These days, technology is developing new heights of success at an incredibly fast pace. One of the recent victories in this direction is the evolution of Blockchain technology. The new technology has greatly affected the financial sector. In fact, it was originally developed for Bitcoin, a digital currency. But now it finds application in a number of other things.
It was probably easy to get to this place. Still don’t know what a blockchain is?
A distributed database
Imagine a spreadsheet that is copied fifteen times over a computer network. Now imagine that the computer network is so stylishly designed that it regularly updates the schedule on its own. This is a comprehensive review of Blockchain. Blockchain stores data as a shared database. Moreover, this database is constantly coordinated.
This approach has its benefits. It does not allow the database to be stored anywhere. The notes inside have a real public character and can be easily verified. Because there is no centralized version of records, unauthorized users do not have the means to manage and compromise data. A blockchain distributed database is hosted by millions of computers at the same time, and this information can be easily accessed by almost anyone on a virtual website.
It’s a good idea to discuss the Google Document analogy to make the concept or technology clearer.
Google Document analogue for blockchain
The usual way to share documents after an email appears is to send a Microsoft Word document to a recipient or recipients in addition. Buyers will have a sweet time before returning the recycled copy. In this approach, you must wait until you receive a backup copy to see the changes made to the document. This happens because the sender is locked out of making corrections until the recipient completes the edit and sends the document back. Modern databases do not allow two owners to log in to the same account at the same time. Banks even keep the balances of their customers or account holders.
Unlike a defined application, Google Documents allows both parties to access the same document at the same time. In addition, it allows you to display a single version of a document to both at the same time. Like a shared book, Google Docs acts as a shared document. The distributed part is only relevant when many users are sharing. Blockchain technology is in a sense an extension of this concept. However, it is important to note that Blockchain is not intended for document sharing. On the contrary, it is a metaphor that will help you get a clear idea of this advanced technology.
Outstanding Blockchain features
Blockchain stores identical blocks of data within a network. Thanks to this feature:
- Data or information cannot be managed by any person.
- There can be no single point of failure.
- The information is stored in a common network that ensures absolute transparency in the overall procedure.
- The information contained in it cannot be corrupted.
Required by 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 remittances were sent in 2015 alone. Thus, Blockchain developers have a serious demand in the market.
Blockchain eliminates the gain of intermediaries in such money transactions. It was the invention of the GUI (Graphical User Interface) that made it easy 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 a wallet to get what they want using Bitcoin or any other cryptocurrency.