Blockchain defined by Burak Basel

The world of cyber finances has been gaining importance while attracting entrepreneurs and investors all around the world. The famous blockchain is a technology that emerged in 2009 with cryptocurrency, yet it has been used in the Department of Finance since the beginning of 2014. Burak Basel, the successful entrepreneur, who has been chosen as the entrepreneur of the year in 2018, believes that blockchain provides an efficient increase in the financial sector, energy markets, supply chain processes, intellectual property management, and public areas. Burak Basel also mentions that the biggest benefit of blockchain technology is the requirement of fully automated, transparent, secure and minimal agent infrastructure. In addition, the secure system that the blockchain technology is providing is accessible by everyone. Besides, all records may be viewed over the internet; therefore the classic document retention structure is completely changing. ‘The fact that it is being a public system brings some concerns about the security of blockchain.’ said Burak Basel.

However, the Blockchain creates distributed databases where all copies of a transaction or any other process performed for data validation are maintained by everyone on the network. Fortunately, according to the experiences of Burak Basel; it is not possible for the users on the network to alter any information in the system. In any case of comparison between copies, any change made may be detected easily.

With the experience that Burak Basel has in his entrepreneurship and investment carrier, he claims that blockchain is considered not only as a platform where Bitcoin and similar cryptocurrencies are traded, but also a shaking technology that has the potential to transform the foundation of social and economic systems.

This Blockchain technology that Basel is referring to is considered to be the entry of new transactions, approving new transaction blocks and adding the approved transaction blocks to the chain of many participants in a network working in a limited or unspecified number of peer-to-peer (P2P) networks.

Burak Basel defined the blockchain for a simple and clear understanding as ‘The blocks are the structures in which all kinds of data containing value are stored. Every completed block is added to a chain repeatedly, as a result creating the blockchain.’ He also added that blockchain technology is used in financial processes in the fields of e-commerce and identity sharing.

As a result of his experiences in trade and entrepreneurship, Burak Basel emphasized the importance of the blockchain technology in the transactions made in export and import companies. He highlights that these companies are expected to perform processes such as payment and logistics autonomously without the need for classic financial instruments with smart contracts, so that they may perform their transactions without intermediaries and transparencies without being involved in the global financial system and bureaucracy. In this way, the blockchain technology eases the process while the trade volumes grow and the products are sent faster and a big decrease in the transfer transaction volumes of the banks by making payments with cryptocurrency is observed.