According to a recently published article by Vogue Business, luxury fashion brand Gucci has confirmed that “entering the NFT market is only a matter of time” and will soon release its own NFT.
What is blockchain?
Blockchain is a chain of blocks containing information. Right from the very name it says it all - block (block) and chain (chain).
Blockchain It is like a main accounting book (ledger) of a company. where all of the company's money-related activities are closely monitored.
In this case, Blockchain is a ledger operating in the field of technology, and stored data is digital data.
What is blockchain used for?
Blockchains are used to store information in interconnected information blocks. It is managed by everyone participating in the system.
Instead of an individual 3rd party like the state or central bank. It also allows secure transmission of data by a complex encryption system, and is expanded over time.
Moreover, this technology was created to combat data changes in the system. It There is also a very special feature that the data transmission does not require any intermediary to confirm the information.
Because in the Blockchain system, there are many independent nodes capable of authenticating information in the system without requiring "signs of belief".
Information when entered blockchain block chain it cannot be changed and added only with the approval of everyone in the system.
This is a system to ensure very high safety for data against the risk of theft.
Especially sensitive data such as online bank accounts, payment card accounts ... Even if one part of the blockchain system is attacked, the other parts are not affected and continue to operate to ensure information protection.
The structure of Blockchain
Each block will be stored in 3 parts:
Data will depend on the type of Blockchain. Bitcoin's blockchain, for example, will contain transaction data.
Transaction data includes: Information of sender, receiver and number of coins sent.
Hash of the current block
Hash of the current block as a set point for identification. It is unique and does not overlap like our fingerprints.
Hash of the previous block
Thanks to this hash, the associated blocks create a chain. However the first block will not be associated with any blocks. Because it was created first.
This first block is called Genesis block which translates into Vietnamese as "primitive block".
Main features of Blockchain technology
Blockchain technology acts as a ledger recording all transactions that occur in the system. The main features of blockchain include:
Cannot be fake, can't destroy blockchain chains
Blockchain chains are nearly indestructible. In theory, only quantum computers can interfere and decode blockchain chains.
It will only be completely destroyed when there is no internet worldwide.
Data in blockchain is nearly immutable. It can only be modified by the person who created it.
But there must be consensus of nodes on the network and that data will remain forever.
The information and data in blockchain chains are distributed and absolutely safe. Only the holder of the private key has access to that data.
Anyone can follow the path of data in the blockchain from one address to another address and can statistics the entire history on that address.
Kingdom Game and KDG are also built on blockchain technology to ensure high security and absolute safety for users.
Above is the article "What is blockchain? All knowledge you need to know”. Hope to help you with more useful things about block chain.