Blockchain Technology

A blockchain is a decentralized and constantly growing database that represents an account transaction record. Based on this definition, block chain technology offers a cyber world to be used by everyone involved in the system.

As the basis of blockchain technology is the mechanism of trust, the sector that will benefit most from this technology appears to be the banking and financial sector. Considering the issue through the global financial system;

It is almost impossible for blockchain technology to collapse due to the use of mathematics and encryption algorithms and the operations being distributed in a dispersed state. Due to this feature, the finance world will be transitioning to block chain based systems and they have started to do so.

Interbank transaction fee costs will decrease with block chain technology.

While high transaction times of money transfers will take a few days, there will be no time limit with blockchain.

Documents and bureaucracy between banks will be eliminated.

Since it is based on registration, it will be easier to follow where the source (money) reaches. This will help in combating money and unregistered economy.

Crypto currencies to be produced through the blockchain began to take their place in the economy. As the number of these crypto coins is clear, blockchain technology can change the inflation concept in the economy.

Every sector based on brokerage and contracting concepts outside the banking and financial sector can be incorporated into block chain technology. Thus, in these sectors, objectivity, consensus, and a system where all system users can benefit are created and better quality work processes can be created.

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