Today, bitcoin is a very hot issue in South Korea's economy. Many people use it. Then, how does it work? The blockchain is a kind of data storage. Block is a bundle which data is saved, and chain links the blocks.

When blocks are linked with the chain, other people in blockchain networks get a copy of it. In bitcoin blockchain, this process is carried out every ten minutes. These blockchains become the online ledger. Blockchain is divided into private blockchain and public blockchain. In private blockchain, the invitation is needed and access should be validated by a network starter. On the other hand, in public blockchain, anyone can join in the network, and there is no central authority.

▲ The data of Blockchain

The blockchain is used in many things. First, as I mentioned earlier, bitcoin is worked by blockchain. Satosi Nakamoto made the bitcoin. He always thought about how to make the ledger of bitcoin safer. So, he used blockchain to make everyone who uses the bitcoin administer the ledger. Second, Samsung SDS platform, "Nexledger" was made with blockchain. Samsung can handle a lot of real-time deals, and execute the smart contract, by Nexledger. There is also a monitoring system in Nexledger. Samsung SDS manages the finance, distribution, manufacture, and the public with Nexledger. Third, LG CNS R3 is the blockchain technology system. R3 is the biggest blockchain consortium, so about 80 financial companies use R3. It offers a real-time transaction authentication and only the parties to the transaction could share the record, so security is very good. Next, blockchain is also used in Kakao Pay. Kakao Pay is an online dealing. We can buy many things easily by Kakao Pay. By blockchain, a consumer and a seller could share their dealing information. Finally, health system, "Medibloc" is worked by blockchain. The hospital can save the data about patients' information by blockchain.

▲ The example of Blockchain, ˝Kakao Pay˝

▲ Samsung SDS platform, ˝Nexledger˝

As time flows, the blockchain is used in various fields more an more. It makes our life easy, Though it has also disadvantage like hacking, our life can be great by blockchain's development.

Feb, 3rd, 2018 by Chai Jae Hyeok