In 2019, we became aware of many new technologies and these technologies were talked about a lot. The year 2020-2030 will be the year in which we will focus on the use of these technologies in business life and how companies will incorporate these technologies into their lives. So which industries will blockchain technology deeply affect?
What is Blockchain Technology?
What is Blockchain Technology? First of all, let’s talk about what technology is so that the subject we are talking about is understandable. Although blockchain technology is a newly known technology; a technology that has preceded it. With the gaining importance of digital currencies such as Bitcoin and coming to the fore, this technology gained importance and thanks to the advanced security system it provided, banks went after this technology. Blockchain, in short, is a very high security encryption and data transfer technology.
How Does Blockchain Work?
We will not go into detailed technical information here. There is a slightly more detailed explanation in the link above; You can get detailed information by clicking this link. Let’s explain it in simple terms: Blockchain is an encryption and information transport technology. For example, you bought 100 bitcoins and somehow owned them somewhere, and since these bitcoins are digital currencies, they must be proven to be yours or confirmed by a system. This is where blockchain comes in. With blockchain, your bitcoins are verified and encrypted, and it is verified that these 100 bitcoins belong to you on millions of computers around the world, and even if 1 or 10 computers break down, it is impossible to lose this information because millions of computers have this information.
How Transactions Are Conducted with the Blockchain System?
Thanks to blockchain technology, money transfers or information about identity are encrypted and from your computer; Transported to another computer or a bank account in encrypted form. During this transport, the information is divided into millions of pieces and distributed to computers around the world, so there is no data loss. Even if a single person captures a single piece; This encryption method because it does not have all of the parts; Unlike other methods, it cannot be broken and your money cannot be seized. In this way, an encryption technology has attracted the attention of industries and especially fintech bankers have started to be interested in this technology.
Which Industries Will Blockchain Affect Deeply?
We mentioned a little above. Blockchain technology has a very strong encryption structure; started to be used by all security applications and banks. Banks in particular have started to use Blockchain technology. Finansbank in Turkey and other banks to serve their customers with this technology and began to develop themselves in this area. Blockchain will be used primarily by Banks, Public Institutions, Financial Institutions, all organizations and companies with security concerns and will be used by all sectors in the future. For example, you have a Tesla vehicle and this vehicle should not be hacked, and when blockchain technology is used in this vehicle, it will be almost impossible to hack with today’s technology.
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