What is Blockchain?
What is Blockchain?
The concept of “Digital Currency” that emerged with advancing technology has led to the introduction of many new applications. Blockchain is one of them. Blockchain is a type of database system that enables the tracking of encrypted transactions. In our language, this technology is pronounced as “blok zinciri” (blockchain). It has a distributed nature by its structure. In general, it can be said that it is a technology system that offers transparency and security while also having a decentralized structure.
Thanks to the Blockchain technology, it is now possible to determine and trade the value of various assets in today’s world. This structure, which has become a part of life with the existence of cryptocurrencies, has a highly secure feature against cyber attacks. Consequently, data copying and storage are widely used through this structure.
The purpose of the working principle of Blockchain technology is to allow the storage and distribution of digital data. Any administrative activity is not possible outside of this. Particularly, applications such as regulation cannot be carried out on the Blockchain technology. In fact, it protects the security policy to some extent thanks to this feature.
How Does Blockchain Work?
Blockchains are digital ledgers replicated by all computer networks in this system. Each block in the chain represents a transaction of its own, and every transaction is recorded in the ledger belonging to the participant.
Blockchain conducts its operations using a computer network. It does not require any central authority for its applications. Bitcoin and other cryptocurrencies are also included in this. This eliminates cyber risks and gains the trust of users. Additionally, transaction fees are reduced to almost zero.
As known, financial institutions and official exchanges offer their services during official hours for 5 days of the week. However, Blockchain technology has no service limit. It is possible to trade 7 days a week and 24 hours a day. The transaction time is completed in an average of 10 minutes. It becomes completely secure after approximately 1 hour.
With all the conveniences it offers and the security policies it provides, blockchains are widely popular today. This technology is used in every sector of commercial industries alongside individual users. Especially those with goals in branding and those who want to take their companies to an international level integrate their activities into blockchain technology and design efficient systems.