These days, technology is scaling newer heights of success at an unbelievably fast pace. One of the latest triumphs in this direction may be the evolution of the Blockchain technology. The new technology has greatly influenced the finance sector. Actually, it was initially developed for Bitcoin – the digital currency. But now, it finds its application in a number of other things as well.
Sounding this far was probably easy. But, one is yet to know what is Blockchain?
A distributed database
Imagine an electronic spreadsheet, that is copied umpteen number 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 inside it possess genuine public attribute and can be verified quickly. As there is 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 discuss 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 take their sweet time to proceed through it, before they send back the revised copy. In this process, one must wait till receiving the return copy to start to see the changes designed to the document. This happens because the sender is locked from making corrections till the recipient is performed with the editing and sends the document back. meilleur plateforme trading don’t allow two owners access the same record at the same time. 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 exactly the same document at the same time. Moreover, it also allows to see a single 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 this concept. However, it is very important point out here that the Blockchain isn’t designed to share documents. Rather, it really is just an analogy, which will help to have clear-cut idea about this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information over the network, that are identical. By virtue of this feature:
The data or information can’t be controlled by any single, particular entity.
There can’t be no single failure point either.
The data 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 stated earlier, Blockchain technology has a very high application in the 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 on the market.
The Blockchain eliminates the payoff of the middlemen such monetary transactions. It was the invention of the GUI (Graphical User Interface), which facilitated the common man to access computers in type of desktops. Similarly, the wallet application may be the most common GUI for the Blockchain technology. Users utilize the wallet to buy things they need using Bitcoin or any other cryptocurrency.