What is blockchain and how does it work? What is a blockchain wallet? Detailed information about this technology.


"Incredible technology that creates the unique architecture of cryptocurrencies."

What is Blockchain?

Blockchain refers to a constantly growing transaction log book that is held by blocks linked together. The storage where these blocks, which are connected as peer-to-peer, store transaction records is named as digital ledger.

The first blockchain is the same age as the first cryptocurrency in history, bitcoin. The white paper document “Bitcoin: A Peer-to-Peer Electronic Cash System” published by Satoshi Nakamoto on October 31, 2008 stated that the BTC infrastructure is completely based on blockchain technology.


How Blockchain Works?

Blockchain technology, which has a very large working area, is often referred to with cryptocurrencies, but it is used in many central or decentralized industries. Among the blockchain usage areas, countless official and unofficial use cases, ranging from banks to governments, from smart contracts to notary transactions, can be mentioned. It is known that this technology has the potential to cause revolutionary changes and transformations in almost all business models in the world.

Today, there are many countries and cities that integrate blockchain technology into voting systems. Control of supply chains has become a much more transparent and consistent process with this technology. All kinds of third parties needed to provide trust before are no longer needed thanks to blockchain. Thanks to this technology, many processes that were previously under human control are now much more risk-free and transparent. There are some authorities that call blockchain technology the most innovative invention since the birth of the internet.

What is Blockchain Wallet?

Blockchain wallet is a digital storage used to send or receive cryptocurrencies. These wallets have a unique code called wallet ID and private key. Technically, the wallet ID is like an email address, and the private key is like a password. The transactions made between these wallets are recorded in the blockchain. Blockchain allows you to make deposits extremely quickly and securely. In addition to your investments, the blockchain also provides the necessary security in the withdrawal process.

It is enough to know the identity code of the receiving wallet to be able to make crypto transfers. The private key should never be shared with anyone, because access to the wallet is provided with this signature code. You do not need to keep this code to access your wallets on a crypto exchange.

What is Blockchain Wallet?