Blockchain means "block+chain". It is basically a technology designed for the secure storage of value-containing assets. Transparent, decentralized and open to everyone. Bitcoin is the first application which was released in 2009.
In Blockchain, datas are store in a place which are called "block". These blocks form a chain of blockchain connected to each other. Each block is linked to its predecessor to create an irreversible, unchangeable chain.
It is impossible to control from a single center in terms of its structure. Blockchain technology was first used on crypto coins and its usage area is becoming more widespread.
Blockchain and Smart Contracts
Smart contracts are an integral part of blockchain technology. It is a key component that eliminates the problem of trust between the parties. When the predetermined conditions are realized in this system, the transactions are executed automatically and recorded in the book. It is necessary to change the entire chain in order to change these records. Because each record is connected to the previous one and the next one.
What Will Blockchain Technology Change in Our Life?
Banking Operations : As the crypto currency emerged, he promised to revolutionize the traditional banking system. Financial institutions have already begun to use decentralized technology for some of their operations with Ripple and Ethereum. When technology is used by more people in more countries, the crypto currency will become a trading tool.
Cyber Security: Blockchain minimizes the need for human intervention by using intelligent contracts and advanced encryption concepts. This means that errors caused by human origin are reduced. Unlike central servers, the blockchain network is protected against any attack.
Crowd Funding: Unfortunately, many businesses and projects fail in a short time due to lack of funds. Blockchain will change the world with solutions that support flawless crowdfunding.
Health System: Every year, many people experience health problems due to medical errors and lose their lives. You can see how serious the number of people who lost their lives due to mistakes made by searching a little google. Using Blockchain technology, a secure and centralized system can be created that includes the medical records, history and discomfort of each patient. The advanced security layer will only allow authorized physicians to access this privileged information.
Logistics: The biggest problem of the enterprises is the distribution process. With Blockchain technology, businesses can monitor every move in this process and develop better methods by identifying inefficient methods.
Elections: Unlike digital voting systems, Blockchain will use a verifiable and verifiable system after voting. This will also allow for a system in which the votes can be approved and time-stamped to be legitimate.
Cryptocurrency Market: Gradually crypto currencies are becoming the preferred payment tool. Technology is still at a very early stage and continues to be developed. More miners, programmers, analysts and developers are required to continue this development process. This will create more opportunities and demand for jobs in the future.
Blockchain and crypto money system will change the world. This change will probably reach the points we cannot imagine.