We can say that we have taken this concept as a basis in every area that our lives can touch. Trust is the decision with the highest degree of importance between the parties. If it is also encountered in digital life, the decision-making mechanism in the event is provided through the identity and authority of the other person. So as humans, we ask these questions, "Are you really the person you're talking about?" and "Should you be doing what you're trying to do?"

At this point, Blockchain private key cryptography offers you ownership. In other words, you do not have to provide more than the information you need to introduce yourself to the person in front of you without asking the first question we asked. In this way, you get rid of the person we define as an information thief or hacker who probably attacked you.

Of course, authentication is not enough. Having the right network also needs some requirements, such as trading on the right network. A distributed network minimizes the risk of centered corruption or error. This distributed network should also be used for the record keeping and security of the transaction network. For example, to authorize a money transaction, it happens when the entire network follows the rules. In the meantime, unity is achieved. An identity verification done in this way eliminates the obligation to trust the person in front of you. Today, entrepreneurs of industries all over the world have realized the effects of this development. Unimagined, new and powerful digital relationships are now possible thanks to this.

Blockchain technology is often described as the backbone of money transactions over the internet. In fact, this makes it easier to protect cryptographic keys and very important commonly used documents. In short, this idea or technology can be used wherever a reliable registration system is needed.

How It Works

Once we understand why blockchain technology is so important and promising, we need to have an idea of how it works. We call blockchain a decentralized database where records or data are kept for a certain period of time. These records are open to everyone and can be checked for accuracy at any time. It is also constantly updated by P2P network.

When a new transaction is made, those who keep track of the transaction, known as miners, check that request and calculate the most efficient way to resolve it. After the transaction is verified, it is added to the chain as a block. Then, all miners check these transactions, confirm if there is any inconsistency and update the registry.

At this very moment, we are touching the heart of the blockchain. Its main advantage is that it is a dynamic database system. It potentially allows thousands of miners to keep logs, but adds the most efficient input to the database. After the transaction is verified, no one can change the records.

In this way, the accuracy of the block is dynamically updated and is not affected by any cyberattack. Miners can't cooperate to change records. In the event of any cheating, those responsible are removed from the system, which is important for the security of the site.