Review on the principle, Progress and Application of Block chain Technology

Abstract

In recent years, electronic currencies such as bitcoin have been favored by people. As the core technology of Bitcoin, blockchain has attracted the attention of more and more experts and scholars at home and abroad. The changes of its classification mode, service mode and application requirements lead to the diversified development of core technology forms. Blockchain is a distributed ledger technology, which evolves into a complete storage system based on logic control functions such as intelligent contracts. Block chain technology is based on decentralized point-to-point transmission network, using cryptography principles and consensus mechanism to ensure the coherence of each node participating in the distributed system, and to ensure the accuracy, consistency, non-tampering or deletion of the recorded information. All these ensure the establishment of a sharing system with high privacy, high security and high efficiency. In this paper, the basic principles and characteristics of blockchain technology are analyzed, and the research status and application of this technology in the financial system are summarized in detail.