Blockchain technology, previously only known as blockchain, has taken the virtual world by storm. It was originally developed in 2008 for use in Bitcoin technology and has since then managed to run without too much of a hitch in the middle. Several others like Google Docs have also made use of the same concept to create successful data distribution without hassle. So what is blockchain?
The Basic Concept:
The basic concept of blockchain technology is derived from decentralized data storage and editing. It is information that is replicated across thousands of computers and there is no single server from which copies have to be made from it. In fact, the original itself is hosted by every computer that wants access to it. Any change that occurs at any node( a computer in the network) is reflected across all of the computers that has access to that particular information and is updated as such. This way it is hard for hackers to pinpoint and corrupt the information since there is no single copy of it on one single server, instead, there is one single copy shared by everyone and stored in a hundred different locations. Everyone who wishes to have access to this information is also free to make any desired changes to it and that change will be reflected in all other computers across the network. The information becomes truly public and transparent for everyone.
How is this beneficial?
- Documents are shared, not distributed:
In the previous model, documents had to distributed, that means someone had to send a node a copy of that document to make changes in and the updated document had to be sent back to the original source thus making two copies of the same document, one obsolete, one updated. This not took up unnecessary time, but it also meant that there existed dozens of copies of the same document somewhere in the system taking up unnecessary space. A blockchain system eliminates this problem as it shares one copy of the document with several nodes at once and any change made in one of the nodes is reflected in every node of the system. No hassle required and it became faster.
- It is a transparent system:
As said before, any information that is entered into a particular file being shared shows up on all other systems. Hence, the blockchain concept is inherently transparent as all data in the file becomes public by default.
- It has no central command:
The blockchain system does not allow for centralized command or control at one single point. Any changes that are to be made in the network have to be made with the acquiescence of all the nodes that are participants in the network. This leaves it with an inherent incorruptibility and robustness not preceded by any other network model.
Blockchain concept has ushered in a new age of internet which will endure much better the constant load of traffic that is increasing every day.