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WHAT IS BLOCKCHAIN
06-08-2022
WHAT IS BLOCKCHAIN

Blockchain in 2008 Satoshi Nakamoto in all existing facilities as transaction ledgers in bitcoin. The company started in 2011 as the first Bitcoin blockchain explorer. 2012 and 2020 created a generation of cryptocurrencies to eliminate Bitcoin.

Blockchain, in the original English term blockchain, is an ever-growing list of records that are connected and secured using cryptography. People or institutions that follow and invest in cryptocurrencies firstly question how this system works. Blockchain, which has a decentralized system, is a database that keeps track of transactions made in an encrypted structure that occurs when we say what is blockchain. Looking at the block structure, it is seen that it is distributed and open to the public. Blockchain contains dozens of coins.

Let me give you an example of Blockchain as follows;

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If we think of the blockchain as an apartment, your home is the place where you keep your information, and this will be a heavy complement to your communication with your neighbors.

It is a digital passbook. Each block in the chain contains a series of transactions, a record of this transaction is added to each participant's blockchain wallet. Database managed by multiple participants is known as distributed ledger technology. Blockchain transactions are recorded with an immutable cryptographic signature called a hash. It is not possible to change a block in the chain. Each block is encrypted.

Contracts:

Each block usually contains transaction data, the cryptographic hash function of the previous block, a timestamp. By design, blockchains are resistant to subsequent registry changes. The ledger used is "an open distributed ledger that can record transactions between two parties in an efficient and permanent manner". As a distributed ledger, a blockchain is usually managed by a peer-to-peer network to transmit and verify new blocks between nodes associated with the protocol. If you want to change the data in any block later, you must change the block containing the data and all subsequent blocks. This requires selection by the majority of nodes in the network on each write, and confirming the node selection before each write to the next node. Potential abuse can also be detected, as it is clear who changed it in each block.

Blockchain advantages;

Blockchain is a reliable system since members can access the data recorded in the ledger only by those who allow it. In blockchain, even the system administrator has no authority to delete a transaction.

So how does this Blockchain work?

Distributed ledger technology: All network members have access to unmodified data. In this way, repeating the same process is eliminated. Records that cannot be changed: If a transaction is recorded incorrectly, it can be edited by making another transaction and no participant can change or tamper with this data.

So how does this Blockchain work?

As each transaction occurs, it is recorded as a "data block". Each block is linked to its predecessors and subsequent ones. Transactions are blocked in an irreversible chain, the Blockchain.

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