These days, technology is scaling newer heights of success at an unbelievably fast pace. Among the latest triumphs in this direction is 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. However now, it finds its application in a number of other things as well.
Sounding 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 some type of computer network. Now, imagine the computer network was created so smartly that it regularly updates the spreadsheet on its own. This is a broad summary of the Blockchain. Blockchain holds information as a shared database. Moreover, this database gets reconciled continuously.
This approach has its benefits. It does not allow the database to be stored at any single location. The records in it possess genuine public attribute and may be verified quickly. As there is 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 easy to get at 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 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 need 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 out from making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases do not allow two owners access exactly the same record at the same time. This is how banks maintain balances of their clients or account-holders.
In contrast to the set practice, Google docs allow both the parties to access the same document simultaneously. Moreover, it also allows to view a single version of the document to both of them simultaneously. As being 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 is not designed to share documents. Rather, it really is just an analogy, which will help to have clear-cut idea about this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information across the network, that are identical. By virtue of this feature:
The data or information cannot be controlled by any single, particular entity.
There can’t be no single failure point either.
The info 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 stated earlier, Blockchain technology includes a very high application in the world of finance and banking. In line with 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.
Bitcoin Revolution Official eliminates the payoff of the middlemen in such monetary transactions. It had been the invention of the GUI (Graphical INTERFACE), which facilitated the normal man to access computers in type 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 cryptocurrency.