Block Chain

The explanation of the "White Paper on Blockchain Technology and Application Development 2016" issued under the guidance of the Ministry of Industry and Information Technology is that, in a narrow sense, blockchain is a chain data structure that combines data blocks in chronological order and ensures that they are not tampered with or forged through cryptography. Broadly speaking, blockchain technology is a new distributed infrastructure and computing paradigm that utilizes blockchain data structures to validate and store data, distributed node consensus algorithms to generate and update data, cryptography to ensure data transmission and access security, and intelligent contracts composed of automated script code to program and operate data.

A professional explanation may be a bit awkward. As the name suggests, blockchain is a decentralized distributed ledger in which data is generated and stored on a block by block basis, and connected in chronological order to form a chain structure. At the same time, it ensures tamper resistance, forgery resistance, and data transmission and access security through cryptography. The so-called ledger in blockchain is basically the same as the ledger in real life, recording transaction information such as running records in a certain format. Especially in various digital currencies, transaction content refers to various transfer information. With the development of blockchain, the recorded transaction content has expanded from various transfer records to data in various fields. For example, in supply chain traceability applications, blocks record information such as the responsible party and location of items in each link of the supply chain.