BLOCKCHAIN

A Magic Word…Advanced Technology…Another World…

More than cryptocurrencies that most of us think.

Undoubtedly the most heard a word of recent times “Blockchain”.

Blockchain is an especially promising and revolutionary technology.

Based on daily life, we can liken it to “digital ledger”, “digital notary” and “digital fingerprint” etc…

If we say that it’s an encrypted codes blocks, we can’t be mistaken. But actually “blockchain” is even more than that…

It is a database technology that is connected and secured using cryptography, is in blocks, cannot be changed, and is constantly growing and also distributed and decentralized.

With a distributed database system where everyone can verify, it can be proven that correct information is kept without trusting anyone. Therefore, the most important feature of the system is transparency. Also, in this system, each data has a time stamp.

Blockchain consists of two basic concepts;

Block + Records that make up the blocks

Block: Cryptographic algorithm and digital signature

The records that make up the blocks: Any content information on the related blockchain structure.

A simple blockchain structure shown above

Briefly,

-Depending on the structure of the blockchain, the privacy of the users can be fully ensured in the system to be established.

- A system that does its management by eliminating the need for a centralized system is obtained.

-System can be created and maintained not by one or a few authorities, but by many small users.

The whole point of using a blockchain is to let people — in particular, people who don’t trust one another — share valuable data in a secure, tamper proof way.

MIT Technology Review

Shown how does a blockchain technology works

I explained above exactly what it is and right now we should learn that where it comes from? So I mean about history…It was first developed in 1991 to prevent changes in the dates of documents by time-stamping digital documents. Blockchain technology, which could not find many applications for itself until 2009, became the constant agenda backstage with the production of the first cryptocurrency BITCOIN using the digital encryption system developed by Satoshi Nakamoto in 2009.

Then, What caused the Bitcoin revolution?

→Cryptography

→Game Theory

→Economy (Global Money Transfer etc…)

→Database Theory

These four science used together the first time… Bitcoin has therefore made blockchain technology more popular.

So What are the disadvantages of this technology?

The high expectations from technology. Blockchain, which uses complex algorithms to maintain data security, uses more energy in computing systems.

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