Blockchain has become the buzzword around the world’s technology fields. All of us have heard it but only a few know what is the technology and, more importantly, how does it work?
Blockchain gained its popularity for being a distributed ledger that directs all the cryptocurrencies, along with Bitcoin. But we are past the time when the only practical application of blockchain was Bitcoin. Today Blockchain technology has found applications in every field and every industry of the world.
Getting started with blockchain development means, gaining hands down knowledge in the field of Blockchain, its applications, Ethereum, the open source code and of course the coding languages Java, Python or C++ along with Solidity. This can become a bottleneck if you don’t come from a technical or computer sciences background. But once you’ve made a decision, there are various specializations in blockchain technology which can help you in launching your career in Blockchain.
Many Businesses are looking for Blockchain app developers and blockchain app development companies and there are endless opportunities in the present times, especially when the technology is still in its nascence and there are not many developers who are experienced in Blockchain. That said, many companies are allowing developers with a technical background, the basic knowledge about blockchain technology and a passion to work in the blockchain.
So now it’s your decision to make that where you would want to work with blockchain development, cryptocurrencies or smart contracts. And with companies like Microsoft, IBM, Oracle etc investing in Blockchain technology, it becomes a secure and fruitful sector to choose in terms of career growth.
The developers who have proven expertise in security or networking have a high chance of finding a position in the world of Blockchain. Knowledge about Docker containers and /or microservice architecture take the chances a notch higher still. But, for starting on that the first thing that is a necessity in terms of learning is the basics of Blockchain technology.
What is Blockchain?
The blockchain is the name of a technology through which digital data is stored in “blocks” and each block has a unique “hash” which acts as a fingerprint of that block. Each new block stores the hash of the previous block and that is how the blocks make a “chain”.
The crux of Blockchain technology is that it is a distributed storage (database) of data. For instance, Blockchain can store any amount of data about financial transactions from the beginning of time. In fact, with the help of smart contracts, legal matters will become much easier and transparent in handling.
The blockchain is disrupting every sector of every industry from education to banking. But how does the Blockchain technology work and what are the key pointers to be aware of to be up to date in the technology? Let us take a look.
How does Blockchain work?
Whenever new Blocks with any data are added to an existing blockchain, they are encrypted with a unique Hash which acts as a fingerprint. A hash is a large alphanumeric code which is automatically generated for each block. This whole encryption process is known as Hashing which is performed on different computers of the same network. If all the computer devices of the network receive similar results for the encryption process, then the said block gets a uniques signature which is digital.
And as the database is updated, a new block is formed which will be a permanent block of the Blockchain. That’s why data stored on a blockchain is so secure because it is impossible to forge a block or delete a block.
Let us now take a look at the practical applications of Blockchain and how businesses can take advantage of this technology.
What are the Business applications of Blockchain?
The most integral qualities of Blockchain for businesses is the security and transparency of the system. That means that every action taken by any participant of the network are open for all to see, which greatly prevents information and data to be forged. And because the Blockchain network is decentralised and there is no single data centre, deleting or altering data is impossible which is a crucial advantage to have at the time of a hacker attack.
For businesses, implementing blockchain technology translates into direct cost reductions and simplification of several processes because this technology can successfully eliminate many business intermediaries. It also means blockchain technology has a potential of saving banks up to $12 billion in overall operations.
Not only this, many of the big enterprises have already started implementing and integrating blockchain technology into their business skeleton. Companies such as IBM, Microsoft, Oracle are on their way to integrating blockchain into their business structures.
How to get started with a blockchain career?
The best way to begin a career as a blockchain developer is to burrow in Hyperledger which an open source platform for blockchain development. But the first step to learning any new technology is to educate yourself on the basics. The best way to learn about blockchain technology is to work upon the open source projects and later moving to formal education and training on the subject.
Following is the list of resources to get started with:-
- Reading Daniel van Flymen’s Guide to building a blockchain is a great book if you’re a beginner.
- Going for a BS or MS degree in computer sciences or computer engineering with a proven experience as a software engineer.
- A clear understanding of data structures, data security, decentralized technologies, and algorithms.
- A background in programming languages like Python, C++, C or Java.
- Aptitude for anomaly detection.
Also, Ethereum consists of largest toolset and developer community to get started with. Additionally, it is always a plus point to have finance and business knowledge when you’re looking forward to working with Blockchain.
With all of this put together, you will be able to get on board with blockchain development and tackle any problem that arises. The blockchain technology is meant to solve many a number of crisis that the world is facing and the biggest one is the financial crisis of banks and business. By learning about Blockchain, you can make a difference in the world economy.