What is Blockchain Technology?
What Does Blockchain Mean?
The basis of Blockchain technology, which is called blockchain/blockchain, was laid in the early 1990s with the work of cryptographers Stuart Haber and Scott Stornetta. based on the “hash tree” concept patented by Ralph Merkle in the 1970s, two experts have managed to approach the definition of modern blockchain today, although they have not fully conceptualized their work. For this reason, according to many, the inventor of this technology is not Satoshi Nakamoto, but News and Stornetta.
In today's sense, the first Blockchain is the same as the first cryptocurrency Bitcoin in history. When the calendars show October 31, 2008, it was stated in the white paper document titled “Bitcoin: Peer-to-Peer Electronic Cash System” published by a person or group named Satoshi Nakamoto that the BTC infrastructure is completely based on blockchain technology.
How Does the Blockchain Work?
Although Blockchain technology, which has a very wide field of work, is often referred to as cryptocurrencies, it is used in many industries with or without a center. Among the areas of blockchain use, there dec be numerous official and informal use cases ranging from banks to governments, smart contracts to notary transactions. It is known that technology has the potential to lead to revolutionary changes and transformations in almost all business models around the world.
Nowadays, there are many settlements that integrate blockchain technology into their voting systems. In addition, the control of supply chains has again become a much more transparent and consistent process with this technology. All kinds of tools needed to ensure trust in advance have ceased to be needed thanks to the blockchain. Thanks to this technology, many processes and procedures that used to be under the control of people are now much more risk-free and transparent. There are some authorities who characterize blockchain technology as the most innovative invention since the dawn of the Internet.
The most important features underlying the principle of operation of blockchain technology are that it is anonymous, distributed, decentralized and public, but it cannot be corrupted and hacked. The fact that a chain of information records is both accessible to everyone and imperishable causes everyone, especially computer scientists, to admire this technology. At the bottom of the fact that the records processed into blocks cannot be broken and changed, there is a simple logic: in order to break the blocks, all the blocks in this registry that have billions of copies must be changed. It is almost impossible to carry out such an intervention.
Blockchain Wallet (Blockchain Wallet)
Blockchain wallet (blockchain wallet) is a digital storage tool used to receive, send or hold cryptocurrencies. These wallets have two unique codes called wallet ID and private key. Technically, the wallet ID can be likened to an e-mail address, and the private key can be likened to the password of this e-mail address. Transactions made in these wallets are recorded on the blockchain. Blockchain allows you to make a deposit extremely quickly and securely. In addition to your investments, Blockchain also provides the necessary security during the withdrawal process.
In order to transfer to another cryptocurrency wallet, it is enough to know the identification code of that wallet. And the private key should never be shared with anyone, because access to the wallet is provided with this signature code. In order to access your wallets on a cryptocurrency exchange, you do not need to store this code.