What is blockchain ?

Blockchain is a large platform that records transactions between two parties efficiently, verifiably, permanently, and cannot be modified.

How Blockchain Works

Blockchain is based on the addition of each operation or movement to the system as a new "block", so the platform is constantly growing. Each block is associated with its predecessors and successors. Blocks check the exact time and sequence of transactions. The blocks are securely connected to each other to prevent any block from being replaced or another block to be inserted between the two existing blocks.

Transactions are blocked in the blockchain (block chain), which is an unchangeable chain. Each new block requires confirmation of the previous block. This gives the blockchain a very easily recognizable structure when modified. As a result, it creates a platform where no one can interfere and you and other users can trust.

Advantages of blockchain

Anyone can use: In other words, as a rule, any person can enter the system without any permission or approval. Each user is logged in with their own identification keys.

Information security: All users in the system are identified by private or public keys on the network. These keys, in other words, passwords, are created by special algorithms. Similarly, the confidentiality and inaccessibility of transactions to third parties is ensured by these algorithms.

Stronger security: All network members must agree on the accuracy of the data, and they cannot be changed in any way, as all approved transactions are permanently recorded. No one, not even the system administrator, can delete or change any information.

More efficiency: In addition, a number of rules, called smart contracts, can be stored inside the blockchain and executed automatically to speed up transactions.

Decentralized structure: This means that there is no common mechanism in terms of implementation or control. The security of the system is ensured not by government regulations and authorities, but by encryption methods using algorithms. Being decentralized also means that no mediator is needed. For example, the transfer of money to the other party is carried out directly, not through an intermediary, as in the banking sector.