BLOCKCHAIN TECHNOLOGY
The Next Generation Blockchain Platform ‘Locus Chain’ Bitcoin, a gift of Satoshi, and Ethereum In 2008, Satoshi Nakamoto said, “We use P2P networks to prevent double payments,” and he showed blockchain’s technological innovation possibility through Bitcoin that allows individuals to make transactions without going through a bank. Bitcoin, a use case of blockchain technology, is one of the distributed ledger technology (DLT) developed to record transaction data. Traditionally, every transaction is recorded on central servers. However, DLT allows all users
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in the transaction consensus system to keep the same ledgers and to compare them with each other whenever new transactions occur, guaranteeing maximum security in that regard. The blockchain technology represented by Bitcoin has showed the possibility of reorganizing the information power structure through decentralization. In 2014, Ethereum developed Smart Contract by expanding Bitcoin's blockchain, enabling the decentralized application (DApp) to be powered on the blockchain. Ethereum's Smart Contract is considered as an innovative system that improved blockchain to be applied on the many fields. Currently, this blockchain field is taking a step forward by
developing 'alt coins' optimized for specific purposes in various industries, such as energy, communication, finance, and public sectors.
A need for another innovation, and Locus Chain Even though the blockchain technology presented by Bitcoin and Ethereum clearly shows the potentials to revolutionize the business process in many industries, it also carries certain problems that need to be solved. The blockchain technology essentially requires an encrypted verification procedure for all new blocks to be added. However, as the number of block users increase, the transaction gets overloaded raising the