Nowadays, technology is scaling 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 greatly affected the financial sector. In fact, it was originally designed for bitcoin – a digital currency. But now it finds its application in a number of other things.
Going so far was probably easy. But still need to know what is Blockchain?
Imagine a spreadsheet that is copied more than once over a computer network. Now imagine a computer network designed so elegantly that it regularly updates the table on its own. This is an extensive review of Blockchain. Blockchain stores information as a shared database. Moreover, this database is constantly updated.
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This approach has its advantages. This does not allow you to store the database anywhere. The entries in it have a valid public attribute and can be checked very easily. Because there is no centralized version of records, unauthorized users do not have the ability to manipulate data and corrupt it. The widespread Blockchain database is simultaneously hosted on millions of computers, making the data easily accessible to virtually anyone on the virtual Internet.
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To make the concept or technology more understandable, it’s good to discuss the Google Docs analogy.
The analogy of Google Docs for Blockchain
After e-mail appears, the usual way to exchange documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients are in no hurry to go through it before sending a modified copy. With this approach, you need to wait until you receive a copy to see the changes made to the document. This is because the sender is not allowed to make adjustments 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. This is how banks maintain the balance of their customers or account holders.
Contrary to established practice, Google Docs allows both parties to access the same document at the same time. Moreover, it also allows you to view a separate version of the document 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 participate in the generalization. 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.
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Outstanding features of the blockchain
Blockchain stores identical blocks of information on the network. By virtue of this feature:
- Data or information cannot be controlled by any single organization.
- There can be no single point of failure.
- The data is stored in a public network, which provides absolute transparency of the general procedure.
- The data stored in it cannot be corrupted.
Demand for Blockchain developers
As mentioned earlier, Blockchain technology has a very high 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 eliminates the payment of intermediaries in such monetary transactions. It was the invention of the graphical user interface (GUI) that helped the common man access computers 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 bitcoin or any other cryptocurrency.