These days, technology is rapidly expanding to new heights of success. One of the latest victories in this direction is the evolution of Blockchain technology. The new technology has greatly affected the financial sector. In fact, it was originally developed for Bitcoin – a digital currency. But now it is applied in a number of other things.
It was probably easy to get here. But what is still Blockchain?
Distributed database
Imagine a spreadsheet that is repeatedly copied over a computer network. Now imagine that a computer network is so cleverly set up that it regularly updates its spreadsheet on its own. This is a broad overview of Blockchain. Blockchain stores information as a shared database. Moreover, this database is constantly being coordinated.
This approach has its advantages. It does not allow the database to be stored anywhere. The notes there have real public attributes and can be easily checked. Because there is no centralized version of records, unauthorized users have no means to manipulate and corrupt the data. Blockchain distributed databases are hosted by millions of computers at the same time, which makes the data easily accessible to almost anyone on the virtual Internet.
It’s a good idea to discuss the analogy of Google Docs to make the concept or technology clearer.
Google Document Analogy for Blockchain
The traditional way to share documents after the creation of e-mail is to send a Microsoft Word document to the recipient or in addition to the recipient. Buyers will spend a lot of time going through it before sending a reworked copy back. In this approach, you must wait until you receive a returned copy to see the changes made to the document. This is because the sender is not allowed to make corrections until the recipient has completed the editing and returned the document. Modern databases do not allow two owners to enter the same account at the same time. Banks even keep the balances of their customers or account holders.
Contrary to established practice, Google documents allow both parties to access the same document at the same time. In addition, it allows you to view both versions of the document at the same time. Like a shared book, Google Documents acts as a shared document. The distributed part is only relevant when the sharing involves more than one user. Blockchain technology is, in a sense, a continuation of this concept. However, it should be noted that Blockchain is not intended for sharing documents. On the contrary, it is a metaphor that will help you get a clear picture of this advanced technology.
Prominent Blockchain features
Blockchain stores identical data blocks within a network. According to this feature:
- The information or data cannot be managed by any particular institution.
- There can be no single point of failure.
- The information is stored on a social network, which ensures absolute transparency in the overall procedure.
- The information stored there cannot be damaged.
Demand for blockchain developers
As mentioned earlier, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, in 2015 alone, more than $ 430 billion in remittances were sent through it. Thus, Blockchain developers are in great demand in the market.
Blockchain eliminates the profit of intermediaries in such money transactions. It was a GUI (Graphical User Interface) invention that made it easier for ordinary people to access computers in the form of desktop computers. Similarly, the wallet application is the most common GUI for Blockchain technology. Users use their wallets to buy the items they want using Bitcoin or any other cryptocurrency.