|Chinese to English: What is Blockchain?|
General field: Tech/Engineering
|Source text - Chinese|
|Translation - English|
As the core supporting technology of Bitcoin and other virtual currencies, blockchain is a type of open, distributed ledger that can efficiently record transactions between two parties as well as permanently verify them. The ledger can automatically trigger and complete transactions through its own programming. It can create reliable inter-nodal validation, transferring value while eliminating the need for a middleman. It can both disclose information and protect the privacy of its users. It allows for joint decisions whilst protecting individual rights. These machinisms improve the efficiency of value transactions and reduce costs.
From an economic point of view, this new value exchange paradigm created by blockchain is based off of its “weakly centralized” nature, which is not to say that the “centers” of traditional society will completely vanish. Appearing alongside future blockchains will be large numbers of “multicentered” systems revolving around alliance, private and mixed chains. Blockchain will further improve the operational efficiency of the “center” while considerably reducing part of its cost.
From a technical perspective, blockchain is a collectively sustained system that utilizes its chain structure to store data and cryptography to ensure transfer and access security. It is a technology that cannot be disregarded, which retains consistent data storage and cannot be tampered with.