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. In fact, it had been initially developed for Bitcoin – the digital currency. However now, it finds its application in several other things as well.
Coming across 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 amount of times across a computer network. Now, imagine the computer network was created so smartly that it regularly updates the spreadsheet alone. 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 in it possess genuine public attribute and can be verified very easily. As there’s no centralised version of the records, unauthorised users have no 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, it is a good idea to go over the Google Docs analogy.
Google Docs analogy for Blockchain
After the advent of the eMail, 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 go through it, before they send back the revised copy. In this process, one must wait till receiving the return copy to see the changes designed to the document. This happens 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 simultaneously. This is how banks maintain balances of these clients or account-holders.
As opposed to the set practice, Google docs allow both the parties to access the same document at the same time. Moreover, it also allows to see an individual version of the document to both of them simultaneously. Just like 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 the concept. However, it is very important point out here that the Blockchain is not designed to share documents. Rather, it really is just an analogy, which can only help to have clear-cut idea concerning this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information over the network, which are identical. By Bitcoin Revolution Official 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 entire procedure.
The data stored inside it cannot be corrupted.
Demand for Blockchain developers
As mentioned earlier, Blockchain technology has a very high application in the wonderful world of finance and banking. According to the World Bank, 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 INTERFACE), which facilitated the normal man to access computers in type of desktops. Similarly, the wallet application is the most common GUI for the Blockchain technology. Users make use of the wallet to buy things they want using Bitcoin or any other cryptocurrency.