Blockchain

What is Blockchain?

Blockchain, began to appear as a real-world tech option in 2016 and 2017, is poised to change IT in much the same way open-source software did a quarter century ago. And in the same way Linux took more than a decade to become a keystone in modern application development, Blockchain will likely take years to become a lower cost, more resourceful way to share information and data between open and private business networks.

All of us would have heard about Blockchain but we are always confused as to what actually is Blockchain? Is it Bitcoin, or is it a new technology or a platform? Will Blockchain be the next big thing? Is it here to stay or its a temporary stage which would ultimately die its natural death in the next few years to come? How will it change the way we work, we transact or the way we imagine our future? If these questions haunt you but you don’t have the answers to it then you have come to the right place. I’ll help you understand all the basics and complexities of this disruptive technology on a weekly base. Do subscribe if you don’t want to miss any updates.

Today I will explain to you what exactly is Blockchain.

Simply put, Blockchain is Internet 2.0. With the internet we were able to move information, connect and share our thoughts. It was more of a way to share your knowledge. With Blockchain, using internet, we would be able to do alot more. We can transact, move assets, raise money through ICO’s, digitize our physical assets, or its ownership and move it without boundaries.

Blockchain is a collection of records, linked to each other, is strongly resistant to changes (i.e. a record written on a block in a Blockchain cannot be deleted or changed) and is protected using cryptography. It is a database, which has basically three parts:

a) It is a cryptographically secure database which needs cryptographic keys to decode using a pair of a public and private key attached to a transaction.

b) It is a digital log or digital database of transaction.

c) It’s shared across either public or private network.

Now lets talk about the myths associated with Blockchain:

Myths:

1). Blockchain is Bitcoin.
2). Blockchain is better than traditional databases.
3). Blockchain is immutable or tamper-proof.
4). Blockchain is 100% secure.
5). Blockchain is a “true machine”.

Reality:

1). Bitcoin is just one crypto-currency application of blockchain.
2). Blockchain’s advantages come with noteworthy technical trade-offs that mean traditional databases often still perform better.
3). Blockchain data-structure is append only, so data can’t be removed.
4). Blockchain only uses immutable data structure, such as protected cryptography.
5). Blockchain can authenticate all transactions and data entirely contained on and native to blockchain(eg Bitcoin).

Who created the first blockchain?

Satoshi Nakamoto, the mysterious creator of Bitcoin, sent message to a cryptography-focused mailing list in October 2008. Included was a link to a nine page white page describing a technology that some are now convinced will disrupt the financial system. The exact words of him were

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

Public vs Private blockchains

As a peer-to-peer network, combined with a dispersed time-stamping server, public blockchain records can be managed autonomously to exchange information between parties. There’s no need for an administrator. In effect, the blockchain users are the administrator.

A second form of blockchain, known as private or permissioned blockchain, allows companies to create and centrally administer their own transactional networks that can be used inter- or intra-company with partners.

Blockchain careers are taking flight

As more businesses discover blockchain pilots, jobs for Blockchain developers are becoming a premium. Blockchain developer are ranked first among the top five emerging careers, and job postings for workers with those skills have more than doubled this year. Following are some examples

· Blockchain Developer

· Blockchain Solution Architect

· Blockchain Project Manager

· Blockchain UX Designer

· Blockchain Quality Engineer

· Blockchain Legal Consultant

How to grab job in blockchain?

Did you know about Blockchain job site? If you didn’t, check out Crypto Jobs List as it advertises vacancies in management, marketing, community, design, and many other roles. If you want fruitful result in a crypto career, do the following:

• Get specialized
• Keep up to date with industry trends
• Be flexible; these careers come in many forms
• Love crypto and blockchain

Link for job site: https://crypto.jobs/

Conclusion

As the Blockchain technology continues to evolve, so will it’s professional opportunities. The Blockchain is here with us to stay which means that Blockchain Expertise is to be in high demand for years and years to come. So whether you are a techie or not, a career in Blockchain is a new and thrilling opportunity worth exploring.

References:

· https://www.investopedia.com/terms/b/blockchain.asp

· https://www.computerworld.com/article/3191077/what-is-blockchain-the-complete-guide.html

· https://blockgeeks.com/guides/what-is-blockchain-technology/