These
days, technology is scaling newer heights of success at an unbelievably fast
pace. One of the latest triumphs in this direction is the evolution of the
Blockchain technology. Jubilee Ace
new technology has greatly influenced the finance sector. In fact, it was
initially developed for Bitcoin — the digital currency. But now, it finds its
application in a number of other things as well.
Coming
across this far was probably easy. But, one is yet to know what is Blockchain?
A distributed database
Imagine
an electronic spreadsheet, which is copied umpteen number of times across a
computer network. Now, imagine the computer network is designed so smartly that
it regularly updates the spreadsheet on its own. This is a broad overview of
the Blockchain. Blockchain holds information as a shared database. Moreover,
this database gets reconciled continuously.
This
approach has its own benefits. It does not allow the database to be stored at
any single location. The records in it possess genuine public attribute and can
be verified very easily. As there’s no centralised version of the records,
unauthorised users have no means to manipulate with and corrupt the data. The
Blockchain distributed database is simultaneously hosted by millions of
computers, making the data easily accessible to almost anyone across the
virtual web.
To
make the concept or the technology clearer, it is a good idea to discuss the
Google Docs analogy.
Google
Docs analogy for Blockchain
After
the advent of the eMail, the conventional way of sharing documents is to send a
Microsoft Word doc as attachment to a recipient or recipients.
Jubilee Ace recipients will take their
sweet time to go through it, before they send back the revised copy. In this
approach, one needs to wait till receiving the return copy to see the changes
made to the document. This happens because the sender is locked out from making
corrections till the recipient is done with the editing and sends the document
back. Contemporary databases do not allow two owners access the same record at
the same time. This is how banks maintain balances of their clients or
account-holders.
In
contrast to the set practice, Google docs allow both the parties to access the
same document at the same time. Moreover, it also allows to view a single
version of the document to both of them simultaneously. Just like a shared
ledger, the Google Docs also acts as a shared document. The distributed part
only becomes relevant when the sharing involves multiple users. The Blockchain
technology is, in a way, an extension of this concept. However, it is important
to point out here that the Blockchain is not meant to share documents. Rather,
it is just an analogy, which will help to have clear-cut idea about this
cutting-edge technology.
Salient Blockchain features
Blockchain
stores blocks of information across the network, that are identical. By virtue
of this feature:
The
data or information cannot be controlled by any single, particular entity.
There
can’t be no single failure point either.
The
data is hold in a public network, which ensures absolute transparency in the
overall procedure.
