Today, technology is increasing the success rate more recently at an extremely fast pace. One of the latest wins in this direction is the evolution of Blockchain technology. New technology has greatly influenced the financial sector. In fact, it was originally developed for Bitcoin – digital currency. But now, he found the application in a number of other ways too.
Coming this far might be easy. But, people don’t know what the Blockchain is?
Imagine an electronic spreadsheet, which was copied several times across computer networks. Now, imagine computer networks are smartly designed so that they regularly update their own spreadsheets. This is a broad overview of the Blockchain. Blockchain stores information as a shared database. In addition, this database will be reconciled continuously.
This approach has its own benefits. It does not allow the database to be stored in one location. The notes in it have original public attributes and can be verified very easily. Because there is no centralized version of the record, unauthorized users do not have the means to manipulate and destroy data. The distributed data base Blockchain is simultaneously hosted by millions of computers, making data easily accessible to almost everyone on the virtual web.
To make the concept or technology clearer, it’s a good idea to discuss the analogy of Google Docs.
Google Docs analogy for the Blockchain
After the emergence of eMail, the conventional way of sharing documents was to send Microsoft Word documents as attachments to recipients or recipients. The recipient will take their sweet time to pass it, before they send back the revised copy. In this approach, we need to wait until we receive a copy again to see the changes made to the document. This happens because the sender is locked from making a correction until the recipient is finished with editing and sending the document back. Contemporary databases do not allow two owners to access the same record at the same time. This is how banks maintain the balance of their clients or account holders.
In contrast to established practices, Google docs allow both parties to access the same document simultaneously. In addition, it is also possible to view one version of the document simultaneously. Just like a shared ledger, Google Docs also acts as a shared document. Distributed parts only become relevant when sharing involves many users. Blockchain technology, however, is an extension of this concept. However, it is important to point out here that the Blockchain is not intended to share documents. On the contrary, this is only an analogy, which will help to have a clear idea of this latest technology.
Blockchain features that stand out
The Blockchain stores blocks of information across the network, which are identical. Based on this feature:
Data or information cannot be controlled by any single entity.
There is no single failure point too.
Data is stored on public networks, which ensures absolute transparency throughout the procedure.
The data stored in it cannot be damaged.
Demand for Blockchain developers
As stated earlier, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, more than US $ 430 billion of remittances were sent only in 2015. Thus, Blockchain developers have significant demand in the market.
Blockchain removes rewards from middlemen in such monetary transactions. It was a discovery of a GUI (Graphical User Interface), which facilitated lay people to access computers in the form of desktops. Similarly, wallet applications are the most common GUI for Blockchain technology. Users use wallets to buy items they want using Bitcoin or other digital currencies.