Blockchain Technology Explained

 

With the advent of bitcoin by Satoshi Nakamoto in 2008, blockchain technology came into the limelight. The technology is fairly new and seems complicated. You might have heard a definition, which explains blockchain as a decentralized, distributed, public ledger. It might seem confusing for some. But, it is quite easy to understand what blockchain technology is once you break it down.

Due to the high demand of blockchain technology and its constant growth, the jobs in this field have a lucrative pay scale. Also, there is a particular gap in the market, which makes opting for a career in blockchain quite promising. To understand more about this, we will break down the basics of blockchain technology. 

What is blockchain?

Blockchain technology is basically the storage of digital information in a public database. The database is accessible to all but has heavy encryption that makes the possibility of a data breach extremely low.

Another notable feature of this Blockchain technology is that the information, once stored inside the blockchain, cannot be altered. Moreover, with features like reliability, immutability, privacy, trust, blockchain technology is still gaining immense popularity. Also, no central authorized companies handle it.

How does blockchain work?

To know how blockchain works, it is vital to know about the three main concepts – blocks, miners, and nodes.

·         Blocks

Each chain has numerous blocks. These blocks have three elements:

1.      Data inside the block

2.      Nonce – It is a 32-bit number. It is arbitrarily generated during the creation of a block.

3.      Hash – It is a 256-bit number added to nonce.

During the creation of the block, the nonce produces the hash. The data remains stored with the hash and nonce forever. Only the process of mining can change or move it. After the hash generation, the block is added to the existing blockchain.

·         Miners

Through the mining process, the miners generate new blocks. With the aid of special software, miners search for a nonce, which generates the accepted hash. There are more than four billion possibilities. However, when the right nonce is found, that block is added to the blockchain. It is also why it is almost impossible to alter the data stored here.

·         Nodes

Nodes uphold the concept of decentralization in blockchain technology. These can be any type of electronic device which has a blockchain copy. Moreover, the network must approve the latest mined blocks algorithmically. Due to the transparent nature of the technology, any addition to the blockchain can be seen by all.

Advantages of blockchain

The advantages of blockchain technology are:

·         No chance of manipulation or deletion of data stored.

·         It is quite easy totrack the origin of a transaction.

·         Chronological order of the transactions is maintained.

·         Verification of any transaction is possible without third-parties.

·         Eliminates the risk of fraudulent activities.

·         The data stored is decentralized and can be recovered easily.

·         Maintenance of security via secure cryptography.

·         Attachment of data only after the maximum verification of trust.

Disadvantages of blockchain

The disadvantages of blockchain technology are:

·         It is quite complex, and learning about it can be a challenge.

·         Maintaining a real-time ledge requires high consumption of power.

• The existing financial institutions have difficulty in accepting it.
• Every transaction costs a certain amount of money.

·         Privacy concerns have also been raised.

·         With every addition of block, the computing requirements also increase.

How to start a career in blockchain?

If you want to start a career in blockchain, you must know about the fundamentals. These include the most basic concepts surrounding this innovative tech. You must gather more knowledge about Blockchain, consensus mechanism, distributed and decentralized ledger, and miners.

You must also know more about other aspects of the field of computer science. Sufficient knowledge about mechanism design, distributed computing, and cryptography is also essential.

If you are new to the field of blockchain technology but have an interest in pursuing it, you can opt for some professional Blockchain Technology Courses. The two most popular certifications are:

Best Free Online Blockchain Course for Beginners

In this course, there are five modules. You will learn about the basics of blockchain technology. It will help you to strengthen your foundation. After this, you can go for some difficult courses.

https://101blockchains.com/free-blockchain-course/ 

The "Enterprise Blockchains Fundamentals" free course

Opting for this course will enhance your knowledge about this revolutionary technology. In this course, you will know the basics of the technology. You can then look for suitable job positions in this field.

https://academy.101blockchains.com/courses/enterprise-blockchains-fundamentals/ 

With the aid of Blockchain Technology Courses, you can start looking for suitable job prospects. It is vital to keep in mind that the technology is still in a stage of growth.

Due to this, the job opportunities are far more than any other field right now. Also, it is infinitely better to pursue a career that satisfies your monetary need as well as passion.