There is actually a Blockchain Technology behind Bitcoin, which we know as crypto or electronic money, which we have heard frequently recently. So what is this Blockchain?
Blockchain in a chain structure consisting of blocks (Block Chain) is a distributed database system that provides encrypted transaction tracking. In money transfers, each step forms a block. For example, each of the information such as the sender's name, the amount sent is a block. These blocks created during the transfer process are encrypted, never changed and made unbreakable. These blocks are distributed to everyone in the entire network and everyone has the same encrypted information. Blockchain's principle of decentralization is based on this technology. The information on the block can only be processed by the buyer and seller specified on them. In addition, Blockchain technology is transparent, anyone can examine the blocks accumulated so far and review them.
Blockchain technology provides individual users with unprecedented control over digital identity, so blockchain, a global open ledger, is used not only for the production of cryptocurrencies, but also for operations such as custody, management and storage in many different areas.
The opportunity it provides to digital identity makes it the key to trust economy. In this respect, blockchain is not only limited to the financial sector, the opportunities offered by digital technology are also turned into opportunities by businesses.
In this respect, it is claimed that blockchain technology is at the center of the fourth industrial revolution. Stating that the great impact technology will have on our lives in the coming period will not be realized with social media, big data, robots or artificial intelligence, Don Tapscott states that the real revolution is the blockchain that forms the basis of virtual-digital money.
With blockchain technology, important steps are taken to ensure that different sectors are integrated with technology.
Blockchain Is In The Foreground For The Banking Sector
As I explained from the beginning of the subject, blockchain is formed by the secure execution of transactions between two parties without the need for an intermediary. Although this situation seems to pose a danger for banks and financial institutions, we should not ignore that banks pay transaction fees in this regard.
With blockchain technology, it is thought that banks will be allowed to use close to 20 billion dollars by 2022.
McKinsey, one of the world's largest management consulting companies, and many banks are taking great steps in blockchain initiatives. In addition, he works extensively on blockchain projects in giant companies such as Microsoft, Google and IBM.
Technology giant IBM, which uses the possibilities of digital technology to facilitate international trade, has attempted to establish a digital trade chain consortium over blockchain technology with organizations among the largest banks in Europe.
Maersk Line, one of the largest maritime transport operators in the world, has started to use blockchain infrastructure by strategically collaborating with IBM in order to save time and cost, accelerate the process and get rid of the procedure of documents in the operation of ships and cargo (container) sailing in international waters.
Companies such as Walmart, Unilever, Nestle, Dole, Kroger, the world's largest food giants, also agreed with IBM to monitor the supply chain for food safety with blockchain technology.
Sweden has taken steps to realize the storage and management of land registry records with blockchain.
Global technology company Bitfury has signed an agreement with Georgia as a pilot country for land title registration.
In summary, the opportunities brought by blockchain technology, the output of digitalization, make our lives easier in different sectors and areas such as finance, health, science, industry and change the way we do business.
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