Today, technology is reaching new heights of success at an incredibly fast pace. One of the latest victories in this direction is the evolution of Blockchain technology. New technology has had a huge impact on the financial sector. In fact, Bitcoin (digital currency) was initially developed. But now he finds his application in many other things as well.
Getting here was probably easy. But, is there still no Blockchain?
Imagine an electronic spreadsheet that is repeatedly copied to a computer network. Now, think that your computer network is so well designed that it regularly updates its spreadsheet on its own. This is a broad view of Blockchain. Blockchain stores information as a shared database. Moreover, this database is constantly being consolidated.
This approach has its benefits. It does not allow the database to be stored in a single location. The records in it have a real public attribute and can be easily verified. Because there is no centralized version of the records, unauthorized users have no means of manipulating and corrupting the data. The distributed blockchain database hosts millions of computers at a time, making data easily accessible on almost any virtual website.
To make the concept or technology clearer, it’s a good idea to discuss the Google Docs analogy.
Google Docs analogy in Blockchain
After email appears, the usual way to share documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients will take a sweet time to walk through it before sending a revised copy. In this approach, you have to wait until you receive a return copy to see the changes made to the document. This is because the sender is blocked from making corrections until the recipient has finished editing and sent the document again. Contemporary databases do not allow both owners to access the same record at the same time. This is how banks maintain the balances of their customers or account holders.
Compared to the established practice, Google doc allows both parties to access the same document at the same time. It also allows you to view only one version of the document at a time. Like a shared book, Google Docs also works as a shared document. The distributed part is important when sharing with multiple users. Blockchain technology is somehow an extension of this concept. However, it is important to note here that Blockchain has no intention of sharing documents. On the contrary, it is just an analogy that will help you to have a clear idea about this cutting-edge technology.
Notable features of the blockchain
Blockchain stores blocks of information on the network, all the same. As a result of this feature:
- Data or information cannot be controlled by a single entity.
- There can’t be a single point of failure.
- The data is in the public network, which ensures complete transparency in the overall procedure.
- The data stored there cannot be corrupted.
Application for blockchain developers
As mentioned earlier, Blockchain technology has a very large application in the world of finance and banking. According to the World Bank, in 2015 alone, $ 430 billion in remittances were sent through it. Thus, Blockchain developers have a high demand in the market.
Blockchain eliminates the fees of intermediaries in these monetary transactions. The GUI (Graphical User Interface) was invented to make it easier for ordinary people to access computers on desktops. Also, the wallet app is the most common GUI for Blockchain technology. Users take advantage of their wallet to buy things they want using Bitcoin or any other cryptocurrency.