These days, technology is scaling newer heights of success at an unbelievably fast pace. One of the latest triumphs in this direction may be 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.
Sounding this far was probably easy. But, one is yet to know what is Blockchain?
A distributed database
Imagine an electronic spreadsheet, that is copied umpteen amount of times across a computer network. Now, imagine the computer network is designed so smartly that it regularly updates the spreadsheet on its own. 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 haven’t any 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 across 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 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 must wait till receiving the return copy to see the changes made 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 don’t allow two owners access 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 parties to access the same document as well. Moreover, it also allows to see an individual version of the document to both of these simultaneously. Just like a shared ledger, the Google Docs also acts as a shared document. coincapcentral distributed part only becomes relevant once the sharing involves multiple users. The Blockchain technology is, in ways, an extension of the concept. However, it is very important explain here that the Blockchain is not meant to share documents. Rather, it 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, which are identical. By virtue of the feature:
The data or information can’t 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 inside it cannot be corrupted.
Demand for Blockchain developers
As mentioned 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.
The Blockchain eliminates the payoff of the middlemen such monetary transactions. It had been the invention of the GUI (Graphical INTERFACE), which facilitated the common man to access computers in type of desktops. Similarly, the wallet application may be the most common GUI for the Blockchain technology. Users make use of the wallet to buy things they want using Bitcoin or any cryptocurrency.