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Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Since each node in the blockchain has a copy of the master ledger, if any node wants to tamper with the data, it has to modify the catalog of each node in the network.
On the other hand, to add a new block, it is necessary to obtain the approval of more than 51% of the network nodes through an algorithm. This makes the data on the blockchain highly trustworthy, permanent, and almost impossible to be deleted at will, even by the creator of the blockchain application.
Because of blockchain's P2P and decentralized nature, any service that requires third-party verification (e.g., financial transfers, third-party payments, etc.) can be verified by blockchain technology.
Blockchain technology can be used to verify the transaction, and the intermediaries can be eliminated at the same time.
All the data on the identical blockchain will be the same. This means that the information is open and transparent, which ensures that all participants in the blockchain can share the correct information that cannot be tampered with.
This feature also allows blockchain technology to eliminate some of the complex procedures required in the past (e.g., checking the correctness of data in the insurance process or financial account opening). The data transparency can also help reduce a lot of workforce and paperwork and etc..
The emergence of Bitcoin has resulted in a trusted, decentralized, free-money transaction system that enables direct circulation between two parties as long as there is a network.
This is equivalent to blockchain cryptocurrency, which is a new digital payment system, decentralized to reduce transaction costs while still ensuring security.
This is subversive to traditional finance, and may eventually unify the global currency.
The characteristics of cryptocurrency make blockchain the first to integrate into financial services, and even adding smart contracts in blockchain can basically replace the current traditional financial services; for example, in financial fields such as stocks, private equity, and exchanges are trying to use blockchain technology to register and transfer shares.
At present, the blockchain-based applications include:
In addition to being widely used in the financial sector, blockchain is also beginning to be used in the legal, retail, and healthcare sectors, and may be used in many more in the future.
The logic of blockchain can solve the trust problem between different organizations, and the decentralized model can optimize the efficiency of peer-to-peer, and eventually, it may subvert the existing capitalist model with local and make the global collaboration model possible.
From the definition of Blockchain 1.0 to 3.0, it may seem like a "progressive" and "incremental" development, but in fact, it is just a difference in the scope of application. Actually, blockchain technology is developing in parallel from 1.0 cryptocurrency and 2.0 financial field to 3.0 various fields.