An Introduction to the Blockchain Technology for the Beginners

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. Actually, it had been initially developed for Bitcoin – the digital currency. But now, it finds its application in a number of other things as well.

Sounding Bitcoin Era Review was probably easy. But, one is yet to learn what is Blockchain?

A distributed database

Imagine an electronic spreadsheet, which 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 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 very easily. As there’s no centralised version of the records, unauthorised users have no means to manipulate with and corrupt the info. The Blockchain distributed database is simultaneously hosted by an incredible number of computers, making the data easily accessible to almost anyone across the virtual web.

To make the concept or the technology clearer, it is a good idea to discuss the Google Docs analogy.

Google Docs analogy for Blockchain

After the advent of the eMail, the conventional way of sharing documents is 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 must wait till receiving the return copy to see the changes designed to the document. This happens because the sender is locked from making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases don’t allow two owners access exactly the same record simultaneously. This is one way banks maintain balances of their clients or account-holders.

As opposed to the set practice, Google docs allow both the parties to access exactly the same document simultaneously. Moreover, it also allows to view an individual version of the document to both of these 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 a way, an extension of the concept. However, it is very important point out here that the Blockchain isn’t meant to share documents. Rather, it really is just an analogy, which will help to have clear-cut idea concerning this cutting-edge technology.

Salient Blockchain features

Blockchain stores blocks of information over the network, which 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 info is hold in a public network, which ensures absolute transparency in the entire procedure.
The data stored inside it cannot be corrupted.
Demand for Blockchain developers

As stated earlier, Blockchain technology includes a very high application in the wonderful world of finance and banking. In line with the World Bank, a lot more than US$ 430 billion money transfers were sent through it only in 2015. Thus, Blockchain developers have significant demand on the market.

The Blockchain eliminates the payoff of the middlemen in such monetary transactions. It was the invention of the GUI (Graphical INTERFACE), which facilitated the normal man to gain access to computers in type of desktops. Similarly, the wallet application may be the most typical GUI for the Blockchain technology. Users make use of the wallet to buy things they need using Bitcoin or any cryptocurrency.