A role for blockchain technology for beginners

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Nowadays, technology is scaling to new heights of success at an incredibly fast pace. One of the latest victories in this direction is the evolution of blockchain technology. New technologies have greatly affected the finance sector. In fact, it was originally created for Bitcoin – the digital currency. But now, it finds its application in many other matters as well.

This was probably the easiest to come across. But, the blockchain is not yet known?

A distributed database

Imagine an electronic spreadsheet that has been copied countless times across a computer network. Now, imagine that the computer network is so smartly designed that it regularly updates the spreadsheet itself. This is a comprehensive overview of the blockchain. Blockchain contains information as a shared database. Moreover, these databases are constantly aggregated.

This method has its own advantages. It does not allow storing databases in a single location. The records contained in the actual public attributes and can be easily verified. Since there is no centralized version of the record, there is no way to manipulate and corrupt the data of unauthorized users. The blockchain distributed database is simultaneously hosted by millions of computers, making data easily accessible to almost everyone across the virtual web.

To make the idea or technology clearer, it’s a good idea to discuss Google Docs compatibility.

Google Docs compatibility for blockchain

After the advent of email, the most common way to share documents is to send a Microsoft Word doc as a recipient or attachments to recipients. Recipients will take their sweet time to go through it before returning the revised copy. In this method, one has to wait until one gets the return copy to see the changes made in the document. This happens because the sender is locked out of the correction until the recipient completes the edit and returns the document. 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 set practice, Google Docs allows both parties to access the same document at the same time. Furthermore, it allows viewing a single version of both documents simultaneously. Like a shared ledger, Google Docs acts as a shared document. The distributed part only becomes relevant when the sharing involves multiple users. Blockchain technology is an extension of this concept. However, it is important to mention here that blockchain is not for document sharing. Rather it is just an analogy, which will help to get a clear idea about this sophisticated technology.

Notable blockchain features

Blockchains store blocks of information across networks that are identical. Due to this feature:

  • Information or data cannot be controlled by any single, specific entity.
  • There can be no single failure point.
  • The data is kept in a public network, which ensures absolute transparency in the overall process.
  • The data stored in it cannot be lost.

Demand from blockchain developers

As mentioned earlier, blockchain technology has a very high application in the world of finance and banking. According to the World Bank, more than 30 430 billion was transferred through it in 2015 alone. Thus, blockchain developers have significant demand in the market.

Blockchain cuts the salaries of middlemen in such financial transactions. It was the invention of the GUI (Graphical User Interface) that helped the general public access computers in the form of desktops. Similarly, the wallet application is the most common GUI for blockchain technology. Users use wallets to buy things of their choice using Bitcoin or any other cryptocurrency.

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