An Introduction to the Blockchain Technology for the Beginners

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

Sounding 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 is designed so smartly that it regularly updates the spreadsheet on its own. This is a broad summary of the Blockchain. Blockchain holds information as a shared database. Moreover, this database gets reconciled continuously.

This approach has its benefits. It does not allow the database to be stored at any single location. The records in it possess genuine public attribute and will be verified very easily. As there’s no centralised version of the records, unauthorised users have no methods to manipulate with and corrupt the data. Bitcoin Evolution Scam distributed database is simultaneously hosted by an incredible number of computers, making the data easy to get at 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 e-mail, the conventional method of sharing documents is to send a Microsoft Word doc as attachment to a recipient or recipients. The recipients will need their sweet time to go through it, before they send back the revised copy. In this process, one must wait till receiving the return copy to see the changes designed to the document. This is really because the sender is locked out from making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases don’t allow two owners access the same record at the same time. This is one way banks maintain balances of these clients or account-holders.

As opposed to the set practice, Google docs allow both parties to access the same document concurrently. Moreover, it also allows to view an individual 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 a way, an extension of the concept. However, you should point out here that the Blockchain is not designed to share documents. Rather, it is just an analogy, which will help to have clear-cut idea concerning this cutting-edge technology.

Salient Blockchain features

Blockchain stores blocks of information across the network, that 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 single failure point either.
The data is hold in a public network, which ensures absolute transparency in the overall procedure.
The data stored inside it cannot be corrupted.
Demand for Blockchain developers

As stated earlier, Blockchain technology has a very high application in the wonderful world of finance and banking. According to 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 typical GUI for the Blockchain technology. Users utilize the wallet to buy things they need using Bitcoin or any other cryptocurrency.