These days, technology is scaling newer heights of success at an unbelievably fast pace. One of the latest triumphs in this direction is the evolution of the Blockchain technology. The new technology has greatly influenced the finance sector. In fact, it had been initially developed for Bitcoin – the digital currency. However now, it finds its application in a number of other things as well.
Coming across this far was probably easy. But, one is yet to learn what is Blockchain?
A distributed database
Imagine an electronic spreadsheet, that is copied umpteen number of times across a computer network. Now, imagine the computer network was created so smartly that it regularly updates the spreadsheet alone. This is a broad overview of the Blockchain. Blockchain holds information as a shared database. Moreover, this database gets reconciled continuously.
This approach has its own benefits. It does not allow the database to be stored at any single location. The records inside it possess genuine public attribute and can be verified quickly. As there is no centralised version of the records, unauthorised users haven’t any means to manipulate with and corrupt the data. The Blockchain distributed database is simultaneously hosted by millions of computers, making the data easy to get at to almost anyone across the virtual web.
To make the concept or the technology clearer, it is just a good idea to go over the Google Docs analogy.
Google Docs analogy for Blockchain
After the advent of the e-mail, the conventional way of sharing documents is to send a Microsoft Word doc as attachment to a recipient or recipients. The recipients will take their sweet time to go through it, before they send back the revised copy. In this approach, one needs to wait till receiving the return copy to start to see the changes designed to the document. This happens because the sender is locked from making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases do not allow two owners access the same record as well. This is how banks maintain balances of these clients or account-holders.
As opposed to the set practice, Google docs allow both parties to access the same document simultaneously. Moreover, it also allows to see a single version of the document to both of them simultaneously. Just like a shared ledger, the Google Docs also acts as a shared document. coincapcentral distributed part only becomes relevant when the sharing involves multiple users. The Blockchain technology is, in ways, an extension of the concept. However, you should point out here that the Blockchain isn’t meant to share documents. Rather, it really is just an analogy, which will help to have clear-cut idea relating to this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information across the network, which are identical. By virtue of this feature:
The data or information can’t be controlled by any single, particular entity.
There can’t be no failure point either.
The data is hold in a public network, which ensures absolute transparency in the entire procedure.
The data stored in it cannot be corrupted.
Demand for Blockchain developers
As mentioned earlier, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, more than US$ 430 billion money transfers were sent through it only in 2015. Thus, Blockchain developers have significant demand on the market.
The Blockchain eliminates the payoff of the middlemen in such monetary transactions. It was the invention of the GUI (Graphical INTERFACE), which facilitated the common man to access computers in form of desktops. Similarly, the wallet application is the most common GUI for the Blockchain technology. Users utilize the wallet to buy things they need using Bitcoin or any other cryptocurrency.