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Blockchain Technologies
In today's Internet world, data transfer is carried out in many areas (multimedia, communication, web interface, etc.). Blockchain technology, on the other hand, is a distributed database that allows us to transfer assets that we attribute value to, apart from this data. With the Bitcoin digital currency proposed in 2008 by a secret writer nicknamed Satoshi Nakamoto, the existence of a new international currency began to be mentioned in the world. While Bitcoin was initially considered only as money, it was later realized that the Blockchain technology on which Bitcoin is based may have more general uses. In the most general terms, blockchain is the distribution of central trust in the internet environment by allowing a central server or a trusted authority to be removed. Blockchain technology is commonly known as the technology underlying virtual currencies such as Bitcoin and Ethereum. However, this technology has a much wider range with its possibilities and diversifiable applications.
Blockchain technology has become remarkable due to the role it can play in the more efficient operation of these systems by distributing the central trust structure in trust systems based on a single center, which is one of the important problems of today. Blockchain is a decentralized crypto ledger that names a brand new technology that will reshape our entire life by enabling the transfer of valuable assets in the current internet environment that provides data transfer.
The blockchain model consists of two basic concepts: the blocks that make up the blockchain and the records that make up these blocks.
Records: Blockchain records are all kinds of content information on which the related blockchain structure is built. This information can be values such as money transfer, fixture entry, customer records, according to the design. For virtual currencies, these records are money transfer information. Transfers made from one user registered in the system to another registered user are kept with these records. New transfer requests are also queued and saved and replaced during the next transaction.
Blocks: Records are combined and processed at regular intervals and written into blocks. The criteria such as how many records will be in the blocks and after which transactions the records will result in a block are specific to the design of the blockchain. Generally, cryptographic hash algorithms and digital signatures are used during the creation of a block.
Example Ledger Record
Abstract algorithms can be defined non-technically as follows: They are one-way functions that convert data of different lengths to a fixed length and always give the same output with the same input. A single character change in a text changes the entire summary of the text. The hash functions are of great importance in the blockchain database as they provide data integrity control. While the hashes of the blocks are taken, the hash value of the previous block is also added as an input, and because of the hash value of the n-1th block in the nth block, a block contains information about all the blocks before it. In other words, any block is linked to the previous and next blocks with the hash algorithm. That's why the name of the technology has been blockchain, which means chain-linked blocks.
In blockchain technology, each participant keeps a copy of all records from the start. Since changing these records will cause the summaries to change, the majority can notice this when the records are changed. Therefore, the need for a central database in a reliable environment is eliminated. With a distributed database system where everyone can verify, it can be proven that correct information is kept without trusting anyone.
Economics and Monetary Theory
Database Theory
Cryptography
Game Theory
Economics Monetary Theory
Database Theory
Cryptography
Game Theory
In 2009, when the blockchain technology first emerged with Bitcoin, four different sciences came together. All of these sciences existed, but using them all together made Bitcoin revolutionary. Distributed trust was created with Bitcoin and a money communication independent from banks was provided. The method of keeping records and transfers created a new database approach. He created the theory of miners with the proof-of-work approach, which means proof of labor while creating new blocks. While making all these transactions, the miners took the difficulty of cryptographic calculations behind them, making the effort an asset/commodity/value.
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Wide Range Distributed Ledger
Not Subject to Permission
Public Shared
Subject to Permission
Public Shared
Subject to Permission
Private Shared
databases
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Effects of Bitcoin & Ethereum on Blockchain
Bitcoin, among digital currencies (https://coinmarketcap.com) has a dominant volume, Ethereum has a much wider advantage and area of influence compared to it. Ethereum has introduced smart contracts and a way to perform actions according to the rules defined in the contract. Ethereum can be seen as a global computer that anyone can access. In short, Bitcoin provides a platform for decentralized currency, while Ethereum also offers applications that can be run without the need for trusted third parties (central servers). Together with the smart contract logic offered by Ethereum, all of the existing internet technologies have entered the process of change and transformation in a completely dizzying way.
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Do You Need Blockchain In Your Business Model?
Blockchain technology is not suitable for every use case and business model. Therefore, before using the blockchain, it should be checked whether it complies with the requirements. For example, there is no need to use blockchain if the data to be kept will not be created and read by more than one actor. However, since the blockchain provides the distribution of trust between the parties, there is no need for a trust mechanism between the parties that will process / use the data, even if there is no need for the blockchain. Blockchain technology will not be needed if there is no need for a public auditing mechanism and changing records is not critical.
If blockchain technology is desired to be used after the above decisive criteria, the following benefits can be provided in the system to be used:
Technically, trust is provided because the trust mechanism is not based on individuals or institutions, but on multiple nodes in a distributed structure and the difficulty of the underlying mathematical operations.
Depending on the structure of the blockchain, the privacy of the users can be fully ensured in the system to be established.
By eliminating the need for a centralized system, a system that manages itself is obtained.
The system can be created and maintained not by one or a few authorities, but by many small users.
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The Future of Blockchain Technology
Bitcoin altyapısını oluşturan blokzincir teknolojisi gelecek vadeden bir teknoloji olmakla beraber bu teknolojinin tam bir olgunluğa erişmesi için kat edilmesi gereken adımlar vardır. Ancak, İsviçre merkezli Credit Suisse tarafından hazırlanan geniş çaplı bir rapora göre, blokzincir sadece dijital para birimleri veya finansal hizmetler için değil birçok alanda kullanılmaktadır. Dünya Ekonomik Forumu tarafından yapılan bir ankete göre, yöneticilerin %58’i küresel Gayri Safi Milli Üretimin %10’unu “2025’den önce blokzincirde bulunacak” şekilde bir tahmin yürütmektedir. Bu yıl rapora göre olgunluğa erişim yılı olarak belirtilmiştir. Şu anda bu teknoloji prototip ve deney aşamalarının arasında yer almaktadır.
They expect certain products developed by market watchers in 2018 to become frequently mentioned, vendors and new models to emerge. In 2017, many blockchain partnerships were made. In financial services, for example, banks have launched joint ventures to test blockchain. December's UBS agency has entered into agreements with a number of banks in Europe to test blockchain technology. Instead of relying on a third party or organization to review their data, they will rely on blockchain technology for the accuracy of their data. According to this bank, blockchain technology will benefit not only financial services but also other areas. It was stated by Credit Suisse that other companies operating in many fields such as consumer products and real-world applications such as manufacturing implemented blockchain solutions in 2017. It was also stated by this bank that 2018 will be a critical year for blockchain technology.
