Blockchain technology leads the financial revolution, surpassing the influence of Bitcoin.

Blockchain technology is triggering a revolution in the financial and trading sectors. Some believe that the impact of blockchain in the coming decades may surpass Bitcoin itself.

In recent years, blockchain technology has begun to emerge in multiple fields, showcasing broad application prospects. Many people predict that the "blockchain +" model will disrupt traditional e-commerce platforms in the future, and all e-commerce transactions may be built on the foundation of blockchain. Some large e-commerce platforms are also actively exploring the use of blockchain technology to combat counterfeit and substandard products. So, what are the characteristics and advantages of this highly regarded blockchain technology?

The main characteristics of Blockchain include:

1. Information is immutable: Once the information in a block is written, it cannot be changed unless all subsequent blocks are changed simultaneously, which ensures the integrity and reliability of the data.

2. Decentralization: The entire blockchain network is maintained collectively by all participating nodes, with no single centralized control entity.

3. Digital transactions: The transaction process does not involve actual currency, only the exchange and verification of relevant data between the sender and the receiver.

4. No need for third-party intermediaries: Transactions can be conducted directly between both parties without paying intermediary fees.

5. Anonymous yet publicly transparent: The transaction process is anonymous, but all transaction records are publicly accessible, allowing anyone to view and verify, greatly enhancing transparency.

6. Frequent verification: Through mechanisms such as mining, transactions are verified at regular intervals.

There are some important terminology concepts in the blockchain field:

1. Blockchain: Essentially, it is a distributed digital ledger that records all transaction information. It consists of a series of data blocks linked by cryptographic methods, stored across all nodes in the network.

2. Bitcoin: The world's first decentralized cryptocurrency, is the earliest application of blockchain technology.

3. Block: A data package that bundles multiple transactions together, containing information such as timestamps and references to the previous block. A new block is generated approximately every 10 minutes.

4. Mining: The process of verifying transactions through computation and recording them on the blockchain. Miners earn digital currency rewards through mining.

5. Double Spending: The act of attempting to pay the same digital currency to two different recipients simultaneously.

6. Proof of Work ( POW ): A consensus mechanism that requires a large amount of computation to gain the right to record transactions, thereby ensuring system security.

7. Node: A participating computer in the blockchain network that maintains a complete copy of the blockchain data.

8. Address: A string of characters used to send and receive digital currency, equivalent to a bank account.

9. Smart Contract: A digital protocol that can be executed automatically and is stored on the Blockchain, used to define and execute various transaction rules.

With the continuous development of Blockchain technology, its application prospects in many fields such as finance, supply chain, and healthcare are promising. Understanding these basic concepts helps us better grasp the opportunities and challenges brought by Blockchain.