Technology is scaling Nowadays Heights of success at an unbelievably rapid pace. Among the triumphs in this direction is this Blockchain technology’s growth. The finance industry has been influenced by the technology. In actuality, it was developed for Bitcoin – the currency. But it finds its application in many of other things.
Coming across this way was easy. But, one is to understand what Blockchain is?
A distributed database
Picture an electronic spreadsheet, Which is replicated umpteen number of times. Now, imagine the computer system was created so smartly that it updates the spreadsheet by itself. This is a broad summary of the Blockchain. Information is held by blockchain as a database that is shared. This database becomes reconciled. This bitcoin value approach has its own advantages. It does not enable the database to be kept at any site. The records in it have feature that is real and can be verified. Unauthorized users do not have any way corrupt the data and to control Because there’s no version of the documents. The Blockchain database that is distributed is hosted which makes the data accessible to anyone across the net.
To make the tech or the notion Clearer, it is an excellent idea.
Google Docs analogy for Blockchain
After the Dawn of the eMail Means of sharing files would be to send a Microsoft Word doc as attachment to recipients or a recipient. The recipients will take their time to go through it, before they ship the copy back. In this approach, one should wait until receiving the return copy to observe the changes. This happens because the sender is locked out from making corrections the receiver is done with the editing and sends the file back until. Contemporary databases do not allow the same record is accessed by two owners . This is the way banks maintain balances of account-holders or their customers.
In contrast to the Established practice, Docs allow the parties to access the document . Furthermore, it allows seeing a version of this file to both of them. Exactly as a file, the Google Docs functions like a ledger. The part becomes relevant once the sharing involves users. The Blockchain technology is, in a way, an extension of the idea. It is important to point out here that the Blockchain is not intended to share documents. It is an analogy, which will help to have idea about this technologies.
Salient Blockchain features
Blockchain stores blocks of Information. By virtue of the feature:
- Information or the data cannot be controlled by any single, particular thing.
- The information is hold in a network, which ensures transparency in the procedure.
- The information stored in it cannot be corrupted.
The Blockchain Removes the payoff Of the middlemen in these transactions that are financial. It was the creation of the GUI (Graphical User Interface), which eased the common man to get computers in kind of desktops. The wallet application is the GUI for the Blockchain technology. Users use the wallet to get things they need using Bitcoin or some cryptocurrency.