What is a blockchain?
A blockchain is like an online ledger. Blockchain software is a digital ledger that can be used to keep track of all kinds of data. This software can track the flow of goods, money movements, who owns artworks or poems, among many other things. Blockchain technology can be used in many areas from healthcare to transport, sports, arts, approvals and voting.
Blockchains are distinguished by their ability to invariably store information; that is, information cannot be changed or hacked.
The basic function of each blockchain is to group digital information into collections called “blocks” that cannot be changed. When a block is filled with data, a very complex process is performed so that it becomes a permanent record. Each block is linked to the next block with a code that references the contents of both blocks. That is why it is called “chain”.
Anyone who joins a blockchain using their computer is considered a “node” in the blockchain. There can be thousands or even millions of nodes in a chain. The main achievement of the design is that the blockchain is proliferating with each of these nodes and is constantly updated.
Blockchains provide a high degree of privacy as well as transparency. The identity of a person (or machine) using a blockchain is hidden behind a string of code. Unless this person reveals his identity himself, he cannot be known. However, the transactions made by this ID are transparent.
Bitcoin, Ethereum, and Binance Smart Chain are the most popular blockchain networks. Ethereum is seen as a higher level with its smart contract feature. The most well-known product of blockchain technology is cryptocurrencies.
According to the report by Credit Suisse, blockchain; It is now at a time when it is starting to rise as mainstream. It is expected to be fully accepted and used in all areas where it can be adapted in the future.