In the week 2, after completing my class, I started doing research on the blockchain technology. my research includes what exactly is the technology and why it is so much important.
A blockchain is the technology that allows all members to keep a ledger containing all transaction data and to update their ledgers to maintain integrity when there is a new transaction. Since the advancement of the Internet and encryption technology has made it possible for all members to verify the reliability of a transaction, the single point of failure arising from the dependency on an authorized third party has been solved. The blockchain is a structured list that saves data in a form similar to a distributed database and is designed to make arbitrarily manipulating it difficult since the network participants save and verify the blockchain. Each block is a structure consisting of a header and a body. The header includes
the hash values of the previous and current blocks and nonce. The block data are searched in the database using the index method. Although the block does not contain the hash value of the next block, it is added as a practice.