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Blockchain Technology and Cryptocurrencies are the two most rapid platforms today where standard transactions can be performed by users. But Blockchain is slowly replacing the current system due to some issues and it is getting more popular almost every passing day. So, this is necessary to know the issues with the current banking system and how Blockchain can help you in resolving those issues gracefully. Validate your skills and become an expert in Blockchain technology with our comprehensive Blockchain Certification Course and Training Program.
In this blog, we will understand what Blockchain is, the reasons for its popularity, and a detailed architectural guide to Blockchain so that you can understand each and every concept related to Blockchain technology in depth. Let us have a quick look at the topics covered in the blog first.
In easy words, a Blockchain is a series of blocks where information is stored in each subsequent block. This is a technique to timestamp the digital document and after this, you could not revert them back or temper them. See the image below to get a clearer idea-
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With Blockchain technology, information can always be exchanged securely in terms of money, contracts, or property etc. The good news is that you don’t need any banking system for information exchange. Once data is recorded successfully within the blockchain, you cannot modify it quickly.
Facts to Consider while Learning Blockchain Online:
Further, Blockchain is a software protocol that will not work without an internet connection. In simple words, this is meta-technology that affects various other technologies too. The major components of Blockchain technology include – a software app, a database, and a few computer systems that are connected together. Sometimes, Blockchain is named the virtual currency or it can be named the digital token too. However, most people are talking about distributed ledgers only.
Read this blog to know more about the working of Blockchain technology.
Cryptocurrency and Blockchain technology have become two of the most popular and parallel terms, for which people have started investing and even it has replaced legacy investment platforms. Now, as this system has started replacing the older banking system, then it clearly means that there will be some issues with the current system and therefore we will now explore and discuss the problems of the current banking system.
Currently and even for the last many years or decades, people are using banking to invest their hard-earned money. But in reality, this banking system also has some issues that may become a problem for the customers and therefore they try to use some other platform for investment. Concentrated on development here, Salesforce has joined the blockchain world– to improve the production network involvement. Learn how to integrate Blockchain with Salesforce for improved productivity. Commonly seen problems with the banking system were:
It is also known as double spending, which is basically an error in digital cash schemes where the single digital taken is usually spent twice. If someone has only $500 in the account and he wants to do two transactions from this account of more than the current account balance, say $900, by falsifying the digital tokens that are associated with digital transactions then the transaction will be known as Double Spending. Here, the user may complete the transaction without any required balance.
As the use of internet banking is increasing, so as the total number of cases of fraudulent transactions is also increasing day by day. Even the total amount of fraud has increased by millions of dollars. Even bank accounts have been hacked by hackers for fraudulent transactions.
In the year 2007-08, it happened that banks landed many loans and mortgages to the people and at last, they didn’t pay the loan amount and which resulted in a heavy loss. Such cases resulted in the loss of around $11 Trillion worldwide. Many times, internal frauds and crashes also keep on happening in the banks. Such transactions in financial organizations are going on just for the sake of trust in the middleman.
Due to the financial crisis, common men have to face big financial problems and so they need a system that can provide them with a reliable and perfect system and that is what Blockchain has offered to them.
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Now, these have some of the common issues with the current banking system and are the reasons why people started believing in Blockchain-like platforms. So, we will see how Blockchain has overcome these problems and benefited the people. Find the image below to learn how blockchain works-
A). Public Ledgers
Here Blockchain ledger contains complete transaction details that are associated with Blockchain. All registered Blockchain users can download the list of complete transactions of Blockchain. The complete transaction list can be downloaded at the initiation of the transaction. Here, the user can download the complete transaction list but the details of people involved in these transactions cannot be accessed by anyone and it remains anonymous.
B). Not a Centralized System
Unlike the banking system Blockchain is a decentralized system and is not controlled and governed by Central or Federal Authorities. In this system, every member is responsible for the growth or fall of the system. Here the whole authority power is not handled by a single person, even by the complete system and they all are in charge of the system.
