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KDI 경제정보센터

ENG
  • 경제배움
  • Economic

    Information

    and Education

    Center

핵심이슈 동영상
블록체인 탐구생활(영문판)
KDI 경제정보센터 자료연구팀 2020년 01호

#01. To define blockchain simply, it’s a distributed database comprising a growing list of ordered records called blocks.

#02. A blockchain can be understood as a P2P-based “ledger” that distributes and stores data across the personal computers of multiple users, rather than with a single company or individual.

#03. Thanks to these characteristics, blockchain cannot be forged or tampered with, and all transactions can be recorded permanently.

#04. The technology has drawn the interest of diverse fields, including public administration and finance, medical care, energy, distribution, and real estate transactions.

#05. There are three characteristics of Blockchain. First of all, Blockchain is a digital ledger

#06. By definition, a ledger is a record of transaction data.

#07. Each transaction shows the movement of tangible or intangible goods―services, as well as assets.

#08. Second, blockchain offers stability.

#09. Blockchain’s ledger is made up of its participants and the record of transactions. When a transaction takes place on the blockchain network, the details are sent to all participants in real time.

#10. Therefore, it is impossible to arbitrarily modify, delete, or change transactions recorded on the blockchain. The stability of the transaction is ensured.

#11. The third feature of blockchain is decentralization.

#12. Today, all transactions are brokered by trusted centralized institutions, such as governments and banks.

#13. However, blockchain verifies transactions through the consensus of its participants.

#14. Thus, there is no need for a centralized authority, because the trust has been created by the agreement of the members.

#15. With these characteristics, how is blockchain changing our daily lives?

#16. One representative case of using blockchain is non-fungible tokens, or NFTs.
Shall we learn more in our <NFT> concept video?