What is Blockchain?
Blockchain is a technology which was launched in December 2008 by a person or a group of individuals who go by the name — Satoshi Nakamoto. Blockchain as the name suggests refers to a growing series of records called blocks, which are linked with the aid of cryptography. Every confirmed transaction is referred to as a ‘block’. Each block has the cryptographic hash of its predecessor block, its timestamp, and transaction data.
A blockchain is an accounting record which is shared and dispensed on computers all over the world. The blocks are linked in a chronological order to ensure immutability and maintain a degree of trust. This attribute of immutability has helped it gain the likes of several organisations and companies around the globe.
Making modifications in the chain requires redoing the entire work again as it is infeasible to make changes to just one transaction and not compromise the entire system. Anyone can audit blockchain transactions. There are two methods of achieving that — either by running the entire copy of the blockchain on your system or by employing the block explorer. Block explorer is a site which enables anyone with an internet connection to track the status of transactions.
Here is a simple explanation of Blockchain by WIRED
How does a transaction work in Blockchain?
Once someone initiates a transaction, a request is broadcasted to the P2P network ( Peer-to-Peer network ). Each computer system that forms the P2P is known as a ‘node’. Various algorithms are used to validate this transaction request. A verified transaction can involve cryptocurrency, contracts or records. If the transaction is valid, it will be included in the next block and registered in the blockchain with its corresponding hash. The transaction block is added to the preexistent blockchain. This activity is immutable in nature. This marks the completion of the transaction. A pictorial representation of the same is shown below :
Let us understand how cryptocurrency works by taking a simple example
Bitcoin is a form of virtual currency that enables peer-to-peer transaction of currency between individuals with e-wallets. Suppose a person X wants to buy something in a different country but does not have the required real currency so he can make transactions using his bitcoin currency at the same exchange rate as he would using real currency.
Some useful applications of Blockchain are
Blockchain finds its utilisation in numerous areas.
- Finance
- Smart Contracts
- Blockchain healthcare
- Blockchain music
- Blockchain government
3. Healthcare Industries
4. Supply Chain
5. Social Media
6. Internet of Things
- Smart appliances
- Supply chain sensors
7. Smart Property
Blockchain Nanodegree Program
The advancements in the world of blockchain are skyrocketing. For a well-rounded experience which involves staying updated with this dynamic technology, we make sure our students are not lagging.
With the collective effort of our expert teams and industry leaders, we have built this Blockchain Nanodegree program which is curated to provide a hands-on learning experience of Blockchain development. The Nanodegree focuses on extensively on job-readiness and covers every fundamental skill required to becoming a blockchain developer.
The program enables students to interact one-on-one with various industry specialists who are our Experts-In-Residence for the program. Students will have the opportunity to engage in weekly office hours sessions with these highly-skilled individuals :
- Adam Gall, Co-founder, CTO, DECENT
- Brian Ho, Software Developer & Course Instructor, Blockchain at Berkeley
- Connor Yanz, Software Engineer, MadHive
- Matt Whittington, Software Developer, Factom
- Parker McCurley, Founder, DECENT
- Tyler Mace, Senior Software Engineer, MadHive
Enroll into Udacity’s Blockchain Developer Nanodegree program — your learning path — and a launchpad for a Blockchain career.
