Post by assnzida011 on May 18, 2024 4:47:57 GMT
What Opportunities Does It Provide for Entrepreneurs? 24/02/2020 Blog The blockchain system, which emerged with the introduction of virtual currencies into our lives in recent years, is used to solve many problems today due to its technological infrastructure. So how does the Blockchain system work? What is Blockchain and How Does It Work? Blockchain is a data storage system with a distributed structure that provides encrypted transaction tracking. Data cannot be updated or deleted. With this feature, data blocks are stored by connecting them to each other with encryption algorithms. It is called block chain because it has the feature of a chain. Let's continue with a simple example to better understand the working logic. In the past, while grocery stores kept credit books, customers also kept their own credit books.
When the customer went to the grocery store, he would take this notebook with him and have his purchases recorded both in Dubai Email List his own notebook and in the grocer's notebook. In this way, it was tried to prevent the grocery store from making changes without notice. Blockchain also works with this same logic. A blockchain of data is kept the same as everyone else on the network. If anyone tries to add something to their own block without the approval of others, this change will not be possible because it will conflict with other blocks. Blockchain and Entrepreneurship Although it first emerged with Bitcoin, Blockchain technology is a system that can be used in every field. With this feature, it can create good opportunities for new ventures. For example; Even though we don't want to, we have to share data for purchases made by credit card. However, in a system built on blockchain technology, we can make our purchases confidentially and securely without sharing any personal data with special encryptions and digital signatures.
In addition, money transfer transactions such as money transfer and EFT can be carried out within seconds with blockchain technology. However, since money transfer is still uncontrollable, the government and banks do not view this method positively. Blockchain is a very secure method of storing information. Since a constantly updateable network chain will be established over thousands of computers, it does not prevent information from being lost in case any computer is damaged. Apart from banking; This system can be used to store and protect information in many services such as health, education and transportation. Voting can be done for local and general elections using the blockchain system. A transparent voting can be carried out because it is open to everyone and cannot be tampered with. Experts define blockchain technology as a bigger invention than the internet. Although virtual and crypto currencies are still used, blockchain technology may be used instead of basic database systems in the future, especially in the areas of information access and storage.
When the customer went to the grocery store, he would take this notebook with him and have his purchases recorded both in Dubai Email List his own notebook and in the grocer's notebook. In this way, it was tried to prevent the grocery store from making changes without notice. Blockchain also works with this same logic. A blockchain of data is kept the same as everyone else on the network. If anyone tries to add something to their own block without the approval of others, this change will not be possible because it will conflict with other blocks. Blockchain and Entrepreneurship Although it first emerged with Bitcoin, Blockchain technology is a system that can be used in every field. With this feature, it can create good opportunities for new ventures. For example; Even though we don't want to, we have to share data for purchases made by credit card. However, in a system built on blockchain technology, we can make our purchases confidentially and securely without sharing any personal data with special encryptions and digital signatures.
In addition, money transfer transactions such as money transfer and EFT can be carried out within seconds with blockchain technology. However, since money transfer is still uncontrollable, the government and banks do not view this method positively. Blockchain is a very secure method of storing information. Since a constantly updateable network chain will be established over thousands of computers, it does not prevent information from being lost in case any computer is damaged. Apart from banking; This system can be used to store and protect information in many services such as health, education and transportation. Voting can be done for local and general elections using the blockchain system. A transparent voting can be carried out because it is open to everyone and cannot be tampered with. Experts define blockchain technology as a bigger invention than the internet. Although virtual and crypto currencies are still used, blockchain technology may be used instead of basic database systems in the future, especially in the areas of information access and storage.