Understanding Blockchain : A Sneak peek into most popular future technology.

How It started:

What shocked the world in 2008 was a long uncanny recession where mammoth banks around the globe either succumbed or were a whisker away from getting collapsed due to their inability to survive the debt catastrophe.

In the aftermath of  ’08 Recession world witnessed a new technological revolution – “Blockchain” as they named it.

“They”  , Who ? an anonymous person or group known as ‘Satoshi Nakamoto’ conceptualized the idea of Blockchain.

                                                   Image result for block chain

Features :

  • Blockchain is secured using cryptography and it is based on distributed computing system.
  • Unlike Banking systems, records are not stored as a centralized entity rather it is transparent and public in nature.
  • Blockchain security methods uses encryption technology relying on public-private keys.

                                               Image result for block chain

 

Advantages:

  • Blockchain essentially axed out middle man in money-transfer system, thereby cost of transaction diminishes.
  • It has no single point of failure as records are shared among millions of computers in parallel.
  • This is completely open-sourced , permission-less and public thus guarding of any financial institution is not required.  

 

 

Skills Needed to become a Blockchain developer.

  • A BE/BS degree in Computer Science or Engineering is helpful, not mandatory though.
  • Past experience as a software engineer is definitely an add-on.
  • Good understanding of ledgers, blockchain and cryptocurrencies in general.
  • Strong understanding of cryptography,data security and threat analysis.
  • Strong understanding of Data structures & algorithms with at least one suitable language like Go , Python , C ++ ,Solidity .
  • Solid expertise of distributed storage like RDBMS , NoSQL .
  • At least some degree of experience creating blockchain frameworks and business applications.
  • Knowledge of web technologies like Node.JS/Perl/Python is a plus.

 

Open Source Projects :

  1.  Distributed applications (dapp)       -> Ethereum
  2.  Distributed ledger  -> Hyperledger

 

 

Companies working in Blockchain space.

  • The Big Four -> E&Y have started accepting bitcoin as payments for all it’s consulting services whereas PwC ,Deloitte and KPMG are testing private blockchain.
  • Microsoft released it’s COCO Framework to improve various aspects of blockchains for enterprises.
  • Swiss bank UBS and IBM began work in 2016 on a global trade platform based on blockchain known as Batavia.
  • SafeShare Insurance offers blockchain-based insurance for the sharing economy, underwritten by Lloyd‘s of London.

 

                                 

 

 

Image Source : Google Search (No authorities over images claimed) 

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