Technology is progressing rapidly. Of course, as we move forward, many things in our lives have changed. One of the technologies that make this change is the blockchain technology.
We do many of our daily life-related transactions based on many intermediary institutions such as banks, companies and governments. These intermediary institutions make a significant profit from the shopping transactions that we make with the effect of globalization. They also form part of the capitalism and that forms the basis of the world economy. Intermediary institutions are open to various cyber attacks because they store information in a single center. As a result of these attacks, our information can be passed on to various individuals and institutions.
Can we have a technology system that only with buyers and sellers ? Does this ensure that our system information is stored more securely?
How was Blockchain Technology Born?
Due to the economic crisis in 2008, the financial sector entered into a collapse and many banks went bankrupt. After the crisis, the confidence and transparency of banks began to be questioned. In 2008, the person or people who used the nickname Satoshi Nakamoto published an article called Bitcoin: Electronic Money System between Users. This technology has solved many problems such as trust and transparency in banks. Even if this technology was developed before 2008, it was even claimed that it could prevent the crisis.
So how does the blockchain technology work and what can be done? What should this technology change in our lives and be ready for change?
The transactions performed in this system have a decentralized database that is realized by the encryption method between the buyer and the seller. All operations performed on this system with open source code can be seen by everyone. Operation history is locked with data blocks. Security is done by various encryption methods such as hash algorithm. The recorded information will be stored on hundreds of computers, but the key to the process is designed to be the only person who performs the operation.