Blockchain is the core supporting technology of digital cryptocurrency system represented by Bitcoin. The core advantage of blockchain technology is decentralization. By using data encryption, timestamp, distributed knowledge and economic incentives, peer-to-peer transactions, coordination and cooperation based on decentralized credit can be realized in distributed systems where nodes do not need mutual trust, thus providing solutions to the problems of high cost, low efficiency and unsafe data storage that are common in centralized institutions.
The application fields of blockchain include digital currency, securities trading, finance, security traceability, privacy protection, supply chain, entertainment and so on. The popularity of blockchain and bitcoin has made many related top-level domain names registered, which has had a great impact on the domain name industry.