These days, technology is scaling new heights of success at an incredibly fast rate. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has had a great influence on the financial sector. In fact, it was initially developed for Bitcoin, the digital currency. But now, it also finds its application in many other things.

Getting here was probably easy. But, still do not know what is Blockchain?

A distributed database

Imagine an electronic spreadsheet, which is copied countless times over a computer network. Now imagine that the computer network is so cleverly designed that it regularly updates the spreadsheet by itself. This is a broad overview of Blockchain. Blockchain contains information as a shared database. Also, this database is continually reconciled.

This approach has its own benefits. It does not allow the database to be stored in a single location. The records it contains have a genuine public attribute and can be verified very easily. As there is no centralized version of the logs, unauthorized users have no means to manipulate and corrupt the data. Blockchain’s distributed database is simultaneously hosted on millions of computers, making the data easily accessible to almost anyone on the virtual web.

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

Google Docs Analogy for Blockchain

After the advent of email, the conventional way to share documents is to send a Microsoft Word document as an attachment to a recipient or recipients. Recipients will take their time to review it, before sending the revised copy. In this approach, you need to wait until you receive the return copy to see the changes made to the document. This happens because the sender cannot make corrections until the recipient has finished editing and sends the document back. Contemporary databases do not allow two owners to access the same record at the same time. This is how banks maintain the balances of their clients or account holders.

Unlike established practice, Google documents allow both parties to access the same document at the same time. In addition, it also allows both to view a single version of the document simultaneously. Like a shared ledger, Google Docs also acts as a shared document. The distributed part only becomes relevant when the exchange involves multiple users. Blockchain technology is, in a way, an extension of this concept. However, it is important to note here that Blockchain is not intended for document sharing. Rather, it is just an analogy, which will help to get a clear idea about this cutting edge technology.

Blockchain highlights

Blockchain stores blocks of information on the network, which are identical. By virtue of this feature:

• The data or information cannot be controlled by any particular entity.
• Nor can there be a single point of failure.
• The data is kept on a public network, which guarantees absolute transparency in the general procedure.
• The data stored in it cannot be corrupted.

Blockchain developer demand

As previously said, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, more than $ 430 billion in money transfers were sent through it in 2015 alone. Therefore, Blockchain developers are in significant demand in the market.

Blockchain eliminates the reward of intermediaries in such monetary transactions. It was the invention of the GUI (graphical user interface), which made it easier for the common man to access computers in the form of desktops. Similarly, the wallet app is the most common GUI for Blockchain technology. Users use the wallet to buy things they want using Bitcoin or any other cryptocurrency.