An Introduction to the Blockchain Technology for your Beginners5301876
Today, technology is scaling newer heights of success in an unbelievably fast pace. One of the latest triumphs within this direction is the evolution with the ORBITEX. The new technology has greatly influenced the finance sector. In fact, it was initially produced for Bitcoin - digital currency. But now, it finds its application in many other things as well.
Coming across to this point was probably easy. But, you are yet to understand what is Blockchain?
A distributed database
Imagine an electric spreadsheet, that is copied umpteen number of times across a computer network. Now, think about the computer network is made so smartly which it regularly updates the spreadsheet by itself. This is a broad overview of the Blockchain. Blockchain holds information as a shared database. Moreover, this database gets reconciled continuously.
This method has its own benefits. It does not allow the database being stored at any single location. The records inside it possess genuine public attribute and could be verified quickly. As there's no centralised version of the records, unauthorised users have no means to manipulate with and corrupt the information. The Blockchain distributed database is simultaneously hosted by countless computers, making the info easily accessible to almost anyone across the virtual web.
To help make the concept or even the technology clearer, it's a good idea to talk about the Google Docs analogy.
Google Docs analogy for Blockchain
Following your advent of the e-mail, the conventional means of sharing documents is to send a Ms word doc as attachment to some recipient or recipients. The recipients will take their sweet time for you to go through it, before they send back the revised copy. Within this approach, one should wait till getting the return copy to determine the changes built to the document. This occurs because the sender is locked from making corrections up until the recipient is completed with the editing and sends the document back. Contemporary databases don't let two owners connect to the same record concurrently. This is how banks maintain balances of their clients or account-holders.
As opposed to the set practice, Google docs allow both the parties to get into the same document at the same time. Moreover, additionally, it allows to look at a single form of the document to each of them simultaneously. Being a shared ledger, google's Docs also acts as a shared document. The distributed part only becomes relevant if the sharing involves multiple users. The Blockchain technologies are, 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 supports to have clear-cut understanding of this cutting-edge technology.
Salient Blockchain features
Blockchain stores blocks of information across the network, that are identical. Due to this feature:
The information or information cannot be controlled by single, particular entity. There can't be no single failure point either. The information is hold in the public network, which ensures absolute transparency inside the overall procedure. The info stored in it cannot be corrupted. Demand for Blockchain developers
Mentioned previously earlier, Blockchain technology has a very high application in the realm of finance and banking. Based on the World Bank, greater than US$ 430 billion money transfers were sent through a couple of seconds in 2015. Thus, Blockchain developers have significant demand in the market.