If you are among those who are ierested in technology and technology, you have definitely heard the name blockchain or block chain. A technology that many experts consider to be one of the most importa human inveions in the coemporary ceury. They believe that blockchain will bring many concepts in people’s lives under the radius and things such as financial and economic affairs will change based on this technology. In this article, we will examine this technology and its efficiency to date, by reading it, you can move forward with the technology.
Blockchain history
Corary to what many people think, the history of blockchain dates back to before the emergence of the general concept of digital currencies and Bitcoin. Although digital currencies were able to use the capabilities of blockchain technology to their advaage, its traces can be traced even before 2009 and the launch of Bitcoin. If you don’t know what digital currency is, Parsian Crypto specialized magazine has preseed a complete article about it in simple and flue language.
The idea of creating this technology was proposed for the first time in 1991. In fact, it was the first time in 1991 that a chain of cryptographic blocks was created to preve any manipulation and misuse of documes. Stuart Haber and Scott Stornetta were the two people who implemeed this technology years before the more complex concept called blockchain.
A few years later, in 1998, Nick Szabo founded a concept called Bitgold, which was a kind of deceralized digital currency, although Szabo’s idea was not successful. Finally, it was the mysterious Satoshi Nakamoto who iroduced all these assumptions to the world of technology in a practical and successful way in the form of the Bitcoin blockchain. After that, blockchain technology became extremely popular and many technology experts and researchers realized its couless capabilities. Now that you are familiar with the history of this technology, looking to answer the question of what is blockchain? we go Stay with us
Definition of blockchain
Blockchain is actually a type of database. But what sets blockchain apart from all other technologies is that it stores information and data in a completely differe way. The main difference between blockchain and other databases is the information storage structure. A blockchain collects information in groups called “blocks”. Blocks store a set of data. Each of the blocks has a certain capacity and a certain amou of data is placed and stored in them. When the capacity of a block is completed, the block is filled and added to the previously filled blocks.
Okay, now we will have a chain of blocks with data coe, which is called a “blockchain”. As you know, blockchain consists of two words block and chain. Probably, with the explanations we gave here, you completely understood the reason for naming this technology.
In order to get better acquaied with Blockchain architecture, it is better to pay atteion to a simple example of how to track the ownership of a product. Suppose we have a receipt information file that coains items such as buyer, seller, and amou shipped, and creates a timestamp when the transaction occurred.
Timestamp represes the time and type of eve in the blockchain in UTC. The use of the timestamp is not only limited to specifying the block time, but also indicates the Hess rate. In addition, it protects the block chain against any malicious and manipulation activities and somehow plays a security role in the blockchain.
Transaction information for multiple transactions is packed io a block. This block sends a message to each network computer. Each computer or node (node) in the network follows the rules of the Blockchain protocol and verifies the validity of the new block according to this protocol. If the block is considered valid, it will be added to the blockchain. This, in turn, creates a coinuously growing linked list of transaction information, represeing the eire history of transactions associated with a particular asset.
Considering that each node keeps a copy of the block chain, there will always be a consensus or an agreeme of the transaction history in the storage network. In fact, each node has the role of a separate witness, and thus, when the majority of nodes agree on a correct copy of the blockchain, it is considered valid and accepted as a reliable, valid and legal ledger. they take.
Advaages of blockchain
- Accuracy is high in the block chain
All transactions on the blockchain network are verified by a network of thousands of computers. Therefore, the role of human ierveion in this network is completely removed
- Costs are reduced
Due to the fact that there is no need to verify transactions by a third party or iermediary in the block chain, the fees paid to these people are completely removed from the exchange cycle, and finally the network costs are completely reduced.
- Deceralization happens
One of the main advaages of blockchain is its deceralization. As meioned, in Blockchain, there is no need for an iermediary to confirm a transaction, but a consensus mechanism is used to agree and validate each transaction.
- Transparency makes sense
The shared nature of the blockchain esseially allows everyone to see what is happening on the network. This ultimately leads to transparency and trust.
- Security increases
All transactions in Blockchain are encrypted and completely secure.
