Core Principles

• Distributed Storage: Data is not stored on a single central server but is jointly saved by multiple nodes in the network, each of which has a complete copy of the ledger.

• Block and Chain Structure: Data is stored in 'blocks', each containing transaction information, timestamps, etc. Blocks are linked by cryptographic hash values, forming a chain structure. Modifying one block will change the hash values of all subsequent blocks, making it difficult to tamper with.

• Consensus Mechanism: Nodes in the network reach agreement through specific rules (such as Proof of Work, Proof of Stake, etc.) to confirm the validity of transactions and ensure the consistency of the ledger.

Main Applications

• Cryptocurrency: Such as Bitcoin and Ethereum, utilizing blockchain to achieve decentralized transaction records.

• Supply Chain Management: Tracking the entire process of goods from production to sales, enhancing transparency and traceability.

• Financial Sector: Used for cross-border payments, smart contracts (self-executing contracts), etc., improving efficiency and reducing costs.

• Government Affairs and Evidence Preservation: In areas such as identity authentication, electronic invoices, copyright protection, etc., ensuring the authenticity and security of data.

In simple terms, blockchain is like a public 'big ledger' maintained by everyone, where everyone can view it but it is very difficult to modify it privately, thus establishing trust and ensuring data reliability.

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