Introduction to blockchain technology for beginners

These days, technology is expanding to new heights of incredible speed. One of the most recent breakthroughs in this direction is the evolution of blockchain technology. The new technology has had a significant impact on the financial sector. In fact, it was originally designed for Bitcoin – a digital currency. But now it finds the app among many other things.

It was probably easier on the other side. But, does anyone still know what Blockchain is?

Distributed database

Imagine an electronic spreadsheet copied fifteen times in a computer network. Now imagine that the computer network is very modern and that it automatically updates the spreadsheet. This is an overview of my blog. Blockchain contains information as a shared database. In addition, this database is constantly being reconciled.

This approach has its advantages. It does not allow the database to be stored anywhere. The records in it have a real public profile and can be easily verified. In the absence of a centralized version of the data, unauthorized users have no way of distorting and corrupting the information. The blockchain spreadsheet hosts millions of computers at once, making the information accessible to anyone on the virtual web.

It is a good idea to discuss the similarity of Google Docs to make the concept or technology clearer.

Similarity of Google Docs to Blockchain

The most common way to share documents after email is to send a Microsoft Word document to the recipient or recipient. Recipients take the sweetest time to go through it before sending the revised copy. In this way, you will have to wait for someone to receive a return copy to see the changes to the document. This is because the sender was locked in editing until the recipient completes the editing and returns the document. Modern databases do not allow two owners to access the same record at the same time. This is how banks maintain the balance of their customers or account holders.

Contrary to popular belief, Google Docs allows both parties to access one document at a time. Additionally, it allows you to view both versions of the document at the same time. Just like a shared account, Google Docs works like a shared document. The partition is useful only when sharing involves multiple users. Blockchain technology is to some extent an extension of this concept. However, it is important to note here that blockchain is not for sharing documents. Rather, it is the only similarity that helps to have a clear idea of ‚Äč‚Äčthis cutting technology.

Popular Blocks Features

It blocks the same information in the blockchain network. In this character

  • The data or information cannot be controlled by anyone or anyone else.
  • There can be no defeat.
  • The information is stored in a public network that ensures complete transparency throughout the process.
  • The data stored in it cannot be corrupted.

The interest of blockchain developers

As mentioned earlier, blockchain technology has a huge impact on the world of money and banking. According to the World Bank, more than $ 430 billion was transferred in the first half of this year. Only in 2015. As a result, blockchain developers are in high demand in the market.

In blockchain, it eliminates the fees of middle brokers in such transactions. It was the invention of the GUI (Graphical User Interface) that enabled the average person to access computers in the form of a desktop. Similarly, Wallet application is the most common GUI for Blockchain technology. Users use the wallet to purchase items using bitcoin or any other encryption.