An Introduction to Blockchain Technology for Beginners

Today, technology is developing at an amazing speed. One of the most recent breakthroughs in this area is the evolution of blockchain technology. New technology has had a profound impact on the financial sector. Instead, it was created for Bitcoin – a digital currency. But now, it also finds its use in several other things.

Passing here was probably the easiest. But, does anyone still know what Blockchain is?

Also a distributed database

Imagine an electronic spreadsheet, which is copied ten times over the Internet. Now, imagine that computer networks were designed so intelligently that they were constantly updating their own spreadsheets. This is a great demonstration of Blockchain. Blockchain holds information as a shared database. Also, this database is continuously synchronized.

This method has its advantages. It does not allow the database to be stored in any location. The articles in it have real human characteristics and can be easily verified. Since there are no centralized records, unauthorized users have no way to modify and corrupt the data. A distributed blockchain database is stored simultaneously by millions of computers, making data easily available to anyone on the Internet.

In order for the idea or technology to be clear, it is better to discuss the similarities of Google Docs.

Similar Google Docs for Blockchain

After the advent of Email, a common way to share documents is to send a Microsoft Word doc as an attachment to the recipient or recipients. The recipients will take their best time to go through it, before sending the revised book back. In this way, one has to wait until they receive a duplicate copy to see the changes that have been made. This happens because the sender is blocked from processing until the receiver has finished processing and resending the document. Today’s databases do not allow two owners to access the same record at the same time. This is how banks store the money of their customers or account holders.

Unlike established systems, Google docs allows both parties to access the same document at the same time. In addition, it also allows viewing one version of the document for both parties at the same time. Like a shared book, Google Docs also works as a shared document. A distributed phase is appropriate when the distribution involves multiple users. Blockchain technology is, in a sense, an extension of this concept. However, it is important to point out here that Blockchain does not need to share documents. In fact, it is just an illustration, which will help to have a clear idea of ‚Äč‚Äčthis advanced technology.

Basics of Blockchain

Blockchain stores blocks of information across the network, which are identical. For this reason:

  • Information or data may not be controlled by any organization.
  • There may not be a single point of failure though.
  • The data is stored in a public network, which ensures complete transparency throughout the process.
  • The information stored in it cannot be lost.

Importance of blockchain developers

As mentioned earlier, blockchain technology has a very large application in the world of finance and banking. According to the World Bank, more than US$ 430 billion in remittances were sent through 2015. Therefore, Blockchain developers have a very important market.

The Blockchain solves the payment of the participants in such financial transactions. The GUI (Graphical User Interface) was developed, which enabled the average person to access desktop computers. Likewise, using a wallet is a popular GUI for blockchain technology. Users use this wallet to buy their desired products using Bitcoin or any other cryptocurrency.