Technical Characteristics and Model of Blockchain

Abstract

Blockchain technology is the underlying infrastructure and support technology to build trust of Bitcoin. It is not only an emerging technology that relies on pure mathematical method to create trust relationship in a distributed environment but also an innovative combination of hash algorithm, asymmetric cryptography, time stamp, consensus mechanism and many other technologies, with characteristics of decentralization, trustlessness, collective maintenance, reliable database, openness, security and untamperability, anonymity, verifiability and traceability, programmable and so on. This paper mainly introduces the technical characteristics and models of block chain, summarizes the development status and branch classification of Blockchain and outlines the future application of Blockchain technology.