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What is Blockchain?

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What is Blockchain

The blockchain system is not tied to any center or person. Blockchain system is made by devices adapted to this system. Transactions are handled by these anonymous devices and are completely closed to outside intervention.

Blockchain distributes all data of other internet systems to multiple devices or computers instead of collecting them in one center. Thus, it prevents all external interventions to these data.

The blockchain database is open to everyone, not just its users. Thus, its control is transparent. Transactions, wallet addresses, Transaction ID (shipping code) and quantities registered in a block can be controlled by anyone.

The wallet addresses of all users in the blockchain system are recorded by the blockchain as transactions are made, and repetitive transactions are prevented.

 

How Does Blockchain Work?

Blockchain has passed to Turkish as “Blockchain”. Every transaction performed has a cryptographic counterpart in the blockchain network, and when the completed transactions fill the blocks, they create a new block, these blocks are connected to each other and each new block contains the codes of the previous blocks.

As this process is repeated, a chain between blocks is formed. When one of the blocks is complete it generates 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 on blockchain are both cheaper and faster than transactions with banks. The shipment you initiate from your wallet is processed to the blockchain network. A Transaction ID code for your shipment is created, containing your wallet address, recipient wallet address and quantity details.

With this code, you can track your submission. With the Transaction ID code, you can find all the details of your shipment on the blockchain network. You can find details such as the recipient wallet, the sender wallet, the amount, the number of approvals, the 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 gathered under five main headings:

It is not connected to any center or person, allowing transactions to be carried out safely, cheaply and quickly.

The ability to control all transactions made on the blockchain prevents interference and fraud on the system.

Keeping all data related to the blockchain network scattered across many devices prevents all attacks from outside and provides a secure system.

Since it is based on a mathematical formula and runs automatically, there is no possibility of error.

The scattered devices included in the blockchain system prevents any intervention in the system and offers transparency.

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