These days, technology is scale at an incredibly fast pace with newer heights of success. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has greatly affected the financial sector. In fact, it was originally developed for Bitcoin – a digital currency. But now it finds its application in many other things as well.
Going this far was probably easy. But you still need to know what Blockchain is?
Imagine an electronic spreadsheet that is copied countless times across a computer network. Now, imagine that a computer network is designed so cleverly that it regularly updates the spreadsheet on its own. This is a broad overview of Blockchain. Blockchain stores information as a shared database. Moreover, this database is constantly being updated.
This approach has its advantages. It does not allow database storage anywhere. The records in it possess the original public attribute and can be checked very easily. As there is no centralized version of the record, unauthorized users do not have the means to manipulate and damage the data. The distributed Blockchain database is simultaneously hosted by millions of computers, making the data easily accessible to almost anyone on the virtual web.
To make the concept or technology clearer, it’s a good idea to discuss the Google Docs analogy.
The Google Docs analogy for Blockchain
After e-mail appears, the usual way to share documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients will use their sweet time to go through this, before returning a revised copy. In this approach, one should wait until a backup copy is obtained to see the changes in the document. This happens because the sender is locked from making corrections until the recipient finishes editing and sends the document back. Modern databases do not allow two owners to access the same record at the same time. In this way, banks maintain the balance of their clients or account holders.
Unlike the default practice, Google Docs allows both parties to access the same document at the same time. Moreover, it allows both versions of the document to be displayed to both at the same time. Just like a shared book, Google Docs acts as a shared document. The distributed part becomes relevant only when the sharing involves multiple users. Blockchain technology is in a way an extension of this concept. However, it is important to emphasize here that Blockchain is not intended for document sharing. Instead, it’s just an analogy to help you have a clear idea of this cutting-edge technology.
Featured Blockchain features
Blockchain stores identical blocks of information across the network. Thanks to this feature:
- Data or information cannot be controlled by any particular entity.
- There can be no point of failure.
- The data is stored in a public network, which ensures absolute transparency of the entire procedure.
- The data stored in it 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, more than $ 430 billion in money transfers were sent through it in 2015. Thus, Blockchain developers have significant market demand.
Blockchain eliminates the payment of intermediaries in such money transactions. The invention was a GUI (graphical user interface), which made it easier for the average person to access computers in the form of a desktop. Similarly, the wallet application is the most common GUI for Blockchain technology. Users use the wallet to buy the things they want using Bitcoin or any other cryptocurrency.