Introduction to Blockchain Technology for Beginners

Today, technology is scaling newer levels of success at an incredibly fast pace. One of the latest victories in this direction is the evolution of Blockchain technology. New technology has had a huge impact on the financial sector. In fact, it was originally developed for Bitcoin – the digital currency. But now he finds his application in many other things as well.

Getting here was probably easy. But, you still don’t know what Blockchain is?

A distributed database

Imagine an electronic spreadsheet that is copied multiple times over a network of computers. Now, imagine that the computer network is so cleverly designed that it regularly updates its spreadsheet on its own. This is a broad view of Blockchain. Blockchain stores information as a shared database. In addition, this database is constantly being integrated.

This approach has its benefits. It does not support storing the database in one place. The records in it have a real public attribute and can be easily verified. Because there is no centralized version of the records, unauthorized users do not have the resources to manipulate and corrupt the data. The distributed blockchain database is occupied by millions of computers at once, and the data is easily accessible to almost anyone on the virtual web.

To make the concept or technology clearer, it’s a good idea to discuss the Google Docs analogy.

Google Docs analogy for Blockchain

After email appears, the usual way to share documents is to send a Microsoft Word document as an attachment to recipients or recipients. Recipients will take their sweet time to get through it before returning the revised copy. In this approach, you will have to wait until you receive a copy of the return to see the changes made to the document. This is because the sender is locked to make corrections until the recipient finishes editing and returns the document. Current databases do not allow both owners to access the same record at the same time. In this way, banks maintain the balance of their customers or account holders.

Compared to established practice, Google docs allows both parties to access the same document at the same time. In addition, a single version of the document allows you to view both at the same time. Like a shared library, Google Docs also works as a shared document. Sharing the shared portion only becomes important when multiple users are involved. Blockchain technology is somehow an extension of this concept. However, it is important to note here that Blockchain is not intended to share documents. On the contrary, it is just an analogy that will help you get a clear idea of ​​this cutting-edge technology.

Notable features of Blockchain

Blockchain stores blocks of information that are the same throughout the network. With this feature:

  • Data or information cannot be controlled by a single entity.
  • There can’t be a single point of failure.
  • The data is stored on a public network, which ensures complete transparency in the overall procedure.
  • The data stored there cannot be corrupted.

Blockchain Developer Demand

As mentioned earlier, Blockchain technology has a huge application in the world of finance and banking. According to the World Bank, more than $ 430 billion in remittances were sent in 2015 alone. Thus, Blockchain developers are in high demand in the market.

Blockchain eliminates the compensation of intermediaries in such money transactions. GUI (Graphical User Interface) was an invention that made it easier for ordinary humans to access computers as desktops. Also, the portfolio application is the most common GUI for Blockchain technology. Users use their wallet to buy things they want using Bitcoin or any other cryptocurrency.