These days, technology is scaling newer heights of success at an unbelievably fast pace. Among the latest triumphs in this direction may be 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. 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 amount of times across a 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. bitcoin 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’s no centralised version of the records, unauthorised users have no methods to manipulate with and corrupt the data. The Blockchain distributed database is simultaneously hosted by an incredible number of computers, making the data easily accessible to almost anyone over 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 eMail, 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 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 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 the same record as well. This is one way 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 concurrently. Moreover, it also allows to view an individual version of the document to both of these 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 a way, an extension of this concept. However, it is important to point out here that the Blockchain isn’t meant to share documents. Rather, it really is just an analogy, which can only help to have clear-cut idea about this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information over 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 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 mentioned earlier, Blockchain technology includes a very high application in the world of finance and banking. Based on the World Bank, a lot more than US$ 430 billion money transfers were sent through it only in 2015. Thus, Blockchain developers have significant demand available in the market.
The Blockchain eliminates the payoff of the middlemen in such monetary transactions. It was the invention of the GUI (Graphical User Interface), which facilitated the normal man to access computers in type 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.