An Introduction to the Blockchain Technology for the Beginners6282421
Today, technology is scaling newer heights of success in an unbelievably fast pace. A brand new triumphs in this direction may be the evolution with the ETHEREUM. The new technology has greatly influenced the finance sector. In reality, it was initially developed for Bitcoin - a digital currency. The good news is, it finds its application in several other things as well.
Coming across this far was probably easy. But, you are yet to know what is Blockchain?
A distributed database
Imagine an electric spreadsheet, which is copied umpteen variety of times across a pc network. Now, imagine the computer network was created so smartly it regularly updates the spreadsheet on its own. This is a broad breakdown of the Blockchain. Blockchain holds information like a shared database. Moreover, this database gets reconciled continuously.
This method has its own benefits. This doesn't allow the database to become stored at any single location. The records in it possess genuine public attribute and could be verified quickly. As there isn't any 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 info easily accessible to almost anyone over the virtual web.
To make the concept or even the technology clearer, it is a good idea to talk about the Google Docs analogy.
Google Docs analogy for Blockchain
Following your advent of the eMail, the conventional method of sharing documents would be to send a Ms word doc as attachment with a recipient or recipients. The grateful recipients will take their sweet time to go through it, before they send back the revised copy. In this approach, one should wait till receiving the return copy to see the changes built to the document. This happens because the sender is locked out of making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases do not let two owners access the same record at the same time. This is how banks maintain balances of the clients or account-holders.
In contrast to the set practice, Google docs allow both the parties to access the same document at the same time. Moreover, it also allows to see a single form of the document to both simultaneously. Being a shared ledger, the Google Docs also behaves as a shared document. The distributed part only becomes relevant once the sharing involves multiple users. The Blockchain technology is, in a way, an extension cord of this concept. However, it is important to point out here how the Blockchain is not supposed to share documents. Rather, it's just an analogy, which will help to have clear-cut understanding of this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of knowledge across the network, which are identical. By virtue of this feature:
The info or information can't be controlled by single, particular entity. There cannot be no single failure point either. The information is hold inside a public network, which ensures absolute transparency in the overall procedure. The info stored in it cannot be corrupted. Interest in 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 US$ 430 billion money transfers were sent through a couple of seconds in 2015. Thus, Blockchain developers have significant demand in the market.