These days, technology is scaling newer heights of success at an unbelievably fast pace. Bitcoin Revolution Site of 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 was initially developed for Bitcoin – the digital currency. However now, it finds its application in several other things as well.
Sounding this far was probably easy. But, one is yet to know what is Blockchain?
A distributed database
Imagine an electronic spreadsheet, which is copied umpteen amount of times across some type of 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 may be verified very easily. As there’s no centralised version of the records, unauthorised users have no means to manipulate with and corrupt the info. The Blockchain distributed database is simultaneously hosted by millions of computers, making the data easily accessible to almost anyone over the virtual web.
To help make the concept or the technology clearer, this can be a good idea to discuss the Google Docs analogy.
Google Docs analogy for Blockchain
After the advent of the e-mail, the conventional method of sharing documents would be 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 see the changes designed to the document. This happens because the sender is locked out from making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases don’t allow two owners access exactly the same record at the same time. This is one way banks maintain balances of their clients or account-holders.
As opposed to the set practice, Google docs allow both the parties to access the same document as well. Moreover, it also allows to see a single version of the document to both of these simultaneously. Just like a shared ledger, the Google Docs also acts as a shared document. The distributed part only becomes relevant when the sharing involves multiple users. The Blockchain technology is, in ways, an extension of this concept. However, you should explain here that the Blockchain isn’t designed to share documents. Rather, it 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 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 includes a very high application in the wonderful 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 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 normal man to access computers in form of desktops. Similarly, the wallet application is the most typical GUI for the Blockchain technology. Users make use of the wallet to buy things they need using Bitcoin or any cryptocurrency.