Pointing out that blockchain can provide top-level security, verifiability and maximum efficiency, Prof. Dr. A. Arif Ergin stated that it may shape the future in many fields. Prof. Dr. Ergin also pointed that many companies in Turkey, that take their business seriously and want to protect their files and assets, started using blockchain.
Blockchain technology, which all of us started to hear frequently, seems to impact the following decades. Blockchain technology depends on the storage of all processes conducted on a non-centralised computer network to be encrypted and saved on computers on that network in a way that they cannot be changed, and used in many fields such as cryptocurrency, politics, law, healthcate, real estate, finance and food production. Providing information on Blockchain and its fields of use, Prof. Dr. A. Arif Ergin, Dean of the Faculty of Engineering at Yeditepe University, stated that blockchain is a distributed system where many computers work simultaneously, without the need of a central authority. Describing a “distributed system”, which is an old term, as a system where many smaller pieces work in coordination with others, Prof. Dr. Ergin said “It is a system based on “the power of the many” such as taxing, finance and even cooperation systems”.
MONEY, INFORMATION OR DOCUMENTS
Explaining that the control of uniqueness or fakeness is conducted in a distributed system on blockchain, Prof. Dr. Ergin stated the following: “Just as money, it can be applied for any piece of information or document, regardless of its value. For example, with NFTs (non-fungible tokens), there is a discussion of buying and selling art pieces. Similarly, a company can keep its information which should not be corrupted, on the blockchain as well”.
MOVING AWAY FROM A CENTER
Pointing out that apart from calculations, storage of information, documents and records are increasingly held in distributed systems in the last fifteen years, Ergin stated “Today, distributed systems are leaning towards moving away from centralised authorities and it is obvious that this will take a larger role in shaping the future”. Explaining that the idea of conducting distributed processes without a central authority gave birth to cryptocurrency in 1980’s, Prof. Dr. Ergin continued as follows:
“While it is possible to trace the money when all the banking procedures is done electronically, it is not possible in cash transactions. The birth of cryptocurrency is based on the idea of creating an untraceable currency electronically. All your monetary transactions are based on a central authority, such as banks. People left this centralised system and statement of ownership with distributed systems. Cryptocurrencies and blockchain in general is based on distributed calculation ability. That is the reason why cryptocurrency is said to be created for “illegal transactions” for a long time”
WEAKNESS OF CENTRALISED SYSTEMS
Stating that the greatest vulnerability of centralised systems is that they are hackable, Ergin continued:
“You either have to back-up freauently and have a large security budget, or switch to blockchain and develop a self-preserving statem where there is no centralised server needs, and your information will be safe. In Turkey, many serious corporations that want to protect their documents and assets started using blockchain.”
YOUR COMPUTER CAN WORK WHILE YOU ARE ON HOLIDAY
Explaining that many smaller computers with enough hardware can work in parallel and create a distributed system and these computers can work without human interactions with necessary software, Prof. Dr. Ergin stated that in this way, current computers can reach maximum efficiency in blockchain. “For instance, workplace computers are shut down on holidays and become useless. Yet, integrating them as blocks in blockchains can help achieving 100% efficiency instead of 20-30%. Each computer has a computation power, yet we do not harness them on holidays or at the weekends” said Ergin.
Explaining that blockchain can also be employed in voting, Ergin stated the following: “There can be a system where 60 million voters can vote with no possibility of harmful interventions. An infrastructure that will develop us societally and culturally can be created. It is not only about the market value of the records of a company. In using blockchain in a variety of fields, education plays an important role as well. Variety of education and development of insights are crucial”.