Blockchain technology is the future of finance, but it’s also much more than that. Blockchain is the backbone of a technological revolution that could alter our daily lives and social structure as we know it. Those who can find their way to opportunity in this space are poised to be rewarded with a hefty salary.
Luckily for you, there are many paths through which you can enter the blockchain industry – from consulting to designing blockchain architecture and trading cryptocurrencies.
What Exactly is Blockchain Technology?
Blockchain is a decentralized and distributed ledger technology created by Satoshi Nakamoto to power the bitcoin cryptocurrency. Blockchain is a cryptographically protected, autonomous, transparent, open, and immutable public ledger that can record transactions without third-party interference.
Every time a transaction takes place on the blockchain, it’s encrypted using cryptography and recorded in the public ledger. The transaction records are linked together in a linear format called blocks.
Each block contains information about the previous block, its hash code value, and a timestamp. Blockchain technology uses computational functions, like a cryptographic consensus, to run a distributed network. This technology has been observed to have the following major application areas:
Main Requisites of Learning Blockchain Technology
Understanding of Programming Languages:
Understand the concept of blockchain technology and its technical intricacies to understand the role of fundamental programming languages in developing a blockchain-based application.
Mastering the Core Concepts:
There are several key concepts of blockchain that you need to understand clearly, like consensus mechanism, immutability, and smart contracts. These core concepts are important to understand how blocks are validated in a network and how transactions get added to the public ledger.
Researching and Domain Expertise:
Hence, a strong background in programming languages, especially data analytics, is essential. Knowledge about cryptography, distributed ledger, and blockchain can enhance your chances of landing your dream job.
You need to understand the technologies used for the blockchain ecosystem’s different processes. To effectively start developing an application on the blockchain platform, you need to comprehensively understand the technologies used by different players and their benefits or limitations.
Understanding the Basics:
There are two major types of blockchain platforms; one is a public blockchain platform, which is open to anyone worldwide to join and access the network.
These platforms do not aim to make any profit and operate through volunteer efforts. The other type of platform is a private or enterprise blockchain platform that can be accessed only by a specific number of people within an organization.
Understand Shared Ledger:
If you have any experience in conventional database management systems (DBMS), it will help you understand the shared ledger concept. A distributed database is a decentralized database with no centralized authority, and all the participants get access to distributed copies of the data.
These decentralized nodes are connected but do not require intermediaries to validate their transactions. In simple terms, the information is shared by all the participants, and that’s why it is called a shared ledger.
Cryptography is a means of encoding messages for security. The cryptography used to protect blockchain transactions is called a hash function.
All the transactions on the blockchain are secured using cryptography, which makes them unique and secure, making it possible to transfer money online with the help of blockchain technology. Therefore, an understanding of cryptographic principles can prove helpful in understanding the intricacies of these systems.
Consensus is a process where different nodes in the network agree on a common decision based on the majority view. Any central authority does not control blockchain technology, and blockchain network participants execute transactions and reach an agreement through a distributed consensus mechanism.
Smart contracts are computer codes (instructions) that are stored and executed on a blockchain. Smart contracts use a peer-to-peer network to execute instructions between parties without an intermediary.
Smart contracts can be used for various purposes like digital agreements, property titles, financial transactions, etc. Your job scope will vary depending on your skill set and the type of tools used.
Enroll in Online Blockchain Courses:
Now that you have an idea about blockchain and its potential, you could start exploring the different methods you can learn about it. The Internet has many resources through which you can deepen your understanding of this technology.
However, only a few courses currently teach all these concepts from scratch. Some online courses are available but only focus on one aspect of blockchain technology, like bitcoins or other altcoins.
Use YouTube Videos for Learning:
Many videos are available on YouTube in which the creator explains different aspects of blockchain technology. You can watch these videos and learn the technology through pop-up captions over a speaker.
Attend Blockchain Community:
The Internet has a huge community of blockchain enthusiasts. Through these online communities, you can find people willing to share their know-how and contribute ideas to improve your knowledge. You can also form your blockchain community in which you can share ideas and collaborate with other people around the world through social media platforms like Facebook, Twitter, etc.,
Various conferences around the world enable you to network with other professionals. You could attend different conferences and understand the latest trends in blockchain technology.
Participate in Blockchain Events:
You can participate in blockchain events, which different startups and companies organize. You could learn about their projects and understand them same through face-to-face interaction. This can help you to develop your career in this field.
Learn about Distributed Computing:
Distributed computing is a form of computing architecture in which the central processing unit (CPU) is split across multiple collaborative processing nodes, known as “nodes.” Each node has a specific function to perform, and all the data is stored on every node. This distributed storage and processing model is used in blockchain technology for storing and validating data.
Achieve Blockchain Certification:
There are some certifications available from the leading institutes. These certifications are not mandatory, but they prove your intellectual capabilities to handle such a high-level technology and help you to stand out among other candidates in the industry.
Blockchain is the future of technology and will be here to stay for a very long time. The Internet gave us a lot of things, but blockchain has made it more secure and faster than earlier systems.
This technology is designed to be decentralized and distributed, which makes it more reliable and trustworthy. The fact that blockchain has the potential to be an Internet-like system can make it simpler and faster than any other existing technologies in the world today.
If you want to work in the field of blockchain technology, then consider participating in any training programs, which will make you a more useful member of the team and boost your career as a developer.