Can the blockchain solve any problems?

The most important thing in blockchain is to solve the problem of intermediary credit. In the past, it was difficult for two people who didn't know each other and didn't trust each other to cooperate and had to rely on a third party. For example, payment behavior, any kind of transfer in the past, there must be banks or Alipay and other institutions. However, through blockchain technology, Bitcoin is the first time that human beings have completed the transfer behavior that both parties can trust without any intermediary. This is a major breakthrough in the blockchain. ("Currency exchange" transaction for blockchain assets)

If you use one sentence, it is: decentralization.

Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, identification mechanism and encryption algorithm.

The so-called * * * knowledge mechanism is a mathematical algorithm for building trust and acquiring rights between different nodes in the blockchain system.

In a narrow sense, blockchain is a chained data structure that combines data blocks in chronological order, which is cryptographically guaranteed to be an unbreakable and unforgeable distributed account book.

Broadly speaking, blockchain technology is a brand-new distributed infrastructure and computing method. It uses blockchain data structure to verify and store data, uses distributed node identification algorithm to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses intelligent contracts composed of automated script codes to program and manipulate data.

Advantages:

1) algorithm is simple and easy to implement;

2) nodes can realize * * * knowledge without exchanging additional information;

3) It costs a lot to destroy the system.

Disadvantages:

1) wastes energy;

2) It is difficult to shorten the confirmation time of the block;

3) The new block chain must find different hash algorithms, otherwise it will face the computing power attack of Bitcoin;

4) Bifurcation is easy to occur, and it needs to wait for multiple confirmations;

5) There will never be an end, and a checkpoint mechanism is needed to make up for it.