What is Blockchain & How It Works: Everything you need to know

 

What is Blockchain and how it works

What is Blockchain?

Blockchain is shorthand for a whole suite of distributed ledger technology which can be programmed in order to store and track data which is of valuable information from medical records to financial transactions or from list of people to list of land titles there are already many ways or technology to store data then why blockchain is so popular among them? This is because Blockchain store data in the forms of Blocks that are linked together to form a chain best part of this system is a person can not rewrite or change data in any particular block. Or in other words, Blockchain is immutable If anybody wants to make any change in data he/she has to store data in the form of a new block by linking the new block with the old one this is because blockchain works on a century-old method of general financial ledger which is a non-destructive way to change track data changes over time. Another reason why blockchain is very famous because Blockchain was designed to be decentralized and distributed across a large network of computers. This decentralization of information reduces the risk of data-stealing as if a person tries to steal data which is in the form of a block, that means he is indirectly stealing a block from the chain and when he tries to do the whole chain gets disturbed, which build trust in data let me give you an insight of this while adding a new block to the chain number of steps are to be followed 

1. A cryptographic puzzle has to be solved 

2. The computer that solves the puzzle shares the solution to all the computer on the network

3.Then Network will verify the puzzle and if found correct then the new block will be added to the blockchain  

Thus the three steps ensure that we can trust the data which is verified by the network of many computers which gives us the opportunity to access our data in real-time another reason why blockchain is ahead of any other data storing system is now we don’t need to be dependent on anybody for storing and security of our data such as banks or lawyers as one can access the data in real-time easily and blockchain ensures the security of our data as discussed which saves our lot of time and money by cutting the middle man. As Blockchain is technology, not a single network it can be implemented in different ways. Some blockchain are public which allow all the people to see all the data and some blockchains are private which only allow some private groups or banks or government organizations to see the data and some blockchains are hybrid-Public -Private Blockchain which allows selected people to see and access all the data and allows the public to see the selected data which means almost all people have access to see the data but only a few are allowed to add data in a blockchain 

Applications of Blockchain

1. Blockchain can be used in storing, selling and purchasing of stocks 

2. Blockchain can be used in storing land titles 

3. Blockchain can be used to store medical records of patients 

4. Blockchain can be used to store Votes in elections 

5. Blockchain can be used in Food Industries starting from food production to selling of  products 

6. Blockchain can be used to store number plates of cars 

7. Blockchain can be used to store Personal Data Starting From Electricity Bill to assets details

8. Blockchain Can be used to store Bank Transactions 

and the list doesn’t end here there are end number of applications of blockchain technology

Blockchain Vs Bitcoin

Blockchain Vs Bitcoin

Most People get confused between Blockchain and Bitcoin, but these are two different things Bitcoin is a digital currency developed in 2009 with the main aim of simplifying transactions by bypassing banks they do so by eliminating banks or any central repository system. Bitcoin saves the transactions on blockchains that are open, private, or anonymous, It is important to understand that bitcoin is not a blockchain itself but an application of blockchain. Bitcoin is one of a cryptocurrency based on the blockchain there are many other like etherium, Zcash, ripple, etc Bitcoin itself has more than one meaning Bitcoin starting with small b is a digital currency or a token on the other hand bitcoin starting with capital B refers to the blockchain technology that maintains a public ledger or the cryptocurrency bitcoin which starts with small b. In simple words, Bitcoin is an unregulated digital currency that allows you to transfer assets across the globe using blockchain technology on the other hand blockchain is a technology that allows you to store and track necessary information or important financial transactions. You can say that blockchain is an operating system and bitcoin is it’s one of the application 

How to Become a Blockchain Developer?

A blockchain developer is someone who develops applications using blockchain technology. Blockchain developer is responsible for the designing and proper optimization of the blockchain there are two types of blockchains developers –

1.Blockchain Core developers

Blockchain Core Developers generally involved in developing designing architecture for blockchain networks and deals with different protocols and design features

2.Blockchain Software developers

Blockchain Softwares Developers are those who use architecture created by core blockchain developers to create decentralized applications based on blockchain technology 

Now, Skills required to become a blockchain developer 

1. You must Know about the working of blockchain – It is very important to have a basic understanding of blockchain – what is Blockchain, How it works, etc. In order to become a blockchain developer 

2 Must have an in-depth knowledge of data structure – Blockchain uses data structures like linked list, stacks, queues and it is impossible to become a blockchain developer without having an in-depth knowledge of data structures 

3.Basic Knowledge of cryptography – You must have a basic knowledge of cryptography to understands crucial topics like digital signatures in blockchain technology 

4.You must know a programming language – In order to become a successful blockchain developer, you must know a programming language in order to write smart contracts. If you are facing any difficulty in learning programming language then you can refer to Top 10 tips and tricks to learn a programming language 

5. You must know Basics Of Web Development – In order to become a blockchain developer you must know web development because as a blockchain developer your work will be to create different applications based on blockchain technology and for that, you must have a good understanding of web development

Blockchain Developer Salary

Blockchain developer is one of the fastest-growing fields and most in-demand field there are many good companies that hire blockchain developers like IBM, Accenture, OpenXcel, Blaize, Spro, and many more. These companies offer some really generous Salaries. Blockchain Developer salary varies from country to country 

1.INDIA

 The average salary of a blockchain developer in India is 450k with the highest being 951k and the lowest being 187k

Blockchain Developer Salary in India

 

2.US

 The average salary of a blockchain developer in the US is  $96k with the highest being $150k and the lowest being $72k

 

Blockchain Developer Salary in US

 

3.UK

The average salary of a blockchain developer in the UK is 50k pounds

 

Blockchain Developer Salary in US

 

Advantages of Blockchain

👉 Blockchain Is Highly Secure 

👉 If one or two-node shut down the whole network will still run 

👉Blockchain is not owned by any organization which means it is open to everyone 

👉 A transaction can be done directly between two persons without the involvement of 3 person

👉 Data is Immutable inside Blockchain

Disadvantages of Blockchain

👉 Data once enter in Blockchain can not be deleted. More data can be added in the chain instead of it but old can not be deleted at any cost 

👉Blockchain is not very fast 

👉Blockchain can sometimes be very confusing

👉In Public Blockchain transaction is not very private because blockchain is open to everyone which means every transaction is visible to everyone  

👉Blockchain is highly secure but if 51% of nodes in blocks are malicious then blockchain can be easily hacked 

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