Bitcoin Revolution Official , technology is scaling newer heights of success at an unbelievably fast pace. Among the latest triumphs in this direction is the evolution of the Blockchain technology. The brand new technology has greatly influenced the finance sector. In fact, it was initially developed for Bitcoin – the digital currency. However now, it finds its application in several other things as well.

Coming across this far was probably easy. But, one is yet to learn what is Blockchain?

A distributed database

Imagine an electronic spreadsheet, that is copied umpteen amount of times across a computer network. Now, imagine the computer network was created so smartly that it regularly updates the spreadsheet alone. This is a broad overview of the Blockchain. Blockchain holds information as a shared database. Moreover, this database gets reconciled continuously.

This approach has its own benefits. It does not allow 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 haven’t any means to manipulate with and corrupt the info. The Blockchain distributed database is simultaneously hosted by millions of computers, making the data easily accessible to almost anyone over the virtual web.

To make the concept or the technology clearer, this is a good idea to go over the Google Docs analogy.

Google Docs analogy for Blockchain

After the advent of the eMail, the conventional way of sharing documents would be to send a Microsoft Word doc as attachment to a recipient or recipients. The recipients will take their sweet time to go through it, before they send back the revised copy. In this process, one needs to wait till receiving the return copy to start to see the changes designed to the document. This is really 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 at the same time. This is how banks maintain balances of these clients or account-holders.

As opposed to the set practice, Google docs allow both the parties to access the same document concurrently. Moreover, it also allows to see a single version of the document to both of these simultaneously. As being a shared ledger, the Google Docs also acts as a shared document. The distributed part only becomes relevant once the sharing involves multiple users. The Blockchain technology is, in ways, an extension of this concept. However, it is very important explain here that the Blockchain isn’t designed to share documents. Rather, it really is just an analogy, which can only help to have clear-cut idea about this cutting-edge technology.

Salient Blockchain features

Blockchain stores blocks of information across the network, which are identical. By virtue of this feature:

The data or information can’t be controlled by any single, particular entity.
There can’t be no failure point either.
The info is hold in a public network, which ensures absolute transparency in the overall procedure.
The data stored in it cannot be corrupted.
Demand for Blockchain developers

As stated earlier, Blockchain technology includes a very high application in the world of finance and banking. Based on the World Bank, 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 such monetary transactions. It was the invention of the GUI (Graphical User Interface), which facilitated the normal man to gain access to computers in form of desktops. Similarly, the wallet application may be the most common GUI for the Blockchain technology. Users make use of the wallet to buy things they want using Bitcoin or any cryptocurrency.

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