2) Protocol and Permissionless trust: Transactions are confirmed and recorded through a consensus mechanism, which is typically an algorithm agreed upon by all parties. This decentralized trust mechanism eliminates the need for a centralized institution to endorse the validity of transactions, also known as permissionless trust.

3) Smart contract: Smart contracts enable automatic execution of transactions within a decentralized network without the need for a centralized institution's endorsement. This creates significant economic benefits by reducing transaction costs. The interactions between nodes can be programmed, providing a vast space for imagination and potential development.

The first point, distributed ledger, is a technological characteristic of blockchain technology, while the second and third points, permissionless trust and smart contract, are the economic features of blockchain technology that form the foundations of value creation. This is why blockchain is often referred to as a revolutionary transformation of production relationships. Division of labor and cooperation are fundamental drivers of economic progress. Specialization leads to more extensive and deeper cooperation, and exchange and cooperation are both the result of division of labor and the prerequisite for further specialization. In this sense, blockchain is a revolution in production relations that will inevitably lead to significant changes in productivity.

Blockchain technology reduces transaction costs, facilitating peer-to-peer exchange and cooperation. This will lead to further specialization and development in productivity, making blockchain technology a critical infrastructure for technological revolution.