An Introduction to the Blockchain Technology for the Beginners

These days, 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. Actually, it had been initially developed for Bitcoin – the digital currency. But now, it finds its application in a number of 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 number of times across some type of 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 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 is no centralised version of the records, unauthorised users haven’t any means to manipulate with and corrupt the data. Bitcoin Revolution Official distributed database is simultaneously hosted by an incredible number of computers, making the data easily accessible to almost anyone across the virtual web.

To make the concept or the technology clearer, it is a good idea to discuss the Google Docs analogy.

Google Docs analogy for Blockchain

After the advent of the eMail, the conventional way of sharing documents is 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 approach, one needs to wait till receiving the return copy to start to see the changes designed to the document. This happens because the sender is locked out from making corrections till the recipient is done 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 their clients or account-holders.

As opposed to the set practice, Google docs allow both parties to access exactly the same document concurrently. Moreover, it also allows to view a single version of the document to both of these simultaneously. Just like a shared ledger, the Google Docs also acts as a shared document. The distributed part only becomes relevant when the sharing involves multiple users. The Blockchain technology is, in a way, an extension of this concept. However, you should point out here that the Blockchain isn’t meant 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 cannot 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, a lot more than US$ 430 billion money transfers were sent through it only in 2015. Thus, Blockchain developers have significant demand available in the market.

The Blockchain eliminates the payoff of the middlemen in such monetary transactions. It had been the invention of the GUI (Graphical User Interface), which facilitated the normal man to access computers in type of desktops. Similarly, the wallet application is the most common GUI for the Blockchain technology. Users utilize the wallet to buy things they need using Bitcoin or any other cryptocurrency.

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