can be briefly defined as a distributed database that provides encrypted transaction tracking. This distributed database, which is formed by connecting the blocks containing records with encryption, ensures that the transaction records are kept, the records kept are distributed to every point in the system and the same records are found at every point.
As the name suggests, blockchain technology, which can be built with a chain model but cannot be decrypted, allows transactions without being connected to a center. Thus, transactions can be carried out securely directly between the buyer and the seller.
To illustrate in order to make it more understandable, when you want to transfer the ownership of a property to another person or to one party, both you and the other party have to apply to the institution required for the transfer. Your information is stored in the database of the institution you apply to and therefore in order to perform the transaction 3. you need a side. Rules and procedures are often needed to control the operations of institutions.
In the current system, manipulations may occur from time to time and transactions may be delayed due to errors or slowdowns in the system. Thanks to Blockchain technology, both 3. there is no need for one side, and since the system is controlled by the person himself, there are no slowdowns. The feasibility of the transaction to be carried out on the blockchain is checked and if there is no problem in the transaction, the transaction data is cryptographically signed. Thus, the validity seal is put on the transactions. The transaction data is then added to the ledger of the chain, thus forming a chain of transaction records. After this process, if anyone tries to commit fraud in the system, this situation is immediately noticed by the chains in the network and the transaction is stopped.
The Future of Blockchain Technology as an Industry
- Thanks to the “Smart Contracts” kept on the blockchain, there will be no need for the intervention of legal authorities in the distribution or exchange of products and services. (Legal significance)
- With the use of the distributed ledger structure of the blockchain, the procurement process will become transparent, uploads and all supplier notifications regarding the process will be made through the Blockchain, creating a reliable process. (Importance for the supply chain)
- Blockchain will enable the identity, personal information, criminal records and biometrics of citizens to be safely stored in electronic environments without disruption. (Importance for government agencies)
- It will be possible to distribute energy in a decentralized structure, to verify consumption by transmitting it through the Blockchain with micro transactions and to guarantee its payments in this way. (Importance for energy distribution )
- With the use of blockchain, the food chain will become traceable, and information such as product origin, processing, expiration date and storage temperatures will be able to be observed transparently from beginning to end. (Importance for the food chain)
- End-to-end product information, goods loading, invoicing and Bitcoin Payment will be made securely via Blockchain. (Importance for the retail chain)
- It will be ensured that medical records are kept on the Blockchain and these records can be updated with biometric controls, and the patient’s records will be made available to the patient transparently. (Importance for health management )
- With smart devices and autonomous cars sending regular status notifications to insurance providers, premium costs will be reduced and there will be no need for audits. (Importance for insurance )
- Thanks to the passenger travel documents held on the blockchain, the bureaucracy in the travel and accommodation process will be reduced. (Importance for the tourism sector)