What is Blockchain? How Blockchain Works

In this article, My Economy Guide will explain to you the basic features of the blockchain technology , which we often hear about and which we believe will be the technology of the future . Before investing with tools like Bitcoin, it is better to understand blockchain technology . Now let’s take a look at the details.With the first crypto coins announced in 2008, people were introduced to a new technology called blockchain. Blockchain technology is not a system that was developed and built entirely from scratch. Although the elements of this system have been found in previous times, it has been brought together for the first time and a technology has emerged that may change the future of the world. The answer to the question “What is Blockchain? Gerekiyor needs to be examined closely to form a better understanding of the system. These elements are as follows:

  • Cryptographic keys
  • Shared shared network
  • Security

WHAT IS BLOCKCHAIN ​​TECHNOLOGY?

There are different definitions for blockchain, but most of them are based on cryptographic keys. These switches have a very important role to play. There are two different switches in this system. The first one is a public key and the other is a private key. Blockchain technology creates a digital identity through these keys to secure data. Another feature of the system is the shared-book distributed network. This feature is extremely important and ensures the security and accuracy of the data. The distributed book network, which can be described in very complex terms, is generally compared to data books. In the past, when shopping was made from grocery stores to veres, the grocery store would record debts in its own book and the customer in its own book. This made no mistake and the records were verified by both books. The emphasis is on verification.The data contained in the blockchain technology is stored on the blocks. These records are not included in a single source, but are included in all blocks, as in the verdict. If the records are changed or incompatible with the other blocks, the blocks are left out of the network. Thus, the accuracy and security of the data is kept at a high level. The data presented by Blockchain, which are very difficult to modify and manipulate, are kept independent of a particular center. That is, the security of the system is provided by the users in the network, and the larger the network, the greater the level of security provided. 

What is Blockchain Technology?

HOW DO BLOCKCHAIN ​​TECHNOLOGY WORK?

Above the blockcha technology is important and we conveyed to you the basics. When this information is examined carefully, the operating principles of this system will be understood more easily. First of all, people need a digital identity for the process. The next operation is saved to the block chain and not to a single point, but to the block chains in the network. Thus, the desired transaction is realized in confidence.Although Blockchain technology is often referred to as crypto currency, it has recently been used in different fields. Particularly, the fact that the system is reliable and closed to manipulation seems to cause the technology to become effective in some areas. Recently, some states and international organizations have begun experimenting with the use of this technology in elections and have achieved very important results. With this system, voting can be done in a much safer way. Together with this, this technology will spread to different fields and will lead to changes in many subjects in the world.