C). No Transaction Fee
In Blockchain transactions, no fee is included or applicable in only certain Blockchain variants, just some minimal fee is applicable. But the transaction fee for Blockchain transactions is not that much and is quite less than that of banking transactions. In case any transaction priority is there then an additional fee needs to be paid by the customers.
Now, as we have discussed the issues with the current banking system and the features that are offered by Blockchain technology, you may have understood what Blockchain technology is. In our next blog section, we will discuss the reasons for the popularity of blockchain and why it is going to lead the digital market soon.
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In this section, we will discuss the reasons for the popularity of Blockchain Technology. It will make you sure why Blockchain is leading the digital market recently.
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The term “blockchain” refers to the architecture for storing information in the form of digital blocks. Let us understand the Blockchain architecture by understanding its major components –
Let us move ahead and discuss each of the components one by one for the Blockchain architecture.
In simple words, a Blockchain is a set of blocks that further store data. The type of data stored within a block depends on the nature of the Blockchain. The first block in the chain is the genesis block and the rest of the blocks are added subsequently. If you take the example of a Bitcoin block then it contains the information about the sender, receiver, or the total number of bitcoins transferred as shown below in the image.
If you belong to a technical background then you must have a sound knowledge of cryptography, public key, private key etc. Even if you are from a non-IT background then don’t panic, we will discuss public key cryptography here. The information is exchanged between users on the basis of keys where the private key is kept a secret to the users and the public key is available to everyone.
Data is first encrypted and one digital signature is added before it is transmitted over the network. The digital signature is given a hash function and it can be encrypted by the private key only. On the other hand, data is decrypted by the receiver using the private or public key. This is the way data is exchanged across a network.
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Each block has a hash function and it can be quickly understood with the help of a fingerprint that is unique to each block. It has the capability to identify the particular block and its content too. A hash value is created as soon as one new block is added to the chain. If any changes are made to the block then its hash value will also change surely.
Therefore, the hash function can be used to detect changes within a block. If the value of the hash function changes then the block has been modified by some users recently. For every modified block, there is data, hash value, and the hash value of the previous content. The changes to a block will quickly make the previous block invalid.
Every single person connected to the network has a unique copy of the ledger but there is not a centralized copy. If things are still boggling your mind then let me help you in understanding the concept well what is ledger and how it is helpful. Take an example, where you need to send ten bitcoins together to your friend. Your balance is 974.65 and there are 37 credits in the account of your friend. Here, your balance will be deducted by ten bitcoins and it will be transferred to your friend’s account immediately.
With Blockchain technology, the same concept can be implemented quickly. There is no mediator and a number of blocks can be added based on your convenience. The ledger is distributed across the network and there is no central location to store the data. Everyone connected to the network can access the copy of the ledger independently and the final copy will be the collection of all distributed ledgers.
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Are you surprised, who is adding blocks to the Blockchain and who is the owner of the ledger or everyone can access it? If yes, the proof of work concept hits here the best. It will give you the complete details about the block like hash function value, ledger owner, and more.
The last step in the Blockchain architecture is to reward the user who has created the latest block. With incentives for validation, the new rewards can be created quickly and assigned to the users who deserve them the most.
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What’s a NFT? NFT or Non-fungible Tokens are generally created using the same type of programming technology as Bitcoin. These tokens can neither be changed nor replaced since they have unique properties unlike, physical currency or cryptocurrency which are fungible. NFT is a digital asset that represents internet collectibles like music, art, etc using blockchain technology without any manipulation. Now, let’s understand how do NFTs work.
NFTs are tokens with valuable information stored in them and reside on Ethereum Cryptocurrency’s blockchain. Its unique data makes it easy to verify and validate the ownership and transfer of the tokens. They can be bought and sold in the market due to market demand.
