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 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 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, that is copied umpteen amount of times across some type of 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 inside it possess genuine public attribute and may 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. The Blockchain distributed database is simultaneously hosted by millions of computers, making the data easy to get at to almost anyone across the virtual web.

To help make the concept or the technology clearer, this 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 need 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 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 as well. comparatif plateforme trading 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 exactly the same document as well. Moreover, it also allows to view an individual version of the document to both of them simultaneously. Just like 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, it is important to point out here that the Blockchain is not designed to share documents. Rather, it is just an analogy, which can only help to have clear-cut idea relating to this cutting-edge technology.

Salient Blockchain features

Blockchain stores blocks of information over the network, which 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 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 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 on the market.

The Blockchain eliminates the payoff of the middlemen in such monetary transactions. It was the invention of the GUI (Graphical User Interface), which facilitated the normal 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 want using Bitcoin or any cryptocurrency.