Overview
Blockchain technology seems to be a platitude, but only in a theoretical sense, as there is no clear meaning that the average person can easily comprehend. Having little knowledge of this emerging technology evokes curiosity among people to learn and explore the different dimensions of the same.
What is blockchain technology; answers must explain the underlying technology, how it works, and why it is so crucial in the current digital era.
This article provides detailed answers to all these questions, quenching your thirst for knowledge about the fast-evolving technology and its career prospects. So, keep reading.
What is Blockchain?
A blockchain, in its simplest form, is a network of computers that copies and disseminates a digital ledger of transactions. Due to distributed networking, when a new block is added to the chain, the transaction update is reflected on each participant’s ledger. The data is chronologically accurate because the chain cannot be altered without the network’s consent. So, you can create a tamper-proof or unchangeable ledger using blockchain technology to keep track of orders, payments, accounts, and other transactions. Moreover, the system has built-in defenses against unauthorized transaction entries to ensure that the shared view of these transactions is reliable.
How Does Blockchain Work?
Below given is a brief overview of the underlying blockchain mechanisms. Most of these steps can be automated using blockchain software:
Step 1: Transaction Recording
Blockchain transactions document the transfer of tangible or digital assets from one party to another. Such transaction records may include:
- Details of parties involved in transactions.
- Details of the transaction process.
- Date and time of the transaction
- Place of transaction.
- Reason for the transaction.
- Details of asset exchanged.
- Information on the fulfillment of pre-conditions.
Step 2: Acquiring Consensus
The recorded transaction’s legitimacy must be accepted by the majority of users on the distributed blockchain network. Rules of agreement can differ depending on the type of network.
Step 3: Line the Blocks
The blockchain stores transactions in blocks, when most of the network nodes reach a consensus. Along with the transactions, the new block also contains a cryptographic hash. The chain that the hash generates links the blocks together. A way to detect data manipulation is provided by the hash value, which changes if the block’s contents are altered, whether intentionally or accidentally. Consequently, the blocks and chains securely link together, and you are unable to edit them. Each additional block strengthens the verification of the previous block, which benefits the blockchain as a whole.
What are the uses of Blockchains in Different Industries?
Several industries are embracing blockchain, an emerging technology, in creative ways. Below given are some use cases demonstrating the application of blockchain in various industries:
Energy
The creation of peer-to-peer energy trading platforms and the facilitation of access to renewable energy sources are two applications of blockchain technology in the energy sector.
Finance
Blockchain services are used by traditional financial systems to control online payments, accounts, and market trading.
Media and Entertainment
Media and entertainment companies manage copyright data using blockchain-based systems. Several transactions must be documented to sell or transfer copyrighted content.
Retail
To monitor the flow of goods between suppliers and customers, retail businesses use blockchain.
Blockchain courses with NASSCOM certification at LIVEWIRE.
As already discussed, blockchain technology finds application in multiple industry sectors, creating a plethora of opportunities for aspiring blockchain experts. Livewire – India’s largest IT technology training institution and a division of CADD Centre has developed comprehensive courses in Blockchain in association with NASSCOM to increase your career prospects in this competitive industry. Some of the special aspects of these courses are:
- The courses are offered by NASSCOM-trained professional trainers, which increases the course’s legitimacy, as NASSCOM only certifies trainers who meet their high standards for professional development and education.
- The instructors are industry experts having a comprehensive knowledge of the current blockchain hardware and software technologies. Under their guidance, you will get real-world insights into the applications of blockchain technology.
- In these courses, you will get hands-on work experience and have the opportunity to work on real-time projects. You will learn to build devices or solutions through hands-on exercises and real-world examples.
These courses are recognized by all institutions and industries across India. Therefore, having undertaken any of the Livewire courses increase your opportunities in the competitive employment market.
Conclusion:
Blockchain is a futuristic technology gaining momentum in the current digital era owing to its extensive security features and distributed networking systems. Different industry sectors are leveraging this technology for their growth and sustenance. Having expertise in this domain is therefore considered beneficial for career growth and long professional development.