Blockchain adoption statistics show that almost half of the human population uses blockchain technology which accounts for nearly 40 million people. Blockchain is an exceptional career in 2022 and reports show that the Blockchain technology market will reach $7.59 billion by 2024. See the image below to find out the future prediction of Blockchain market-
All the top industries, start-ups, tech firms and government sectors are relying on crypto experts which makes Blockchain an in-demand profession. By learning Blockchain technology, you can see yourself as a Blockchain Developer, Blockchain Solution Architect, Blockchain UX Designer, Blockchain Project Manager and many more. According to AmbitionBox, a Blockchain professional earns 6.9 lac p.a on average. You will be surprised to know that IT giants like Microsoft and IBM have already started investing in Blockchain and they are able to achieve innovation by utilizing the same. Here’s the complete learning path of Blockchain with future scope and career growth.
With this discussion, the blog comes to its end and hopefully this blog has been able to answer all your queries. Here, we focus on blockchain basics and its architecture the most. If you want to know how to build a career in Blockchain and what is the learning path for Blockchain, then check out our Blockchain Certification Course and Training Program that has been prepared carefully by expert educators. This is a live training program that will help you to learn Blockchain in depth and achieve mastery over the technology.
Q1. What is the Blockchain course objective?
Ans- The online training course of Blockchain has been carved out with an objective to help all the students in mastering the concepts of Blockchain in a more comprehensive way.
The ultimate aim of the course is to ensure job success and to help you clear your certification exam in the very first attempt. The course will primarily teach you about the basics of Cryptocurrency, Currency Mining, Blockchain so that you can efficiently handle all the transactions that are performed using Blockchain. Further, you will learn the practical working of the Blockchain tools to aid you in deploying transactions on the Blockchain node.
Q2. What are the skills you will learn in this course?
Ans- When you have effectively finished your Blockchain Training you will feel that you have improved as an expert, as we don't just teach you about the course we also teach you about the other delicate abilities that you require. Be assured that in specialized abilities, for example, data mining, zero proofing etc you would be an ace
Q3. Who can attend this course?
Ans- Any individual who is keen on acing the Blockchain skills can take this course irrespective of the fact that he/she has a technical background or not.
Q4. What are the advantages of joining online classes?
Ans- Each one of the sessions that you get with us is a dynamic live session passed on by our real-time teaching instructors LIVE. This is to support you with smart learning wherein you can ask questions and get your inquiries cleared right when the subject is being talked about in a class.
Q5. Do people from non-technical backgrounds face difficulty doing this course?
Ans- Our sessions start from the plain raw pieces of each concept so your Trainer would start from the Scratch. Thus, you don't face any inconvenience as it's not critical to be from an IT establishment to wind up being an ace in a particular advancement, all you require is a cleverness to learn and gain knowledge from our teachers.
Q6. What is a demo class?
Ans- A demo class is like a test session of our online sessions on Blockchain for you to ascertain the quality and other nuances of learning that you will be getting with us. It is not mandatory, it is up to you totally.
Q7. How is JanBask different from other platforms?
Ans- JanBask Training is different from all the other e-training platforms because we have developed the ultimate virtual classrooms using the latest next-gen technology to make your learning a seamless experience for you. Here, the courses are designed after keeping in mind the objectives of real-time learning and job-related technical skills. The course curriculum and instructor-led live sessions really help you not only to achieve the certification goals but also actually get prepared for your dream job and interview.
Q8. What type of study material will you provide?
Ans- We at JanBask Training understand the importance of complete knowledge and holistic development and that is why we provide you with a plethora of learning resources that are varied in their structures and forms. We provide you with e-books, informational blogs, videos, podcasts etc to supplement whatever you learn from the online training session. Not only this, but once the session is over, the recording is also delivered to you for anytime access.
Q9. What is the process for enrolling in a course?
Ans- It's a streamlined process. It is very easy; you just have to follow the given steps-
Q10. Will I get any assistance during the course?
Ans- Of course yes! We believe in supporting our learners to the best of our ability. You get all-time support not only during your training but even during your visits to our website and its pages. We are there with you at every step of your course journey. Not only this we are very easily approachable even when you have successfully cleared your course for any doubts, queries, or guidance.FaceBook Twitter Google+ LinkedIn Pinterest Email
Through market research and a deep understanding of products and services, Jyotika has been translating complex product information into simple, polished, and engaging content for Janbask Training.
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