An Introduction to the Blockchain Technology for the Beginners

Technology is achieving unprecedented success rates at an alarming rate, and technology is advancing at an incredible pace. The Blockchain technology is one of the most recent successes in this direction. This new technology has had a profound impact on the financial sector. It was originally developed to support Bitcoin, the digital currency. It is now used in many other areas.

It was not difficult to get this far. Blockchain is a new concept that is still being explored.

A distributed database

Imagine an electronic spreadsheet that is copied endlessly across a network. Imagine a computer network that is so intelligently designed that it updates the spreadsheet automatically. This is an overview of Blockchain. Blockchain is a shared database that holds information. This database is also constantly reconciled.

This approach comes with its advantages. This approach does not allow for the database to be stored in a single place. It contains records that are authentically public and can easily be verified. Unauthorized users cannot manipulate or corrupt the data because there is no centralised version. The distributed Blockchain database is hosted simultaneously by millions of computers. This makes it accessible to virtually anyone on the internet.

It is a great idea to use the Google Docs analogy to explain the concept and technology.

Blockchain analogy using Google Docs

The traditional way to share documents after the introduction of eMail is to attach a Microsoft Word doc to a recipient. It will be read by the recipients in their own time before they return the corrected copy. To see any changes made to the document, it is important to wait until one receives the return copy. This is because the sender can’t make corrections until the recipient has completed editing and sent the document back. Modern databases don’t allow multiple owners to access the same record simultaneously. This is how banks keep balances for their clients and account-holders.

Google docs allows both parties to view the same document simultaneously, contrary to common practice. It also allows both parties to see the same version of the document simultaneously. Google Docs acts in the same way as a shared ledger. When multiple people are sharing the document, the distributed part becomes relevant. This concept is extended by Blockchain technology. It is important to note that Blockchain technology is not intended to share documents. It is a metaphor, not a way to share documents 바이낸스 사용법.

Salient Blockchain features

Blockchain stores blocks of information distributed across the network that are identical. This feature is:

  • Data or information can’t be controlled by one entity.
  • There cannot be one failure point.
  • The data are kept in a public network which guarantees transparency throughout the entire process.
  • It is impossible to corrupt the data.

Blockchain developers are in high demand

Blockchain technology is a highly-applied tool in finance and banking, as we have already stated. The World Bank estimates that more than US$ 430 Billion in money transfers were made through Blockchain technology in 2015. Blockchain developers are in high demand.

Blockchain eliminates middlemen from such monetary transactions. The GUI (Graphical User Interface) was invented to allow the average person to access computers via desktops. The wallet application is also the most popular GUI for Blockchain technology. The wallet allows users to purchase items using Bitcoin or any cryptocurrency.

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