What is Blockchain Technology?

Bitcoin is based on blockchain technology.

Bitcoin is very popular at this time with price movements. So, what technology are these digital coins actually based on?
The picture below clearly explains how this technology works, so you might want to take a look there.
 
For detailed information: https://blockgeeks.com/guides/what-is-blockchain-technology/
 
A blockchain is, in its simplest terms, a series of timestamped, immutable data records managed by a cluster of computers that do not belong to a single entity. Each of these data blocks (i.e. block) is secured and linked using cryptographic principles (i.e. chain).
The blockchain network has no central authority - this is the exact definition of a democratized system. Because it is a shared and immutable registry, the information in it is open for everyone and everyone to see. Therefore, everything built on blockchain is transparent in nature, and everyone involved is responsible for their actions.
 
The reason why the blockchain has gained so much admiration is that:

• It is not owned by a single entity, hence it is decentralized
• The data is cryptographically stored inside
• The blockchain is immutable, so no one can tamper with the data that is inside the blockchain
• The blockchain is transparent so one can track the data if they want to

 
A person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.

Assist.Prof.Dr. ORHAN ÖZAYDIN