You might have heard about blockchain a lot. This powerful technology is redefining the way we transact online, share ideas, and manage workflows. It is on the verge of disrupting various sectors including healthcare, entertainment, voting, supply chain, etc. With its arrival in every industry, it will change the way how businesses work. It promises a lot of breakthroughs in the future and we cannot do away with this fact.
It holds a lot of potentialities to make our lives easier. Things that it will contribute to include- sending money abroad will be quicker, buying a house will be easier and faster, it will be easier to treat health problems, you will be able to differentiate between the fake and real product, you will be able to earn profits. With so much to offer, let’s first understand what blockchain is!
What Blockchain exactly is?A block stores all the data that is further connected with other blocks in the network forming a chain of blocks. The data is shared across the network among all peers. This is the reason why blockchain is known as a distributed ledger. The
blockchain technology holds so many advantages that make it better than the traditional methods.
Let’s take an exampleWhat do you do when you have to transfer money to your friend’s account? You go to the bank and ask them to transfer the money to the account address of your friend. What if the data maintained by the bank gets tampered? Yes, the transactions done in the banks can be easily altered. Here arises the need for Blockchain!
Here are a few of its benefits-No intermediaries involvedThere is no authority involved. All the participants talk to each other and data exchange is made directly.
DistributedTampering in the blockchain is impossible because it is spread across the whole network. There can be no alteration without consensus.
Cryptographically securedThis is the reason why ledger cannot tamper. Cryptography makes it secured.
Add-OnlyOnce data is added to the blockchain, it is impossible to change it. It is immutable.
ConsensusAny change in the ledger can only be made when it reaches a consensus among all participants. No central authority is involved.
How does this technology work?● The transaction is started by a majority of nodes after they verify the history of the individual blockchain block. If a majority of the nodes come to agree that the history and signature are valid, the new block of transactions is accepted into the ledger and a new block is added to the chain of transactions. If a majority does not allow the addition or modification of the ledger entry, it is denied and not added to the chain.
● After the validation, the transaction is included in a block which is further multiplied onto the network. At this point, the transactions get confirmed.
● The ledger makes way for the new block which is then cryptographically secured. After getting secured by a hash, the transaction gets confirmed again.
● Every time a new block is added, the transactions have to undergo this confirmation process.
With the advent of blockchain technology, blockchain professionals should rejoice. The reason for this is the growing demand for blockchain professionals. Today, blockchain professionals are have acquired a lot of popularity as the jobs in this technology are the most in demand. Industries are looking for
certified blockchain professionals who can make the right use of technology and are acquired with all the necessary skill sets needed to integrate the technology. Certifications make the professionals land their dream jobs and help them earn high salary packages in top companies. Time to make your career in the growing field!
