Principle and Core Technology of Blockchain

Abstract

Blockchain is a kind of technology which comprehensively uses cryptography, distributed databases, P2P communication, smart contracts and other technologies. In a decentralized and trustless network, it uses encryption algorithms to verify and store data in a chained data structure. Blockchain technology is a universal low-level technical architecture that generates and synchronizes data on distributed nodes through a consensus mechanism, and implements automatic execution of contract terms and data operations with the help of programmable scripts. This paper systematically sorts out the blockchain and deconstructs its key technical elements. Under this premise, the basic architecture of the blockchain system is analyzed starting from the architecture and the implementation protocol. Taking the application development of blockchain technology as the context and combining with the application scenarios of Bitcoin, Ethereum and Super Ledger, the technical principles, implementation paths, app-lication status and existing challenges are expounded. This paper seeks to provide readers with help and reference in the systematic learning and in-depth research of blockchain technology.

Keywords

• blockchain
• bitcoin
• ethereum
• consensus mechanism
• encryption algorithm
• smart contract