Technology is building new heights of success at an incredible rate these days. One of the latest developments in this area is the evolution of Blockchain technology. The new technology has had a great impact on the financial sector. In fact, it was originally developed for bitcoin, the digital currency. But now it finds its application in a number of other things as well.
Going this far was probably easy. But you still need to know what a blockchain is.
Imagine a spreadsheet being copied over and over again on a computer network. Now imagine that the computer network is so cleverly designed that it regularly updates the spreadsheet on its own. This is a broad overview of Blockchain. Blockchain stores information as a common database. Moreover, this database is constantly reconciled.
This approach has its advantages. It does not allow the database to be stored anywhere. The posts in it have a real public feature և can be easily checked. Because there is no centralized version of registrations, unauthorized users have no means of manipulating or corrupting data. Blockchain distributed database is hosted by millions of computers at the same time, making this data easily accessible to almost anyone on a virtual network.
To make the concept or technology clearer, it is a good idea to discuss the Google Docs analogy.
Google Docs analogy for Blockchain
The traditional way of exchanging documents after the appearance of e-mail is to send the Microsoft Word document to the recipient or recipients as an attachment. Recipients will take their sweet time to go through it before sending back the revised copy. With this approach, you will have to wait until you receive a copy to see the changes made to the document. This is because the sender is blocked from making corrections until the recipient has completed the editing արկել resend the document. Modern databases do not allow two owners to access the same record at the same time. This is how banks protect the balances of their customers or account holders.
Contrary to established practice, Google Docs allows both parties to access the same document at the same time. Moreover, it also allows you to view both versions of the document at the same time. Like the general log, Google Docs also acts as a shared document. The distributed part only becomes relevant when the sharing involves more than one user. Blockchain technology is somehow an extension of this concept. However, it should be noted here that Blockchain is not intended for sharing documents. Rather, it’s just an analogy to help you get a clear idea of this latest technology.
Prominent features of the blockchain
A blockchain stores blocks of information on the network that are identical. Due to this feature.
- The data or information may not be controlled by any individual.
- It can not be a single point of failure.
- The data is stored in a public network, which ensures absolute transparency of the overall procedure.
- The data stored in it can not be damaged.
Demand for Blockchain Developers
As already mentioned, Blockchain technology is widely used in the world of finance and banking. According to the World Bank, in 2015 alone, more than $ 430 billion in remittances were sent through it. Thus, blockchain developers are in great demand in the market.
Blockchain eliminates the need for brokers to pay for such transactions. It was the invention of the GUI (Graphical User Interface) that made it easy for ordinary people to access computers in the form of desktops. Similarly, the wallet app is the most popular GUI for Blockchain technology. Users use the wallet to buy items they want in bitcoin or any other cryptocurrency.