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. In fact, it was initially developed for Bitcoin – the digital currency. But now, it finds its application in several 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 amount 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 in it possess genuine public attribute and can be verified very easily. 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 easily accessible to almost anyone over the virtual web.
To help make the concept or the technology clearer, it is a good idea to go over 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 need their sweet time to proceed 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 made to the document. This is really 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 exactly the same record simultaneously. This is how banks maintain balances of these clients or account-holders.
In Bitcoin Evolution Review to the set practice, Google docs allow both the parties to access the same document at the same time. Moreover, it also allows to see an individual 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 once the sharing involves multiple users. The Blockchain technology is, in ways, an extension of the concept. However, you should 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, that are identical. By virtue of the feature:
The data or information cannot be controlled by any single, particular entity.
There can’t be no single failure point either.
The data 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 stated 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 such monetary transactions. It was the invention of the GUI (Graphical User Interface), which facilitated the common man to gain access to 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 want using Bitcoin or any cryptocurrency.