Decentralized features

Decentralization. Blockchain technology does not rely on additional third-party management institutions or hardware facilities, and there is no central control. In addition to the self-contained blockchain itself, each node realizes self-verification, transmission and management of information through distributed accounting and storage. Decentralization is the most prominent and essential feature of blockchain [10].

Openness. The foundation of blockchain technology is open source. In addition to the private information of all parties to the transaction being encrypted, the data of blockchain is open to all people. Anyone can query the blockchain data and develop related applications through open interfaces, so the information of the whole system is highly transparent [10].

Independence. Based on consensus norms and protocols (similar to various mathematical algorithms such as hash algorithm adopted by Bitcoin), the entire blockchain system does not depend on other third parties, and all nodes can automatically and securely verify and exchange data within the system without any human intervention [10].

Security. As long as 51% of all data nodes cannot be controlled, network data cannot be manipulated and modified arbitrarily, which makes blockchain itself relatively safe and avoids subjective and artificial data changes [10].

Anonymity. Unless required by legal norms, technically speaking, the identity information of each block node does not need to be disclosed or verified, and information transmission can be carried out anonymously [10].