What is Blockchain?
What is blockchain? You have many questions in your mind, let’s learn together. Blockchain is a database system that provides encrypted transactions. Money transfers, goods flow etc. Blockchain, which has an architecture such as software, can track everything, thanks to the blocks it creates, it is encrypted during the transfer process and becomes unbreakable. The connection of these blocks to each other is called ‘chain’. Blockchain and bitcoin were often confused as they were similar to each other, but they are two different systems. Blockchain is a technology that provides the infrastructure of bitcoin.
How does blockchain work?
Blockchain’s function is to group digital data into immutable collections called “blocks”, ensuring the transparency and reliability of the data. It collects people’s information or passwords in a code and no one can access this information unless the person opens it himself. Blockchain will be the big technology of the future with its unbreakable chains. You will say why it cannot be broken because there is a chain structure that connects to each other in the blockchain infrastructure, the transactions we make are added as a password to this chain, and the chain grows and is prevented from being changed during each transaction, so that no institutions and organizations can access the databases of people and are blocked by bad software. When I said the architecture of the future, I did not mean to be misleading. Thanks to this technology, processes that may take a long time can be done in 1-2 minutes. we’ll get it done. In the future, in the digitalized world brought by technology, blockchain will add great differences to our lives in different fields such as finance, health, science, industry, insurance, government, supply chain management.
The only rationale for working with blockchain is the end of monocentrism. In the past, when a transaction was made in this system, it was recorded in the registry, but now the system has become different. As for today, when we make a transaction, these transactions are recorded on thousands of computers. As the recorded information is filled, it is transferred to another blockchain and this is called a chain, but the transferred information can no longer be changed, instead another information comes. There are also personal signatures used while doing this job. For example, it is a difficult technology to be intercepted by hackers who want to access your information for malware purposes.
In short, thanks to the existing chain in the blockchain, there are 256-digit signatures consisting of 1s and 0s. Thanks to these signatures, it has become impossible for any malicious software user to reach them.
As technology starts to progress, we will quickly transition to a huge digital era where blockchain can be right in the middle of this technology and we will be overwhelmed with information with the opportunities it will offer us. Is blockchain being used yet? If you ask, this technology is currently used in many different parts of the world, but it is foreseen that this usage rate will increase in the coming years. In short, our lives will go into a digitalized era and instead of spending hours on the transactions we want to do, we will be able to have unlimited access to everything we cannot access thanks to this technology.
