These days, technology is scaling newer heights of success at an unbelievably fast pace. Among the latest triumphs in this direction may be the evolution of the Blockchain technology. The new technology has greatly influenced the finance sector. In fact, it was initially developed for Bitcoin – the digital currency. However now, it finds its application in a number of other things as well.
Coming across 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 is designed so smartly that it regularly updates the spreadsheet on its own. This is a broad summary 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 will be verified quickly. As there is no centralised version of the records, unauthorised users haven’t any means to manipulate with and corrupt the info. The Blockchain distributed database is simultaneously hosted by millions of computers, making the data easy to get at to almost anyone over the virtual web.
To make the concept or the technology clearer, it is just 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 would be 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 needs to wait till receiving the return copy to start to see the changes designed to the document. This is really because the sender is locked from making corrections till the recipient is done with the editing and sends the document back. Contemporary databases do not allow two owners access exactly the same record concurrently. This is one way banks maintain balances of their clients or account-holders.
As opposed to the set practice, Google docs allow both parties to access exactly the same document as well. 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 when the sharing involves multiple users. The Blockchain technology is, in ways, an extension of this concept. However, you should point out here that the Blockchain is not meant to share documents. Rather, it really is just an analogy, which can only help to have clear-cut idea concerning this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information over the network, that are identical. By virtue of the 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 overall procedure.
The data stored in it cannot be corrupted.
Bitcoin Evolution for Blockchain developers
As mentioned earlier, Blockchain technology has a very high application in the world of finance and banking. In line with the World Bank, more than US$ 430 billion money transfers were sent through it only in 2015. Thus, Blockchain developers have significant demand available in the market.
The Blockchain eliminates the payoff of the middlemen in such monetary transactions. It had been the invention of the GUI (Graphical INTERFACE), which facilitated the normal man to access computers in type of desktops. Similarly, the wallet application is the most typical GUI for the Blockchain technology. Users make use of the wallet to buy things they want using Bitcoin or any other cryptocurrency.