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 may be the evolution of the Blockchain technology. The brand new technology has greatly influenced the finance sector. In fact, it had been initially  Bitcoin Evolution Scam developed for Bitcoin – the digital currency. But now, it finds its application in several other things as well.

Coming across 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 a computer network. Now, imagine the computer network is designed so smartly that  Bitcoin Evolution Review it regularly updates the spreadsheet on its own. 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 own benefits. It does not allow the database to be stored at any single location. The records in it possess genuine public attribute and can be verified very easily. As there’s no centralised version of the records, unauthorised users have no methods to manipulate with and  Bitcoin Evolution corrupt the info. The Blockchain 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, this can be a good idea to go over 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 proceed through it, before they send back the revised copy. In this process, one needs to wait till receiving the return copy to see the changes made to the document. This is really 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. This is how 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 simultaneously. Moreover, it also allows to see an individual version of the document to both of them simultaneously. As being 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 ways, an extension of the concept. However, you should explain here that the Blockchain is not designed to share documents. Rather, it really is just an analogy, which can only help to have clear-cut idea about this cutting-edge technology.

Salient Blockchain features

Blockchain stores blocks of information across 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 info is hold in a public network, which ensures absolute transparency in the entire procedure.
The data stored in it cannot be corrupted.
Demand for Blockchain developers

As stated earlier, Blockchain technology has a very high application in the world of finance and banking. Based on 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 User 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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