These days, technology is scaling newer heights of success at an unbelievably fast pace. Among the latest triumphs in this direction may be the evolution of the Blockchain technology. The brand new technology has greatly influenced the finance sector. Actually, it had been initially developed for Bitcoin – the digital currency. But 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, which 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 permit the database to be stored at any single location. The records inside it possess genuine public attribute and can be verified very easily. As there is no centralised version of the records, unauthorised users have no methods to manipulate with and corrupt the data. The Blockchain distributed database is simultaneously hosted by an incredible number of computers, making the data easily accessible to almost anyone across the virtual web.
To help 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 eMail, the conventional method of sharing documents is to send a Microsoft Word doc as attachment to a recipient or recipients. The recipients will need their sweet time to proceed through it, before they send back the revised copy. In this approach, one must wait till receiving the return copy to start to see the changes made to the document. This is really because the sender is locked out from making corrections till the recipient is done with the editing and sends the document back. Contemporary databases don’t allow two owners access the same record concurrently. This is how banks maintain balances of their clients or account-holders.
As opposed to the set practice, Google docs allow both parties to access exactly the same document as well. 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. The distributed part only becomes relevant once the sharing involves multiple users. The Blockchain technology is, in ways, an extension of this concept. However, it is important to explain here that the Blockchain isn’t meant to share documents. Rather, it is just an analogy, which can only help to have clear-cut idea concerning this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information over the network, which are identical. By virtue of this feature:
The data or information cannot be controlled by any single, particular entity.
There can’t be no failure point either.
The info is hold in a public network, which ensures absolute transparency in the overall 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. Based on the World Bank, more than US$ 430 billion money transfers were sent through it only in 2015. Thus, Blockchain developers have significant demand available in the market.
The Blockchain eliminates the payoff of the middlemen such monetary transactions. Bitcoin Revolution Site had been the invention of the GUI (Graphical INTERFACE), which facilitated the normal man to gain access to computers in type of desktops. Similarly, the wallet application is the most typical GUI for the Blockchain technology. Users utilize the wallet to buy things they want using Bitcoin or any other cryptocurrency.