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What is Blockchain?

In today's rapidly digitalizing world, data security and transparency are becoming increasingly important. Blockchain technology, which emerged in response to these needs, is revolutionizing many sectors with its basic concepts and working principles.

Basic Concepts and Definitions:

Blocks: Blockchain is a system in which data is grouped in blocks. It has structure. These blocks are cryptographically linked to each other and form a chain. Each block contains certain information and a reference to the previous block.

Chain: Blocks referencing each other creates a chain. When adding a new block, the previous block is referenced and these links cannot be changed.

Distributed: Blockchain is a distributed system in which data is stored simultaneously on many computers in a network. This prevents data manipulation and increases reliability.

Cryptography: Connections and data between blocks are often secured using cryptographic algorithms. This ensures the security and integrity of the data.

Consensus: Reaching an agreement among the participants in the network regarding the addition or modification of blocks. Consensus mechanisms ensure the reliability and accuracy of the blockchain.

Working Principles of Blockchain:

Distributed Ledger: Data is stored simultaneously on many computers in the network. Each participant has a complete copy and they interact with each other to accept or reject updates.

Security with Cryptography: Cryptography ensures the security and integrity of data. Each block is cryptographically linked to the previous one, and this connection cannot be changed.

Consensus Mechanism: In order for a transaction to be valid in the blockchain, the approval of the majority of participants in the network is needed. Consensus mechanisms ensure that all participants agree.

Immutability: Once a block is created, it is almost impossible to change its content. This gives reliability to the data.

Smart Contracts: "Smart contracts," which are programmable contracts that can run on the blockchain, are a feature that works automatically when predetermined conditions are met and reduces conflict situations.

The basic concepts and operating principles of blockchain technology are leading to impressive changes in many industries by creating a secure, transparent and immutable database. These principles are critical to understanding the functioning of blockchain and evaluating the potential offered by the technology.


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