An Introduction to the Blockchain Technology for the Beginners

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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. bitcoin has greatly influenced the finance sector. Actually, 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 know what is Blockchain?

A distributed database

Imagine an electronic spreadsheet, which is copied umpteen number 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 own benefits. It does not permit 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 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 help make the concept or the technology clearer, it is just a good idea to discuss the Google Docs analogy.

Google Docs analogy for Blockchain

After the advent of the eMail, the conventional method 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 proceed through it, before they send back the revised copy. In this process, one must wait till receiving the return copy to start to see the changes made to the document. This happens because the sender is locked out from making corrections till the recipient is performed with the editing and sends the document back. Contemporary databases do not allow two owners access exactly the same record concurrently. 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 see an individual version of the document to both of them 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 this concept. However, it is important to 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 about this cutting-edge technology.

Salient Blockchain features

Blockchain stores blocks of information across the network, that are identical. By virtue of the 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 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 in the market.

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

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