What is blockchain technology? How does it work? The simplest explanation!!!

There is actually a Blockchain Technology behind Bitcoin, which we know as crypto or electronic money, which we have heard about frequently lately. So what is Blockchain?

Blockchain is a type of ledger. This technology is a database system that provides encrypted transaction tracking, consisting of blocks and stored in blocks. Blockchain technology is a recording system technology in which data can be stored without the need for any central administrator. In addition, blockchain technology has a highly resistant infrastructure against cyber attacks. So, let's learn together what Blockchain is and how Blockchain works in detail.

What is Blockchain and How Does Blockchain Work?

This concept, which can be used without the control of a central system and entered our lives with cryptocurrency, is a distributed database system. In the blockchain network, each newly created block is linked to the previous block with a unique transaction ID called "hash". What makes Blockchain technology so special is that these transactions can be performed by many computers at the same time, not one by one. To give an example, the trust in bitcoin is maintained through an immutable ledger that is managed not by a single company or state, but by a globally independent computer community. All computers are in a peer-to-peer network called P2P. This model is known as the “distributed trust model”. The transparent and decentralized structure of Blockchain technology gives confidence to its users in many matters. Because if anyone wants to damage the structure within a certain block as an external factor, they have to enter all block structures. This is an almost impossible process. For this reason, it is a technology that has managed to attract the attention of investors to a high degree. Due to the structure of blockchain; It must have registration system, queue system and distributed structure functions.

What are the Usage Areas of Blockchain?

• Public sector
• Financial institutions
• Energy sector
• Banks
• Smart contracts
• Money transfers
• Investment instruments
• Healthcare organizations
• Notary transactions

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In my first and today's article, I gave brief information about blockchain technology. In the future, I will present to you the information we need to learn about cryptocurrencies in the form of articles. I wish everyone a prosperous and healthy day.
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