What is Blockchain?
Blockchain system is not dependent on any center or person. Blockchain system is made by devices that have adapted to this system. Transactions are made by these anonymous devices and are completely closed to outside interference.
Blockchain distributes all the data of other internet systems to more than one device or computer instead of collecting it in one center. Thus, it prevents all external interventions to these data.
Blockchain database is open to everyone, not just its users. Thus, the control is transparent. Anyone can control the transactions, wallet addresses, Transaction ID (shipping code) and amounts registered in a block.
The wallet addresses of all users of the blockchain system are recorded by the blockchain as the transaction is made, and repetitive transactions are prevented.
How Does Blockchain Work
Every transaction performed has a cryptographic counterpart in the blockchain network, and when the transactions fill the blocks, it creates a new block. These blocks are interconnected and each new block contains the codes of the previous blocks.
As this process is repeated, an inter-block chain is formed. When one of the blocks is completed, it creates a “Hash” code and the next block starts to create a new block based on this “Hash” code. Thanks to this “Hash” code, creating a duplicate block is prevented.
Asset sending transactions made over the blockchain are both cheaper and faster than transactions with banks. The submission you initiate from your wallet is processed to the blockchain network. A Transaction ID code of your submission is generated, which contains your wallet address, recipient wallet address and amount details.
With this code, you can track your shipment. With the Transaction ID code, you can find all the details of your transmission on the blockchain network. You can find details such as the recipient wallet, the sender wallet, the amount, how many confirmations it has received, which block it is in, and the fee you will pay.
What are the Advantages of Blockchain System?
The advantages of the blockchain system are generally grouped under five main headings:
- The fact that it is not connected to any center or person allows transactions to be done safely, cheaply and quickly.
- Controlling all transactions on the blockchain prevents interference and fraudulent actions on the system.
- Keeping all the data related to the blockchain network scattered on many devices prevents all attacks that may come from the outside and offers a secure system.
- Since it is based on a mathematical formula and works automatically, there is no possibility of error.
- The fact that the devices included in the blockchain system are scattered prevents any intervention in the system and offers transparency.
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