People keep track of information, agreements. Changes to these records are constantly being updated. This registration process started with stone tablets. The stone tablets left the place with paper, the papers with holes into the cards, the punched cards with the magnetic strips, the magnetic strips with the magnetic discs, the magnetic discs with the hard discs and the hard discs with the cloud technology. For now, this system is about to leave its place to the blockchain technology that has been working on for over ten years.
In the years when computers and the internet were not common, a copy of a record could kept, but later on, with the technology the record could be deployed on several computers. But thanks to the blockchain technology that we hear a lot these days, it is now possible to see this record in the all of the computers. This allows the data to be stored and viewed on every computer. This is really awesome !
Well, the nature of the transaction record and the storage of the records?
It's a communication system. Once we have decided which assets to distribute, we pack them and make an agreement with other users to keep these data unchanged and unscathed.
Two records are kept.
1- Open records for all users:
Why do you agree with the users?
The answer to this question consists of two main elements.
a. The booklet itself will provide a reward. (No central control, double unauthorized system)
b. The bookkeeper's agreement will provide a different benefit to the participants. (Partial control, unauthorized system)
2- Special record :
a. All group members will reconcile (access to the system will be provided by members, authorized system)
b. Members selected from within the group will provide reconciliation. (The system will control the users selected from those with access permission, dual-permission system)
I will pass it on to you with two examples so you can master the subject better.
For example, BitCoin is a public record example. There is a complicated mathematical problem, and the first person to solve it within a certain period and add it as a block wins a certain amount of prizes. This is an example of an unauthorized blockchain.
Another example is the bank's existing EFT transactions, which is a special record type. It is an example of a double-entry record. Blockchain offers an alternative to the current system. This alternative is; For example, if you send money to one person B person, this data is backed up in the system of the bank in which the data is processed, thanks to the blockchain, this data can be shared in such a way that all other desired banks can see it and this information can never be deleted from the blocks.
Blockchain technology will change many business concepts in the future Are you ready to change this?
For example, it will affect many sectors, from buying and selling real estate, to marriage purses, to gun licensing, to buying and selling cars. It is envisaged that until 2022, only $ 20 billion will save $ 1 billion from banking and some brokerage sectors.
video source : world economic forum
Follow us for articles, articles including crypto money and blockchain sector. Do not be behind those in the industry, be in the ones prepared in the sector !