What is Blockchain?

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Hello Astronauts! Today I am here to inform you about Blockchain Technology.

Blockchain is a network written by Satoshi Nakamoto (or with his crew) in 2008. The plainest and the simplest answer to the question “What is blockchain?” is blockchain technology is an encrypted registry system that provides process follow-up and it is invented with the Blockchain Bitcoin (BTC) and then released to the world. Blockchain may sound basic when it is considered in logical ways, but you will see that it is an extremely detailed and wisely designed system when you understand its systematic working.

Blockchain could never be qualified as a database and there are two reasons for that: (a) data needs a certain standard to be added (worked) on the system, (b) any saved data can not be changed or deleted. We can say these for those given 2 qualifications:  When the blocks where the data is collected are locked in the same chain and stored by connecting with the algorithm and share this chain open with many people, it is called Blockchain. Blockchain network is full of calculating nodes. The computers confirming the transactions in the block network chain and running a processor that makes the transfers are called the nodes in the blockchain network.

As blockchain stores internal blocks of information (blockchain) just like the internet, it is not controlled by just one institution or foundation. It has proved to be a working technology used in other fields, as well. It ensures privileges to the world such as making a realization between the two sides and requiring no need for an intermediary in the banking sector. Bitcoin (Blockchain) was invented in 2008. Since then, it has had almost no difficulty.

To make it clear, as an example, blockchain keeps working as a clock does. Even though some attacks have taken place so far, it has coped with them all. It has been able to get over the attacks without taking a knock. And the reason is that the system regenerates itself in every 10 minutes. It has a digital value ecosystem that checks itself. This network( ecosystem) updates every performed transaction in a ten-minute period and names each of them  “Block”. Thus, we get the most significant 2 guides of blockchain. These are:

1. Thanks to the transparency principle, the transparency of the entire network and the openness of all transactions to visitors are ensured.

2. To change any knowledge in the blockchain, it requires the processing power needed on the entire network and does not be corrupted.

Although the purpose of Blockchain is to transfer money, it can be used in many fields apart from the financial world, as well. Even though these fields are almost unlimited, they are actively used in many places such as foreign trade, international transfer transactions, insurance, health voting, and election cybersecurity. This technology (Blockchain) has proven to be the technology of the future by showing the position now it has.

In my view, despite being a 12-year-old technology, blockchain doesn’t get the recognition and respect it deserves. It is something reassuring that the system is being used almost all over the world and that the fields of use are increasing more and more every single day.

Besides, it is pity that the majority of people still do not completely recognize blockchain technology and do not learn the fields of use. Even if we don’t know whether a person or a group is Mr. Satoshi Nakamoto, the maker of this system (technology),  we owe him a thank you as the world. Dear astronauts, I hope you enjoyed reading this article.

By community member Maksatt Askkolsun

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