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Probably every one of us might have heard the word “Blockchain” after the hype of cryptocurrencies like Bitcoin and Etherum. But none of us tried to learn or understand What it is. This article explains what exactly is blockchain technology and applications of blockchain. If you are a beginner reading this article and planning to start a career in blockchain technology but don’t know where and how to start. Worry not! We’ve covered all the basics of blockchain technology along with some best online blockchain tutorials for beginners.
Let’s start with basics
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Blockchain is a chain of blocks that stocks information in a decentralized system. This avoids the requirement of a middleman. The main motto of this technique is to prevent backdate or tamper the registered data by timestamping digital documents. So, once a data is recorded in the blockchain it is difficult to change. It is used for secure transfer of money, contracts, property, etc. without any third-party intervention. It enables the existence of cryptocurrencies like Ethereum, Bitcoin, Tether, XRP, Litecoin, etc. by acting as the backbone.
Here is a comparison of blockchain with torrent to understand it in a simple way. When you are downloading a file using torrent it downloads the file from different places in fragments and joins it together. It is a peer-to-peer system where multiple copies of files are placed at different places. Hence, the control of the file is not in the hands of an individual.
Similarly in blockchain, the databases are maintained in a decentralized ledger to democratise the data access and eliminate the need for a middleman.
Following are reasons for the fame of blockchain:
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This section shows the real-time applications of blockchain technology in day-to-day life. Following are some fields where blockchain is rapidly being implemented:
1. Healthcare - In healthcare industries blockchain technology is used to securely store patient records so that when a patient revisits the doctor he/she can share the records directly. The cost is reduced significantly as there is no need for a centralized portal to maintain the records. Health records also include stuff like lab reports, tracking prescription drugs and medical history.
2. File storage - Blockchain technology prevents the files from getting deleted or hacked by distributing the file in a decentralized network. This removes the requirement for a client-server relationship. As a result, the files move around the internet and speed-up the streaming time and file transfer process.
3. Cryptocurrency - Bitcoin is a type of cryptocurrency that showed the power of blockchain to the world. A virtual currency can be transferred without the involvement of any banks. By eliminating the third-party intervention and fee, blockchain can save billions of dollars a year. This also led to the creation of various cryptocurrencies.
4. Internet of Things - IoT plays an important role in smart devices. From Alexa to fitness bands a lot of data are shared over the internet that means better chances for a security breach. Blockchain-based applications are developed to monitor IoT networks.
5. Digital voting - Blockchain technology completely eliminates voting fraud and offers the ability to vote digitally by making it transparent for the regulators to visualise the changes on the network.
Other applications of blockchain technology include:
Blockchain is powerful and has the potential of being used in large areas, learning this technology will help you to build a successful career and make you earn more.
Discover more about blockchain technology
Did you know
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There are hundreds of online sources available to learn the blockchain technology but not all of them explain the technology in-depth. Because of this many people end up in wasting time and money by enrolling into a wrong course. Below are some suggested sites and best blockchain online course for beginners:
In this online blockchain course, you will learn the concepts of blockchain from basics. As part of this course, you will understand how blockchain works, applications of blockchain and you will also learn to create cryptocurrency and smart contracts.
What else you will learn from this course
We at Skyfi Labs developed this blockchain online course for engineers who want to start a career in blockchain. As the classes are conducted online directly from experts you can clear all your doubts in real-time. As soon as the enrollment, the class schedule will be sent and you can start learning safely from home.
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Just by reading an article or book, you can’t master the blockchain; it requires hands-on practice. Following are some blockchain project ideas for beginners:
Blockchain has the potential of revolutionizing various industries like cloud storage, cybersecurity, real estate, finance and banking. Adding blockchain in your skillset will help in your career. Thus take up our blockchain online course to become a successful blockchain developer.
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