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Home/Magazine Archive/November 2021 (Vol. 64, No. 11)/Blockchain in China/Abstract

China Region special section: Big trends

Blockchain in China

By Liang Cai, Yi Sun, Zibin Zheng, Jiang Xiao, Weiwei Qiu
Communications of the ACM, November 2021, Vol. 64 No. 11, Pages 88-93
10.1145/3481627
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stacks of blocks, illustration — Credit: Alaa Abumadi

Blockchain is exploding in popularity because of a disruptive fusion of peer-to-peer communication, distributed storage, cryptographic algorithms, and smart contracts. It has become a new paradigm of building trustful distributed systems by providing reliable data service for untrusted parties.

As a trustful distributed system, blockchain has multiple advantages, including immutability, transparency, auditability, and tamper resistance. Any participant can view the complete block and trace each state's transitions. With the security guarantee inherited from the chain-like structure and the consensus mechanism, blockchain records are resistant to malicious forgeries.¹⁷

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