Blockchain

Getting started with Blockchain - The ultimate guide for beginners

Summary

Way back in 2010, there were few people who thought Bitcoin would ever amount to anything. It cost less than a penny, and people thought that was all it would ever be worth. Fast-forward ten years, and presently a single Bitcoin will set you back by around USD 20,000. All the people who bought some for themselves now drive Lamborghinis! This exponential growth can be attributed to an array of factors, with an important one being the technology that allows it to happen. Blockchain technology is what allows Bitcoins to function as efficiently as they do. More than 60% of tech experts believe that blockchain technologies will be adopted in various fields within the next three years. Do you want a Blockchain tutorial that helps you understand how it works? If you want blockchain explained, here’s an ultimate Blockchain guide for beginners!

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What Is Blockchain?

Blockchain technology is simply a decentralized system or distributed ledger that records the buying, selling and transferring of digital assets. Blockchain also goes by the name Distributed Ledger Technology as it makes use of digital ledgers. The technology makes it possible for every digital asset to have a transparent and unalterable history. This happens as a result of decentralising the process and engaging in cryptographic hashing.

To understand blockchain technology, think of a Google Doc. When you create a Doc, you have the option to share it with others. In such a case, the document is not copied and then transferred, but rather distributed as a whole. Therefore, there is a decentralized chain of distribution wherein everyone has access to the document. So, no one is locked out from the document, and every change made is recorded in real-time. This makes the entire process of modification completely transparent. While maintaining a blockchain is much more complicated, this example will help you gain an understanding of the basic concept.

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Blockchain Explained: How Does it Work?

People use a blockchain to share valuable data with people they don’t truly trust in a secure, safe and fool-proof way. A blockchain system consists of blocks, miners and nodes. Let us take a look at how those entities work. 

  1. Blocks: Every chain is composed of multiple blocks. Each block has data within it, a 32-bit nonce which comes with a 256-bit number or hash. Unless mined, the data within the block is signed and tethered to this nonce.
  2. Miners: Via mining, these people have the power to create new blocks. Every block comes with a unique nonce-hash combination, and it also references the hash of the block just before it. Miners use software to find a suitable nonce and a hash from over four billion possibilities. Whenever you change any block, you have to remine not just that block, but every block that comes after it. It is this property that makes manipulation of blockchain so hard.
  3. Nodes: Blockchain technology works through the principle of decentralisation. Hence, no one individual owns a chain, and so it works like a distributed ledger. Such distribution occurs via nodes in the chain. These nodes are essentially electronic devices that allow the network to function. 

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Why is blockchain important?

Blockchain works like a distributed ledger by making security possible through the adoption of viable technology. Therefore, it allows individuals and corporations to share encrypted data. In this new digital age, the most important currency is data. There is so much vital data all around us, that it is difficult to collect and share in a secure manner. However, blockchain makes that possible, and that is why it is so important. These linked data blocks can help collect, transfer and share sensitive data with ease. No one can erase, modify, alter or delete data from a blockchain. Furthermore, it allows for the seamless addition of new data in the form of additional blocks. Blockchain technology allows what was elusive in the past to become a reality. Therefore, we now have access to trusted and shared data like never before. Let us see how this translates into a real-world application. 

If you want to trace where particular lettuce you manufactured came from, you could employ blockchain to do it. All you would have to do is attach a digital record of every product onto a blockchain. This way, the farmers could verify and sign off the data making it a permanent record on the chain which you can revisit to ascertain things as and when required. Data would be added via connected smart devices when the produce was harvested. Further data addition occurs when the lettuce gets processed, and a batch number would be allotted. Finally, the chain would go along with the lettuce to its packaging facility. Information after being verified would be passed over to a transportation provider, who would hand it over to distribution centres and finally to retail stores. Just look at how organised and efficient this makes the entire supply-chain system. While in the past these data points could be altered and manipulated, blockchain removes the possibility for this. As a result, the entire system becomes a lot more transparent and credible.

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Benefits of blockchain technology

  1. Reduced operational costs
  2. More efficient process
  3. Ability to share sensitive data
  4. Less chance of forgery and manipulation
  5. Removal of intermediaries and middlemen
  6. Allows the easy tracing of products and transactions 
  7. Provides transparency and reliability 

Where is blockchain used?

  • During payment processing and the transfer of funds
  • To monitor supply-demand chains
  • To promote and establish retail loyalty rewards schemes
  • Manage and create secure digital IDs
  • Enable secure data sharing
  • Ensure copyright, trademark and royalty protection
  • Fast-track the process of digital voting
  • Make real estate and other land transfers more credible and secure
  • Ensure food safety
  • Serves as an immutable data backup
  • Help governments with tax regulation and ensuring of compliance
  • Enable more efficient medical recordkeeping
  • Improve accountability in weapons tracking
  • Make equity trading more transparent 
  • Manage Internet of Things devices and networks

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How do I start learning blockchain?

If you are a beginner and want to develop your knowledge on blockchain technology following is the best online course on the blockchain that helps you to learn the blockchain concepts from basics.

Blockchain for Engineers

Over 77% of financial institutions will adopt blockchain technology by 2025, making the industry worth more than 10 Billion Dollars. Therefore, it is safe to say that blockchain technology is here to stay. In this blockchain for beginners course, students will get a chance to learn about a technology that will revolutionise the world. This course will help students get blockchain explained to them through applications. Students will learn to create their own cryptocurrencies and smart contracts. Also, they will learn about mining and cryptocurrency transactions.

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Blockchain technology skills have become one of the world’s most sought-after skills with a 2000% increase in demand in the last three years. Therefore, it goes without saying that having some expertise in this field will take you far in life. Enrol in our Blockchain tutorial to gain some insight into this technology to propel yourself forward in life!

Getting started with Blockchain - The ultimate guide for beginners
Skyfi Labs Last Updated: 2022-04-11





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