BLOCKCHAIN
CHANGING THE FUTURE OF DIGITIZATION
- With the adaptation of learning methods to the digitalizing world, the importance of electronic learning has increased. The traditional education system cannot keep up with today's pace. For this reason, e-learning methods are becoming more and more used every day.
- As a result of the digitalization of educational processes, there is a need for regulatory and inquisitive technological infrastructures within the scope of European Blockchain Partnership studies to increase transparency and quality.
- With the blockchain inquiry system, it is aimed to create more efficient and more accessible information systems, to promote user trust and protection of personal data, to help create new business opportunities.
EUROPEAN COMMISSION BLOCK CHAIN STRATEGY
The main focus of the European Blockchain Partnership is to build the European Blockchain Services Infrastructure (EBSI).
- The European Blockchain Partnership (EBP) helps prevent fragmentation of the blockchain environment by promoting close cooperation between EU countries. The partnership supports interoperability and the broad deployment of blockchain-based services. It offers a regulatory-compliant environment with clear governance structures and models that are fully compliant with EU laws to help blockchain grow and develop across all of Europe.
- By using blockchain themselves, European policymakers gain first-hand knowledge of how the technology works, where it can best be implemented, and what its potential and risks are. EBP serves as a sandbox, both technological and regulatory, and hopefully leads to better, more informed regulation on the technological and use case front.
Check out the official Blockchain Partnership website of the European Union.
https://digital-strategy.ec.europa.eu/en/policies/blockchain-partnership
BLOCK CHAIN TECHNOLOGY IN BRIEF
- Blockchain technology is a system of record technology where data can be stored without the need for any central administrator. In addition, blockchain technology has a highly resilient infrastructure against cyber attacks.
· Trust in blockchain is maintained through an immutable ledger, which is managed not by a single firm or government, but by an independent computer community on a global scale. All computers reside in a peer-to-peer network called P2P. This model is known as the "distributed trust model." The transparent and decentralized nature of blockchain technology gives confidence to its users in many ways.
BLOCKCHAIN FEATURES
1. Invariance
Immutability means that Blockchain is a permanent and immutable network.
• Each node in the network has a copy of the digital ledger. To add a transaction, each node checks the validity of the transaction, and if the majority of nodes think it's a valid transaction, that's when it is added to the network. This means that without the approval of the majority of nodes, no one can add any blocks of transactions to the ledger.
• Verified records cannot be reversed or modified. This means that no user on the network can edit, modify, or delete it.
2. Distribution
All network participants have a copy of the ledger for full transparency. A public ledger provides complete information about all participants and transactions on the network. Distributed ledger is one of the important features of blockchain for many reasons, such as:
• Because changes propagate so quickly on a distributed ledger, it's easy to keep track of what's going on in the ledger.
• Any changes to the ledger will be updated within seconds or minutes, and verification of the change will be done quickly due to the lack of intermediaries involved in the Blockchain.
• If a user wants to add a new block, the other participating nodes must verify the transaction. In order for a new block to be added to the blockchain network, it must be approved by the majority of nodes in the network.
• In a blockchain network, no node receives any special treatment or favors from the network. To add a new block to the network, everyone needs to follow the standard procedure.
3. Decentralization
Blockchain is decentralized, which means there is no central governing authority to be responsible for all decisions.
• A blockchain network is fully organized and does not make mistakes as it does not depend on human calculations.
Blockchain is less prone to failure due to the decentralized nature of the network. Attacking the system is more expensive for hackers.
• There are no third parties involved, so there are no additional risks in the system.
The decentralized nature of the blockchain makes it easy to create a transparent profile for each participant in the network. So every change can be traced and is more concrete.
• Users now have control over their properties and do not have to rely on third parties to maintain and manage their existence.
4. Security
All records on the blockchain are encrypted separately. Using encryption adds another layer of security to the entire process on the blockchain network. The lack of a central authority does not mean that data can simply be added, updated or deleted on the network. Every piece of information on the blockchain is cryptographically hashed, which means that each piece of data has a unique ID on the network. All blocks contain their own unique hash value and the hash value of the previous block. Thanks to this feature, the blocks are cryptographically connected to each other. Any attempt to change the data means replacing all hash IDs, which is quite impossible.
5. Consensus
Each blockchain has a consensus to help the network make quick and unbiased decisions. Consensus is a decision-making algorithm for the group of nodes active on the network to reach a quick agreement and the smooth operation of the system. Nodes may not trust each other, but may rely on the algorithm running at the center of the network to make decisions. There are many consensus algorithms, each of which has its pros and cons. Every blockchain needs to have a consensus algorithm, otherwise it loses its value.
6. Unanimity
All network participants accept the validity of the records before they are added to the network. When a node wants to add a block to the network, it must receive a majority vote, otherwise the block cannot be added to the network. A node cannot add, update, or delete information from the network. Each record is updated at the same time, and updates are quickly spread across the network. Therefore, it is not possible to make any changes without the approval of the majority of nodes in the network.
7. Speed
Traditional banking systems are easily disruptive and prone to many reasons, such as the fact that it takes days to process a transaction even after completing all payments. Blockchain, on the other hand, offers a faster solution compared to traditional banking systems. This blockchain feature helps make life easier.
The use of blockchain technology is increasing and developing day by day and has a really bright future in the coming years. We can say that this technology is a technology that can make business and government procedures safer, efficient and effective.