Today, technology has reached new heights of success with an incredible rate. This is evident in the recent development of Blockchain technology. It has had a significant impact on finance. This technology was actually originally created for Bitcoin, the digital currency. However, the technology is being used for many other purposes. You can see MetaEdge Gamefi for more information.
This was probably the easiest thing to do. Blockchain, however, is something we are still learning about.
An distributed database
Consider an electronic spreadsheet which can be copied endlessly across a network. The computer network can be so cleverly constructed that the spreadsheet is updated automatically by it. The following is a general overview of Blockchain. Blockchain stores information in a common database. Additionally, the database can be reconciled constantly.
This has its advantages. The database cannot be kept in one place. You can easily check the authenticity of all records within it. Because there isn’t a centralised record, it makes it impossible for unauthorized people to alter or corrupt this data. Blockchain’s distributed database can be accessed by many computers at once, so it is accessible from almost anywhere on the Internet.
Google Docs is an example of a way to clarify the idea or the technology.
Blockchain analogy with Google Docs
The original way of sharing documents was to email a Microsoft Word doc attached to a recipient. After reviewing the document, recipients may take time to review it before sending back the updated copy. This approach requires that the recipient waits until they receive the revised copy before they can see all the changes. Because the sender can’t make any corrections, the recipient must send the document back. The modern database does not permit two people to view the same record. This is the way banks manage balances for clients and account holders.
Google docs, in contrast to traditional practice allows two parties to simultaneously access the same document. You can also view the entire document simultaneously to each of your parties. Google Docs functions as a shared document, just like a shared ledger. Only when multiple users are involved in the sharing, does the distributed part become relevant? In a sense, the Blockchain technology extends this idea. The Blockchain does not allow for the sharing of documents. This is an example, and will give you a clear idea of this innovative technology.