What is Blockchain?
Blockchain (Blockchain), which has started a new era in the technology and finance ecosystem, is called a distributed database that provides encrypted transaction tracking in a chain structure consisting of blocks, as the name suggests. In 1991, the first work on a cryptographically secure blockchain of blocks was described by Stuart Haber and W. Scott Stornetta. The first blockchain was conceptualized in 2008 by a person or group of people known as Satoshi Nakamoto.
What Does Blockchain Do?
In addition to the production of crypto coins, it is used for storage, management and storage operations in many different areas. As an open and global ledger, blockchain simplifies business processes for a new generation of transactions built on trust and transparency.
You May Be Interested: Blockchain and Business
How Does Blockchain Work?
In money transfers, each step constitutes a block. During the transfer process, blocks are encrypted, making them unchangeable and unbreakable. These blocks are distributed to people on the network, and everyone has the same encrypted information. The “decentralization” principle of the Blockchain, which is built with a chain model and can be followed but cannot be broken, is based on this technology. The information on the block can only be processed by the buyer and seller indicated on them, so transactions can be made securely.
Where and How to Use Blockchain?
This technology is used in finance, healthcare, real estate, network security, supply chain management, and many more. For example; Companies such as the world’s largest food giants Walmart, Unilever, Nestle, Dole, Kroger are using blockchain technology to monitor the supply chain for food safety. In the financial sector, cross-border payments enable transactions to be made faster, more reliable and with lower transfer costs. In the health sector, the sharing of medical records and drug use among health institutions helps to make the most accurate determination and medical intervention to the patient in emergency situations. With this technology in the field of network security, cyber attacks can be prevented by preventing the theft of credentials, preventing the modification of data and creating a secure network environment.
What is a Node?
The structures, called Nodes, have taken on the task of maintaining the integrity of the blockchain for a cryptocurrency. Even if there is only a single node anywhere in the world, the history of an entire blockchain is preserved. If you want to create a new node, you can perform this operation in a simple way. . These nodes, which are copies of the blockchain on a hardware device or only on a single computer, protect cryptocurrencies running on the blockchain against events such as cyber attacks, power outages, or systematic crashes. It is important to note that the nodes need a lot of space and memory to run.