A review of the Blockchain Technology for the Beginners2882534
Nowadays, technologies are scaling newer heights of success at an unbelievably fast pace. One of the latest triumphs in this direction is the evolution with the bitcoin technology. The new technologies have greatly influenced the finance sector. In fact, it was initially developed for Bitcoin - the digital currency. But now, it finds its application in a lot of other items too.
Finding this far was probably easy. But, an example may be yet to be aware what is Blockchain?
Imagine an electric spreadsheet, that's copied umpteen number of times across a computer network. Now, suppose the network system was made so smartly which it regularly updates the spreadsheet on its own. This is a broad overview of the Blockchain. Blockchain holds information as being a shared database. Moreover, this database gets reconciled continuously.
This strategy possesses his own benefits. It does not let the database to become stored at any single location. The records in it possess genuine public attribute and could be verified effortlessly. As there is no centralised version of the records, unauthorised users have zero way to manipulate with and corrupt the info. The Blockchain distributed database is simultaneously hosted by numerous computers, making the info easily accessible to almost anyone over the virtual web.
To help make the concept or technology clearer, this is a good option to talk about the Google Docs analogy.
After the advent of the e-mail, the typical strategy for sharing documents would be to send a Ms word doc as attachment to a recipient or recipients. The recipients will take their sweet time to go through it, before they give back the revised copy. On this approach, you need to wait till getting the return copy to determine modifications built to the document. Such a thing happens as the sender is locked out of making corrections till the recipient is done with all the editing and sends the document back. Contemporary databases do not let two owners connect to the same record as well. This is how banks maintain balances of the clients or account-holders.
As opposed to the set practice, Google docs allow both parties gain access to precisely the same document at the same time. Moreover, additionally, it allows to look at an individual version of the document to both simultaneously. Like a shared ledger, the Google Docs also provides a shared document. The distributed part only becomes relevant if the sharing involves multiple users. The Blockchain technology is, in ways, an extension cord with this concept. However, you should explain here the Blockchain is just not intended to share documents. Rather, it is only an analogy, which supports to get clear-cut understanding of this cutting-edge technology.
Blockchain stores blocks of info across the network, that are identical. Thanks to this feature:
-The data or information cannot be controlled by single, particular entity. -There is not no single failure point either. -The info is hold in the public network, which ensures absolute transparency inside the overall procedure. -The data held in structured be corrupted.