Nowadays, technology is raising new heights of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. The new technology has had a major impact on the financial sector. In fact, it was originally developed for bitcoin, the digital currency. But now it finds its application in a number of other things.
Getting here was probably easy. But it remains to be seen what Blockchain is.
Imagine a spreadsheet that is copied countless times on a computer network. Now imagine that the computer network is designed so intelligently that it regularly updates the spreadsheet itself. This is a general overview of Blockchain. Blockchain stores information as a shared database. In addition, this database is constantly being updated.
This approach has its advantages. It does not allow the database to be stored anywhere. The entries in it have a real public attribute and can be checked very easily. Because there is no centralized version of the records, unauthorized users have no means to manipulate and damage the data. Blockchain’s distributed database is hosted simultaneously by millions of computers, making the data easily accessible to almost anyone on the virtual network.
To make the concept or technology clearer, it is good to discuss the analogy with Google Docs.
Google Docs analogy for Blockchain
After the email appears, the conventional way to share documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients will take the sweet time to review it before sending back the reworked copy. In this approach, one has to wait until the return is received to see the changes made to the document. This is because the sender is not allowed to make corrections until the recipient has finished editing and sent the document back. Modern databases do not allow two owners to access the same record at the same time. In this way, banks maintain balance sheets of their customers or account holders.
Contrary to established practice, Google Docs allows both parties to access the same document at the same time. It also allows you to view one version of both documents at the same time. Just like a shared registry, Google Docs also acts as a shared document. The distributed part becomes relevant only when the sharing involves multiple users. Blockchain technology is somehow a continuation of this concept. Here, however, it is important to note that Blockchain is not intended to share documents. Rather, it is simply an analogy that will help you have a clear idea of this cutting-edge technology.
Characteristic features of Blockchain
Blockchain stores blocks of information on the network that are identical. By virtue of this characteristic:
- The data or information cannot be controlled by any particular entity.
- There can be no single point of failure.
- The data is stored in a public network, which guarantees absolute transparency in the entire procedure.
- The data stored in it cannot be damaged.
Search for Blockchain developers
As mentioned earlier, Blockchain technology has a very wide application in the world of finance and banking. According to the World Bank, more than $ 430 billion in remittances were sent through it in 2015 alone. Thus, the developers of Blockchain have a significant market demand.
Blockchain eliminates the payment of intermediaries in such monetary transactions. It was the invention of the GUI (graphical user interface) that made it easier for the average person to access computers in the form of desktops. Similarly, the wallet application is the most common GUI for Blockchain technology. Users use the wallet to buy things they want using bitcoin or another cryptocurrency.