A Review of the Key Technology in a Blockchain Building Decentralized Trust Platform

Weichu Deng, Teng Huang () and Haiyang Wang
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Weichu Deng: Institute of Artificial Intelligence and Blockchain, Guangzhou University, Guangzhou 510006, China
Teng Huang: Institute of Artificial Intelligence and Blockchain, Guangzhou University, Guangzhou 510006, China
Haiyang Wang: Institute of Artificial Intelligence and Blockchain, Guangzhou University, Guangzhou 510006, China

Mathematics, 2022, vol. 11, issue 1, 1-29

Abstract: Currently, the trust mechanisms of various Internet application platforms are still built under the orders of centralized authorities. This centralized trust mechanism generally suffers from problems such as excessive power of central nodes, single point of failure and data privacy leakage. Blockchain is a new type of distributed data architecture with non-tamperability, openness and transparency, and traceability, which can achieve secure and trustworthy sharing of data without the participation of third-party authorities. The decentralized trust mechanism built based on the blockchain provides a new research paradigm with broad development prospects to solve the problem of establishing reliable information sharing under the environmental conditions of incomplete reliability in finance, healthcare, energy, and data security. In response to the issues exposed by centralized trust mechanisms in recent years, based on the critical technology of blockchain, this paper surveys the relevant literature around the vital issue of building a decentralized and secure trust mechanism. First, the decentralized trust mechanism architecture is sorted out by comparing different decentralized platforms. The blockchain is divided into the data layer, network layer, consensus layer, contract layer and application layer, which correspond to the theory, implementation, operation, extension, and application of the decentralized trust mechanism of a blockchain, a district-centric platform. Secondly, the principles and technologies of blockchain are elaborated in detail, focusing on the underlying principles, consensus algorithms, and smart contracts. Finally, blockchain problems and development directions are summarized in light of relevant literature.

Keywords: blockchain; decentralization; smart contract; consensus mechanisms (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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