Nowadays, technology is reaching new heights of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has greatly affected the financial sector. In fact, it was originally developed for Bitcoin – a digital currency. But now it finds its application in a number of other things.
Getting so far was probably easy. But you still need to know what Blockchain is?
Distributed database
Imagine a spreadsheet that is copied countless times over a computer network. And now imagine that a computer network is designed so intelligently that it regularly updates the table itself. This is an extensive review of Blockchain. Blockchain stores information as a shared database. What’s more, this database is constantly being reconciled.
This approach has its advantages. This does not allow you to store the database anywhere. The entries in it have a real public character and can be very easily verified. Because there is no centralized version of the records, unauthorized users have no means to manipulate and corrupt data. Blockchain’s distributed database is hosted on millions of computers simultaneously, making data easily accessible to virtually anyone on a virtual network.
To make the concept or technology clearer, an analogy with Google Docs should be discussed.
The analogy of Google Docs for Blockchain
After e-mail appears, the usual way to share documents is to send the Microsoft Word document as an attachment to the recipient or recipients. Recipients will take their time to review it before submitting a revised copy. With this approach, you need to wait until you get a back copy to see the changes made to the document. This is because the sender is blocked from making corrections until the recipient finishes editing and sends the document back. Modern databases do not allow two owners to access the same record at the same time. In this way, banks maintain the balances of their customers or account holders.
Contrary to established practice, Google Docs allows both parties to access the same document at the same time. In addition, it also allows you to view a single version of the document for both at the same time. Just like a shared book, Google Docs also acts as a shared document. The distributed part becomes relevant only when several users are involved in sharing. Blockchain technology, in a sense, is an extension of this concept. However, it is important to note that Blockchain is not intended for document exchange. Rather, it is simply an analogy that will help to have a clear idea of this advanced technology.
Characteristic features of the blockchain
Blockchain stores blocks of information on the network that are identical. Due to this feature:
- Data or information cannot be controlled by any individual.
- There also may not be a single point of failure.
- The data is stored in a public network, which provides absolute transparency in the overall procedure.
- The data stored in it cannot be corrupted.
Demand 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, in 2015 alone more than $ 430 billion in remittances were sent through it. As such, Blockchain developers have significant market demand.
Blockchain excludes 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 a computer in the form of desktops. Likewise the wallet app is the most common GUI for Blockchain technology. Users use a wallet to buy the things they want, using bitcoins or any other cryptocurrency.