These are only a small part of the benefits of this new technology that were meioned. You should know that blockchain has very high poteials, which has made it highly efficie. In the following, we will examine some of its applications
Some applications
Here we have meioned some of the curre applications of blockchain
Digital currencies
The backbone of digital currencies is the blockchain, a deceralized digital ledger that records all transactions. Blockchain is basically a chain of blocks, each block coains a number of transactions. These transactions are then verified by a network of computers called nodes that work together to maiain the iegrity of the blockchain.
Therefore, all transactions are recorded in all nodes. Once a block of transactions is confirmed and added to the blockchain, it cannot be changed or deleted in any way. This ensures that the blockchain creates an accurate and permane record of all cryptocurrency transactions.
Banking
Undoubtedly, no industry will benefit from the advaages of blockchain more than banking. While doing banking has always been limited to working hours and days, block chain is always available and with the iegration of blockchain in the banking system, all customer transactions will be completed in about 10 minutes. Banks will have the opportunity to use blockchain to conduct transactions between institutions and eities with higher speed and safety.
Smart coracts
coract Or Smart coract A set of programming codes is said to be written with a specific purpose and the terms of an understanding between 2 or more people are defined in it. The main feature of smart coract programming in blockchain is its deceralization and the impossibility of manageme by a ceralized organization.
In a smart coract, all terms and provisions are determined with if else if commands and happen automatically. If means “if” and else if means “otherwise if”; For example, “if” a person blocks some capital from his wallet in a platform, “then” the mohly amou of X coins will be deposited io the same wallet. This is part of a simple smart coract script written for the staking process.
Study suggestion: If you are looking for complete information about smart coracts and how they work, what is a smart coract article? Read Crypto Persians.
Real estates
The process of registering real estate ownership rights in the registry offices is extremely time-consuming and expensive, and human errors are extremely high in it. Blockchain technology can easily eliminate the process of scanning documes and physically tracking them in registry offices. If real estate ownership is stored and verified on the blockchain, it can be assured that documes are stored accurately and permanely.
NFTs
In the digital world, an NFT is the docume of ownership of your digital assets. These assets include land, buildings, avatars, clothes, etc. Therefore, the most importa poi in determining the value of each NFT is to first know what asset the docume is and what is the use of that asset. So, in response to the question of what is NFT?, we can say that it is a digital token or asset that turns any file or data io a digital asset by encrypting the data. Now, the technology behind NFT, or the non-standard token like digital currencies, is blockchain.
voting
The use of blockchain in voting and elections can completely preve fraud. This technology was tested in the mid-term elections of the US Congress in November 2018 in the state of West Virginia. During this election, each vote was stored as a block in the blockchain, and in this way, it was not possible to manipulate and change it. The block chain not only greatly coributed to the transparency of the elections, but also reduced the manpower required for election matters, and the final voting results were provided to the authorities immediately after the end of the election period.
Why is the future in the hands of blockchain?
Now that we have learned about the features of blockchain technology and realized how much poteial it has, the answer to this question is simple. Along with the popularity of digital currencies, more and more people are realizing the capabilities of blockchain. It is also thanks to the existence of this technology that NFTs have become unique and reached the curre stage.
According to many experts, with the advanceme of Metaverse technology, an influx of users will happen in this world, and it is precisely at this poi that technologies such as digital currencies and NFTs will find many more uses and the world will undergo a tremendous change.
final word
In this article, we found that blockchain is a completely new technology that allows data to be recorded permanely without any changes. This technology is actually a type of database that is not located on one or more specific servers, but distributed on all computers connected to the network. And due to the use of encryption and data recording in all network computers, these records cannot be deleted or changed.
Bitcoin was the first application of this revolutionary technology, but blockchain has shown that it has couless possibilities. Considering the success it has left behind in the cryptocurrency market, blockchain technology seems to eer new fields from education to transportation and health in the near future.
According to evidence such as the presence and extensive investme of leading people and brands in blockchain-related fields (such as digital currencies, Metaverse and NFT), it is easy to understand that it will not take long for the world to be transformed by blockchain technology and its resulting technologies. will be We hope that reading this article has helped you to grow and take steps in line with technology.
