What is blockchain

What is blockchain

Blockchain technology
The following definitions will help you further understand blockchain and the underlying technology of blockchain, as well as the usage scenarios.

Decentralized trust: The main reason why many enterprises adopt blockchain technology rather than other data storage technologies is that blockchain does not rely on central authority to ensure data integrity, i.e., decentralized trust based on reliable data.
Blocks: A blockchain, as its name suggests, stores data in blocks, each of which is then connected to the previous block to form a chain.
It only supports adding (attaching) new blocks, once added, it cannot be modified or deleted.
Consensus algorithms: Consensus algorithms are responsible for the execution of rules within the blockchain system.
When each party sets the rules for the blockchain, the consensus algorithm ensures that those rules are followed.
Blockchain nodes: Blockchain nodes are responsible for storing data blocks and are storage units in the blockchain that keep data synchronized and always up to date.
Any node can quickly determine if a block has changed.
When a new full node joins a blockchain network, it downloads copies of all the blocks on the current chain.
When the new node synchronizes with other nodes and updates to the latest version of the blockchain, it can receive any new block just like any other node.

The definition of blockchain
Blockchain is a decentralized data ledger that is securely shared.
Blockchain technology enables a specific set of parties to share data.
It can collect and share transactional data from multiple sources, can subdivide data into shared blocks linked together by unique identifiers in the form of cryptographic hashes, and ensure data integrity, eliminate data duplication and improve data security through a single information source.

In blockchain systems, data cannot be changed without the permission of a quorum, a feature that helps prevent fraud and data tampering.
In other words, blockchain ledgers can be shared, but not changed.
If one party tries to change the data, all participants in the blockchain will be alerted to which party is trying to change the data.