Does the mention of blockchain technology sound complex to you? It is because you haven't read this!
Prelude
Remember, in the last post on UX design, I mentioned that there would be a digression into the world of Blockchain. You might wonder why. Well, here is your answer: As a UI/UX Designer, there is the chance to focus your User Interface and User Experience Design skills, particularly in the Blockchain and Crypto world.
Personally, that’s my vibe! And since this is my channel, I might as well ride on the back of my personal preferences. You’re welcome to ride with me.
Here, I want to take you through the basics of Blockchain first before we go into the Blockchain and Design romance.
The Blockchain Technology
If you’re like me, you’ve probably spent the last decade hearing about blockchain technology and how it’ll and has changed the world. I’m sure at some point; you stopped to ask, “Hey… what the heck even is a Blockchain?”
Fortunately, I’ll be giving you one of the most straightforward explanations you can find!
The Blockchain Technology Process?
Blockchain technology was invented in 2008 but only came into the public domain when Bitcoin launched after that!
Blockchain is the technology that lays the foundation for digital currencies or cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and others. This technology enables digital information to be distributed but not copied. This means that each piece of data can only have one owner ALWAYS!
In more technical terms, it can be described as a “digital ledger” stored in a distributed network.
Check out this analogy by Blockgeeks. This should help you understand how Blockchain works:
“Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet with the latest info that anyone can check but not change. That right there is a basic understanding of the blockchain.”
The information or record is continually harmonized in the database. This database, described in that analogy as a spreadsheet, is stored in multiple locations and updated promptly. So, the records in each block of a blockchain are public and checkable.
Also, with no main location, it is much more challenging to hack into the technology. That’s the bright side to having the info in millions of places simultaneously.
The Name, Blockchain?
Let’s break the word into two. First, there is ‘block.’ Also, we have ‘chain.’
The block is a record of a new transaction. Once a block is completed, it’s added to the chain. Imagine a new Blockchain technology. The first record of the first transaction is the first block. Once another transaction is made, we have the second block connected to the first just as blocks are laid on each other. As more and more blocks get completed, we begin to have a chain.
Bitcoin or other cryptocurrency owners possess a private password (a complex key) to an address on the chain. That address is where their ownership is recorded and where they can receive payments as well.
William Mougayar, the author of The Business Blockchain, described the Blockchain technology this way:
“Imagine two entities (e.g., banks) that need to update their own user account balances when there is a request to transfer money from one customer to another. They need to spend a tremendous (and costly) amount of time and effort on coordination, synchronization, messaging, and checking to ensure that each transaction happens exactly as it should. Typically, the money being transferred is held by the originator until it can be confirmed that the recipient received it. With the blockchain, a single ledger of transaction entries that both parties have access to can simplify the coordination and validation efforts because there is always a single version of records, not two disparate databases.”
So, thanks to how Blockchain technology simplifies payment and record-keeping especially, it has become a popular tool for more than just currency and transactions. Big firms like IBM and other financial and tech firms are turning to blockchain already.
Conclusion
I hope this write-up gives you that basic idea of blockchain technology. Should you have any question, kindly drop it in the comments section below, and I promise to respond to every question asked.
Next, Southpaw will look into how UI/UX Design helps Blockchain technology. Stay tuned!
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