These days, technology is scaling new levels of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has greatly influenced the financial sector. In fact, it was initially developed for Bitcoin, the digital currency. But now, it also finds its application in many other things.
Getting here was probably easy. But do you still need to know what Blockchain is?
A distributed database
Imagine an electronic spreadsheet, which is often copied over a network of computers. Now, imagine that the computer network is so cleverly designed that it regularly updates the spreadsheet on its own. This is a broad overview of the blockchain. Blockchain contains information such as a shared database. In addition, this database is continually reconciled.
This approach has its own benefits. It does not allow you to store the database anywhere. The records they include have a genuine public attribute and can be verified very easily. Because there is no centralized version of the records, unauthorized users have no means to manipulate and corrupt the data. Blockchain’s distributed database is hosted simultaneously by millions of computers, making the data easily accessible to almost anyone through the virtual web.
To clarify the concept or technology, it’s a good idea to talk about the Google Docs analogy.
Google Docs analogy for Blockchain
After the email arrives, the conventional way to share documents is to send a Microsoft Word document as an attachment to a recipient or recipients. Recipients will take their sweet time to review it, before resending the revised copy. In this approach, you have to wait until you receive the return copy to see the changes made to the document. This is because the sender cannot make corrections until the recipient finishes editing and resends the document. Contemporary databases do not allow two owners to access the same record at the same time. This is how banks maintain the balances of their customers or account holders.
Unlike established practice, Google Docs allow both parties to access the same document at the same time. In addition, it also allows you to view a single version of the document in both simultaneously. Like a shared record, Google Docs also acts as a shared document. The distributed part only becomes relevant when sharing involves multiple users. Blockchain technology is, in a way, an extension of this concept. However, it is important to note here that Blockchain is not intended for document sharing. Rather, it’s just an analogy, which will help you get a clear idea of this cutting-edge technology.
Highlights of Blockchain
Blockchain stores blocks of information across the network, which are identical. Under this feature:
- Data or information cannot be controlled by any particular entity.
- Nor can there be a single point of failure.
- The data is kept in a public network, which guarantees absolute transparency in the overall procedure.
- The data stored in it cannot be corrupted.
Blockchain developer demand
As mentioned above, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, in 2015 alone remittances of more than US $ 430 billion were sent. Therefore, Blockchain developers have a significant demand in the market.
The Blockchain eliminates the benefit of intermediaries in these monetary transactions. It was the invention of the GUI (Graphical User Interface), which made it easier for ordinary people to access computers in the form of a desktop. Similarly, the portfolio application is the most common GUI for Blockchain technology. Users make use of the wallet to buy things they want with Bitcoin or any other cryptocurrency.