What are the five core principles of blockchain?

Time:2021-6-8

With the more in-depth understanding of blockchain in various industries, blockchain technology has also been applied in various industries, and the application and development of blockchain has gradually become the key application technology of industry reform and upgrading. Blockchain development technology has become the mainstream technology, not only staying in bitcoin or coin circle tools, the value of blockchain is its underlying principle. Blockchain has also ushered in the spring of favorable policies in China. Blockchain is a cross era technology, but it needs to follow the five core principles of building trust and creating value.

① Setting permissions does not mean private

Anonymity for privacy protection is often not conducive to the supervision and trust responsibilities of enterprise blockchain participants. Blockchain must be designed around the principle of permission and trusted access. The licensing blockchain has an access control layer to ensure that only the identified specific participants can complete specific operations.

② Opening up is more conducive to development

Blockchain networks must help build a diverse community of open source contributors and organizations. This not only helps to promote open innovation, but also improves the overall quality of the code. Under the support of open supervision mode, the majority of participants can cooperate according to the free license mode.

③ Using common standards to form consensus

The enterprise blockchain should be designed around common standards and fully consider interoperability. This helps to build a “future oriented” business network, prevent being tied up by specific suppliers, and build a strong innovator ecosystem. Interoperability must cover the cloud platform, which is crucial: suppliers should coordinate participants according to the data storage location.

④ Privacy first

Participants in the enterprise blockchain must be able to control which users can access their data and under what circumstances they have the right to access it. According to the definition, data must be stored in multiple nodes on the blockchain platform. In addition, although none of the participants is the “owner” of the blockchain network, the rights of the data stored in it always belong to the data creator.

⑤ Supervision requires teamwork

The enterprise blockchain must adopt a distributed transparent supervision mechanism to ensure that the network meets the needs of all participants and prevent excessive concentration of influence. The platform chosen by enterprises should automatically adopt a democratic structure in the business network, and be equipped with built-in privacy and “licensing” functions.

If blockchain application development achieves breakthrough, becomes the mainstream technology, and brings greater trust and transparency to the world, then as the innovator of blockchain technology, we must adhere to a series of pragmatic development concepts and follow the five core principles of blockchain, so as to guide action and technology application.