These days, technology is scaling newer heights of success at an unbelievably fast pace. One of 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 was initially developed for Bitcoin – the digital currency. But 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, which is copied umpteen number of times across some type of 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 benefits. It does not permit the database to be stored at any single location. The records in it possess genuine public attribute and will be verified quickly. As there’s no centralised version of the records, unauthorised users haven’t any methods to manipulate with and corrupt the info. 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 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 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 process, one must wait till receiving the return copy to start to see the changes designed to the document. This is really because the sender is locked from making corrections till the recipient is done with the editing and sends the document back. Contemporary databases do not allow two owners access exactly the same record concurrently. This is how banks maintain balances of these clients or account-holders.
As opposed to coincapcentral , Google docs allow both the parties to access the same document as well. 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 when the sharing involves multiple users. The Blockchain technology is, in a way, an extension of the concept. However, it is very important point out here that the Blockchain is not designed 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, 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 overall procedure.
The data stored inside it cannot be corrupted.
Demand for Blockchain developers
As stated 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 may be the most typical GUI for the Blockchain technology. Users utilize the wallet to buy things they want using Bitcoin or any cryptocurrency.