Blockchain Technology and its Application Development Areas
Blockchain technology, which has recently made a name for itself in cryptocurrencies, allows many systems to be redesigned. Bitcoin, the "peer-to-peer electronic money system" mentioned in the article published in 2008 by the anonymous person/persons named Satoshi Nakamoto, has made a name for itself quite often until today, and the fluctuations in its price have led to many discussions.
Different projects have been and continue to be developed on the blockchain. Blockchain technology can be used in many different sectors, including businesses and governments.
What is Blockchain?
Blockchain is a technology that enables decentralized storage of data. For this reason, blockchain is also called a digital ledger (ledger or DLT, distributed ledger technology). A blockchain is fundamentally not much different from a database. It is a highly secure system in which the records of money or asset transfer transactions are kept in blocks in a transparent and unchangeable form, and these blocks are connected to each other with chains. Each block stores data and is linked to the previous block. This creates an uninterrupted chain between blocks.
Blockchain technology is decentralized. This means that anyone can join the network. Each participant keeps a copy of the network, ensuring the blocks' security. At the same time, each block contains a hash of the previous block. A hash is a mathematical algorithm used to uniquely represent a data set. This way, any change to one block affects the entire chain by affecting previous blocks.
Blockchain technology can be used for finance, healthcare, real estate, and many other areas. For example, blockchain enables payments to be made quickly and securely in finance. In the health sector, patient health records can be stored on the blockchain, ensuring data security. In the real estate sector, property ownership records can be kept on the blockchain, preventing problems such as fraud and deception.
Blockchain Structure
Transactions between parties on the network are called transactions. Transactions are written in blocks. Blocks are connected to each other like a chain with successive hash functions. This structure is called a blockchain.
Blockchain technology has some basic features.
● Decentralization: It is a system where there is no 3rd party central person or institution between the two transacting parties, and the transactions are checked and approved by the entire network. There is absolutely no central authority in the network. All network participants decide on the network's functioning by following certain protocols.
● Transparency: All data on the network can be monitored by all participants. One Way Only.
● Insertion: The blockchain network grows one way as successive blocks are connected to each other. Only data can be added to this network. Data editing is challenging and costly.
Software Development on Blockchain
Blockchain technology also plays an important role in software development. Those who develop software on blockchain technology can work in different application areas. These areas include cryptocurrencies, smart contracts, and many other applications.
Blockchain is a decentralized and secure database. In this database, transactions are saved in blocks, each related to the previous block. This way, transactions cannot be changed retrospectively. Due to these features, blockchain technology is ideal for many applications that provide a secure and transparent environment. Software development is one of the most important tools used to expand the application areas of blockchain technology.
To develop software on the blockchain, it is first necessary to have a good understanding of blockchain technology. It is also important to have knowledge about blockchain protocols, smart contracts, math, cryptography, cryptocurrencies, and other blockchain applications. This way, you can develop software that runs on the blockchain more effectively and efficiently.
Blockchain in the World
Technologies such as decentralized corporate applications where intermediaries are simplified with the opportunities provided by blockchain technology, digital assets (NFT) and cryptocurrencies as the fuel of the digital economy, and the web 3.0 metaverse with the support of XR (AR/VR, etc.) as a new experience area offer strong opportunities for Turkey to take its place on the world stage. On the other hand, new, developing, and adopting technologies such as IoT (IoB, blockchain of things), which have the potential to connect everything living and non-living, including us humans, to the internet, have great potential both for the development and prosperity of our country and for contributing to the world.
Around 90% of US and European companies were exploring the potential of blockchain by 2018. While the average investment in blockchain projects in 2018 was around $2 billion, the global blockchain market is expected to be worth $20 billion in 2024, with new technologies contributing economically to the world. In the first quarter of 2022 alone, nearly 400 blockchain-focused startups took their place in the global market. In the last two years, the NFT market has increased by 130% to $5 billion, and metaverse investments have reached $47 billion.
Blockchain in Turkey
In Turkey, blockchain technology is still a new and developing field, but it has been gaining more and more attention in recent years. Many companies and startups in Turkey are working to explore the benefits of blockchain technology.
In Turkey, blockchain technology is being used in the financial sector, healthcare sector, logistics sector, public sector, and many other areas. In particular, the financial sector is intensively developing blockchain projects to benefit from the security, transparency, and speed advantages of blockchain technology.
In addition, there are many companies in Turkey that provide blockchain consultancy and services. These companies provide consultancy services to companies on blockchain technology and develop special blockchain projects.
Although blockchain technology is not yet widespread enough in Turkey, with the increase of studies in this field, blockchain technology will become increasingly widespread in Turkey.
The number of startups in Turkey has started to increase, and Turkey, which ranked 26th among 43 countries in 2020, is still low when we hit the world scale, but it is getting closer to its competitors every day and has started to create jobs on a global scale.
Blockchain Use Cases
Blockchain technology is a technology that is increasingly being used as a decentralized and transparent database. Blockchain can be used in financial services, healthcare, food safety, real estate, logistics, voting, public administration, the music industry, and many other sectors. Below are some of the areas where blockchain can be used:
● Financial Services: Blockchain technology can be used in financial transactions such as money transfers, payment systems, currency exchanges, and investment transactions. Cryptocurrencies, in particular, are one of the most popular uses of blockchain technology.
● Healthcare: Blockchain technology can be used in many areas in the healthcare sector, such as the secure and transparent storage and sharing of medical records.
● Food Security: Blockchain technology can be used in the food industry to monitor and track food supplies and supply chain management.
● Real Estate: Blockchain technology can be used in the real estate industry for secure and transparent storage and transfer of property records.
● Logistics: Blockchain technology can be used in the logistics industry for transportation, storage, tracking, and management processes.
● Voting: Blockchain technology can be used in electoral processes and can provide a more transparent and reliable environment for counting votes and ensuring the accuracy of results.
● Public Administration: Blockchain technology can be used in services such as authentication, registration, and payment transactions of citizens in the field of public administration.
● Music Industry: Blockchain technology can be used in the music industry in areas such as copyright management, music recording, publishing, and distribution.
These are just some of the areas where blockchain technology can be used, and developers and businesses continue to explore new and different use cases.
If you want to receive Blockchain consultancy or Blockchain application development services for your business, you can contact Doğuş Teknoloji's expert teams.
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