Why is Blockchain Important?

Blockchain technology, which entered our lives with Bitcoin

in 2009, has been positively separated  from crypto coins

day by day and has become used in different areas. Apart from traditional methods, blockchain, which has no central authority, is located on a transparent and unchangeable plane,  has managed to attract the attention of international companies and states in a short time.

This concept, which is the subject of competition between countries, has become the homework of hegemonic states. The United States, which initially hesitated, accelerated its blockchain efforts with China’s efforts to integrate this technology even into the country’s social sphere. In fact, in 2019, about 40% of US SMEs started blockchain technology and cryptocurrency-based work, and blockchain programs were supported by the government at record levels. On the other hand, China, which uses the control mechanism effectively, has come to prefer blockchain technology in many projects. We can say that the latest example of this is the record of the epidemic diseases it is struggling with and the announcement that the process of quickly treating it will be managed by blockchain technology. To eliminate paperwork density, time loss and to use the principle of immutability, blockchain has become used in many areas.

Due to the fast and low cost of keeping records of health, food, forensic cases and bills of lading of international companies Blockchain technology is leaving behind the traditional methods used. The most important reason for this is the fast and cost-effective transfer of data from one user to another directly from one user. Within the global and fast-moving system, it is seen that both companies and countries are trying to catch up with this digital transformation with their efforts to expand their field of activity. So much so that, when we look at it as of 2020;  We see that commercial product, personal data and pharmaceutical data, which weigh tons, are tracked with blockchain. When we collect all these positive developments, it is possible to say that blockchain technology will continue to progress by expanding its domain area, the competitive environment will give birth to new breakthroughs and new pilot programs will be created in this context. 

For more detailed information about Blockhain, you can review our blog post “The Evolution of Blockchain Technology“.