Today technology is rising at a very fast pace with newer peaks of success. One of the latest achievements in this direction is the development of blockchain technology. You can also learn more about blockchain at https://www.supercolony.net/.
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New technologies have a huge impact on the financial sector. In fact, it was originally developed for Bitcoin, a digital currency. But now he finds application in a number of other ways.
Getting there might be easy. But you still don't know what blockchain is?
Imagine a spreadsheet that is copied indefinitely on a computer network. Now imagine that a computer network is so cleverly constructed that it updates the spreadsheet itself regularly. This is an overview of blockchain. Blockchain stores information as a public database. In addition, this database is constantly updated.
This approach has advantages. It does not allow the database to be stored anywhere. The entries in it have real public attributes and can be checked very easily. Because there is no centralized version of the record.
Distributed blockchain databases are hosted by millions of computers simultaneously, making data easily accessible to almost anyone on the virtual network.
To clarify a concept or technology, it's worth discussing the Google Docs analogy.
Google Docs likeness for blockchain
After an email appeared, the traditional way to share a document was to send a Microsoft Word document as an attachment to one or more recipients. The recipient takes the time to review it before returning the revised copy. With this approach, one has to wait until you get the copy back to see the changes made to the document. This is because the sender cannot make any corrections until the recipient has finished editing and returning the document.
Contrary to common practice, Google Docs allows both parties to access the same document at the same time. You can also view one version of a document at a time. However, it should be noted here that blockchain is not meant for document sharing. Rather, this is just an analogy that will help you get a clear picture of this advanced technology.