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The Blockchain Technology: An Overview for Beginners

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At an unimaginable speed, technology today is reaching new heights in terms of its success. A recent breakthrough in this area is the development of blockchain technology. Blockchain technology has had an enormous impact on the finance industry. It actually was developed initially for Bitcoin (the digital currency). Now, however, you can use it in many other applications. See MetaEdge gaming content to get more info.

It wasn’t difficult at all to reach this point. Blockchain has yet to be discovered.

A distributed database

An electronic spreadsheet is a document that can be copied over a network of computers. Consider a smart computer network, where the spreadsheet can be copied endlessly across countless computers. This gives you a basic overview of Blockchain. Blockchain can store information as a single database. This shared database also gets updated continuously.

This strategy has some advantages. It doesn’t allow for the database being stored in a single place. They have a genuine public attribute that can be easily verified. The records are not stored in a single centralised repository, so unauthorised people cannot access the records or alter the data. Blockchain is simultaneously hosted on millions of computers. This makes the distributed blockchain database accessible to virtually anyone anywhere in the world.

Google Docs can be used to explain the concept and technology.

Blockchain analogy: Google Docs

Once the eMail was invented, the traditional method of sharing documents was to send a Microsoft Word doc attachment as an attachment to a recipient. They will read it carefully before returning the amended copy. You will need to wait to receive the copy back to view the modifications made to the document. It happens because the sender has been blocked from correcting the document until it is received by the recipient. Current databases prohibit two individuals from accessing the same record in the same database. Banks use this method to maintain the balances of clients and account-holders.

Google docs is a way for both sides to have access to the same document, which contrasts with the standard practice. Google docs allows both the parties to simultaneously view one version of the document. Google Docs can be used as a shared document just like a shared leger. If multiple users share the documents, then the distributed part becomes relevant. Blockchain technology can be seen as an extension to this principle. But, the Blockchain technology does not share documents. The Blockchain is not meant to be used for sharing documents. It’s merely an analogy that will allow you to get a better understanding of the cutting-edge technology.