What is the Blockchain?

Fully decentralized. Anyone can participate in transactions and verification.

Nodes can view all records and join consensus process. Examples: Bitcoin and Ethereum.

Advantages: Openness and censorship resistance. Disadvantages: High energy consumption and slow transaction speeds.

Partially decentralized. Control shared among pre-selected nodes (organizations/companies).

Only authorized nodes can verify and reach consensus. Faster transactions and greater energy efficiency.

Suited for scenarios like inter-bank transactions and supply chain management.

Centralized. Control by a single organization.

Used within internal networks. Data access and validation restricted to organization members.

Offers high efficiency and privacy but lacks decentralization benefits. Common in enterprise applications.

Concept introduced in 2008 by Satoshi Nakamoto. Bitcoin network started in 2009 as first blockchain application and public chain example.

Proposed by Vitalik Buterin and launched in 2015. Introduced smart contracts, expanding application scenarios beyond finance.

As technology matured, various platforms and projects emerged in finance, supply chains, healthcare, and government. Consortium and private chains developed to meet business needs.

Scalability a challenge with increased applications. Developing solutions like Layer 2 and sharding technology.

Interoperability between platforms gaining attention for broader network effects and application integration.

Legal and regulatory issues a challenge. Countries developing laws. Industries adopting for transparency and efficiency.