every transaction is visible, so the information cannot be changed.

　　
Chain management

Another important aspect of blockchain that can be used for business is to provide on-chain management.

The traditional approach is a long document with complex business activities ranging from financial tracking to placing orders for raw materials, where a lot can go wrong.

Multinational delivery giant

Unilever is building their own blockchain technology to allow them to manage streamlining in Malawi’s tea production chain.

Among other things, the company plans to use blockchain technology to manage transactions along the tea supply chain

10,000 farmers.

　　
It could be endless

The applications of blockchain technology are endless. It will allow us to embrace the next blockchain application by brightening our minds and finding a simple electronic solution to real-world problems.

At present, blockchain has been gradually transformed from a concept to a reality. It’s not just a guess or a prediction, it’s gone from capital to use. Its importance and these various developments and changes are also the reason why people firmly believe in blockchain and become firm believers.