Frequently mentioned blockchain technology takes information and data sharing, where the multi-player structure and reliability of every sector is constantly questioned, to a new stage. The source and target players of data do not change at this new stage, but the difference is that third players verifying the data are not needed anymore. For example, you don’t need the approval of a bank when transferring funds, or a notary when selling a house, or a chemist when buying your medicine. Because now there are chain links that provide the very approval expected to be given by these third players.
The Frequently Mentioned "Blockchain Technology"
Considering the idea at the heart of this technology, it would be correct to say that today there are very fast network structures, it is risky to keep data on one single server and encryption science is now operating at advanced levels. Would it help to increase its credibility and reliability in your eyes if we tell you that information is simultaneously saved on all the computers available in your network and all this saving process is in compliance with the reconciliation designated by the system, and even if we go on to say that the information cannot be accessed by any of the computers available in the network and that only the recipient and sender of the information can see the context?
The reconciliation structure is one of the most important concepts of blockchains. The simplest and easiest way to explain this is to use the example of a coffee vending machine. You need to insert a designated amount of coins into a coffee vending machine to get the coffee you want. The machine expects you to insert the money. And when the money goes into the machine you choose the type of coffee you want to drink and this is called the reconciliation process. The machine then gives you the coffee you have chosen and the procedure is completed. As is the case with a coffee vending machine, the computers available in your blockchain network are responsible for checking the authenticity of the reconciliation identified by the network.
Blockchain technology, which has been rapidly increasing in popularity these days, will change the business style in many sectors. For now it seems that the finance and logistics sectors will be the ones that can adapt to this technology fastest. These two sectors quickly question its usability in their current areas of activity and conduct the relevant research and development process. With the private sector’s rapid R&D processes being embraced also by the public sector, it doesn’t seem like it would take very long for this technology to take a prevalent role in our lives.