These days, technology is to scale new heights of success at an incredibly fast pace. One of the latest triumphs in this direction is the development of Blockchain technology. The new technology has had a major impact on the financial sector. Indeed, it was originally developed for Bitcoin – digital currency. But now it finds its application in many other things as well.
It was probably easy to get over this far. But, one still knows what is Blockchain?
Imagine an electronic spreadsheet, which is copied thirty-five times on a computer system. Now, imagine that the computer network is designed so cleverly that it regularly updates the registry. This is an extensive overview of Blockchain. Blockchain has information as a shared database. In addition, this database is constantly available.
This method has its own benefit. It does not allow the database to be stored in one place. The files in it have real public characteristics and can be verified very easily. Because no central version of documents is available, unauthorized users have no way of working and corrupting the data. The Blockchain distributed database is simply hosted by millions of computers, making the data accessible to almost everyone on the virtual web.
To clarify the term or technology, it's a good idea to discuss the Google Docs analogy.
Google Docs Similarity to Blockchain
After the introduction of the email, the usual way to share documents is to send Microsoft Word doc as an attachment to the recipient or recipient. Recipients will take their time to review it before returning a revised copy. In this approach, one must wait for a refund to see the changes made to the document. This happens because the sender is blocked from making a correction to the recipient, and has changed the file. Simultaneous databases do not allow two owners to get the same file at the same time. This is how banks balance their customers or accountants.
In contrast to the set of practices, Google Docs allows both parties to access the same document at the same time. In addition, it also allows viewing one version of the document on both pages simultaneously. Like a common master book, Google Docs also works as a shared document. The assigned item will only be relevant when the share involves multiple users. The blockchain technique is thus extending this term. However, it is important to point out that Blockchain is not intended to share documents. Rather, it's just analogism, which will help to get a clear idea of this advanced technology.
Sacred Blockchain Feature
Blockchain stores blocks of information about the network, which are identical. By virtue of this feature:
- You can not manage data or information by one particular party.
- There can not be a single failure point either.
- The data is held in a public network, which ensures absolute transparency in the overall process.
- The data stored in it can not be corrupted.
Blockchain Developer's Request
As previously noted, Blockchain technology has a very large application in the world of financial and banking. According to the World Bank, more than 430 billion US dollars in transfers were sent through it only in 2015. Thus, Blockchain developers have high demand in the market.
The Blockchain excludes payment of intermediaries in such monetary issues. It was the invention of Graphical User Interface (GUI), which facilitated the common man to access desktop computers. Similarly, the wallet application is the most common GUI for Blockchain technology. Users use the wallet to purchase items that they want to use Bitcoin or other cryptocurrency.