How Can A Newbie Start Learning About Blockchain?
Blockchain indeed is one of the most revolutionary changes that has emerged in the recent past. Some believe that it is going to be a key driver of change for many industries. This has opened the gateway to opportunities for many businesses to start developing Blockchain-based applications, and at the same time, it also paves the way for new job opportunities. Knowing Blockchain technology and its application in various domains will keep you ahead of the crowd. It will positively affect your resume and fetch you a better job and a handsome salary.
The next question is how a beginner should begin learning about this technology. Although you may find many companies promoting these courses, finding the one which can provide you with hands-on experience in addition to theoretical practice is a daunting task. Blockchain Council is a renowned platform for learning. It offers courses for both beginners and professionals. Learn Blockchain concepts and have an in-depth knowledge of Blockchain technology and its platforms. Now, How to learn Blockchain technology? This article will guide you through the path of becoming a Blockchain professional.
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Definition of Blockchain
A Blockchain is a decentralized, distributed digital ledger that records transactions in a secure and transparent manner. It consists of a network of computers, known as nodes, that work together to validate and record transactions on the Blockchain. Each node has a copy of the ledger, and any changes made to the ledger are verified and recorded across all nodes in the network. A Blockchain can store any type of information, not just financial transactions.
How it works?
Here is a step-by-step explanation of how a Blockchain transaction works:
Step 1: Initiation of a Transaction
A transaction is initiated when one user wants to send digital assets or cryptocurrencies to another user. This transaction includes the details of the sender, the recipient, the amount, and any other relevant information.
Step 2: Verification of the Transaction
Once the transaction is initiated, it is broadcast to the nodes on the Blockchain network. Each node verifies the transaction by checking whether the sender has sufficient funds to complete the transaction and whether the transaction meets the necessary criteria.
Step 3: Validation of the Transaction
Once the transaction is verified, it is validated by the nodes on the network. This validation process involves solving a complex mathematical problem, known as proof of work, or proof of stake, depending on the Blockchain technology being used. This process ensures that the transaction is legitimate and that the sender has the authority to make the transfer.
Step 4: Recording of the Transaction
Once the transaction is validated, it is recorded on the Blockchain. The transaction is added to a block, which is then added to a chain of blocks in a chronological order, forming an unalterable and transparent record of all transactions on the Blockchain.
Step 5: Confirmation of the Transaction
After the transaction is recorded, it needs to be confirmed by the nodes on the Blockchain network. This confirmation process involves checking the authenticity and accuracy of the transaction details and ensuring that it complies with the rules and regulations of the Blockchain network.
Step 6: Distribution of the Transaction
Once the transaction is confirmed, it is distributed across the entire network of nodes, which adds it to their copy of the ledger. This ensures that all nodes have an up-to-date and accurate copy of the ledger.
Step 7: Completion of the Transaction
Finally, the transaction is completed, and the digital assets or cryptocurrencies are transferred from the sender to the recipient. This transaction is now recorded on the Blockchain, forming an immutable and transparent record that can be verified by anyone on the network.
Key features and benefits
- Decentralization: Blockchain is a decentralized technology, meaning it operates without a central authority. This eliminates the need for intermediaries and provides a transparent, peer-to-peer network for transactions.
Example: Bitcoin is a decentralized cryptocurrency that operates on the Blockchain network, allowing users to transfer funds directly without the need for a financial intermediary.
- Increased Transparency: Blockchain provides a transparent and immutable record of all transactions, increasing trust between parties and reducing the risk of fraud.
Example: IBM is using Blockchain technology to increase transparency in the supply chain of food products, allowing consumers to view the origin and quality of their food.
- Immutability: Once a transaction is recorded on the Blockchain, it cannot be altered or deleted. This ensures the integrity and security of the data stored on the Blockchain.
Example: The Ethereum Classic Blockchain famously resisted a hack attempt in 2016, resulting in the Blockchain remaining immutable and secure.
- Security: Blockchain uses advanced cryptographic techniques to secure transactions and prevent unauthorized access. This makes it more secure than traditional methods of data storage and transfer.
Example: The Chinese city of Guangzhou is using Blockchain technology to prevent the spread of the coronavirus by securely storing and sharing patient data.
- Reduced Transaction Costs: Blockchain eliminates the need for intermediaries, reducing transaction costs and enabling faster and more efficient transactions.
Example: The Blockchain-based payment platform RippleNet is reducing cross-border transaction costs for financial institutions.
- Improved Efficiency: Blockchain streamlines processes, reducing the time and cost required to complete tasks.
Example: The logistics company Maersk is using Blockchain to streamline its supply chain process, reducing the time and cost required to transport goods.
- Increased Trust: Blockchain technology has the potential to increase trust between parties by providing a tamper-proof and transparent record of transactions.
Example: Walmart is using Blockchain to increase trust between suppliers and consumers by providing transparency into the origin and quality of its products.
Definition of cryptocurrency
Cryptocurrency is a digital or virtual currency that operates on a decentralized network, using cryptographic techniques to secure transactions and control the creation of new units. Unlike traditional currencies, which are backed by a physical asset or government guarantee, the value of cryptocurrencies is derived from the trust and consensus of the network participants.
The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. Since then, thousands of other cryptocurrencies have emerged, each with its own unique features and use cases. Examples include Ethereum, Ripple, Litecoin, and Tether.
How it relates to Blockchain
Cryptocurrencies and Blockchain technology are closely related, as cryptocurrencies are one of the most popular use cases for Blockchain technology. Cryptocurrencies, such as Bitcoin and Ethereum, are built on top of Blockchain technology. They use the distributed ledger system to record and verify transactions in a decentralized manner, without the need for a central authority. Cryptocurrencies rely on a network of nodes that validate transactions and add new blocks to the Blockchain through a process called mining.
When a cryptocurrency transaction is made, it is recorded on a Blockchain, and the transaction is verified by multiple nodes on the network. Once the transaction is verified, it is added to the Blockchain, and a new block is created. This process of adding new blocks to the Blockchain is known as mining, and it is an essential component of the cryptocurrency ecosystem.
The use of Blockchain technology in cryptocurrencies provides several benefits. For example, it allows for secure and transparent record-keeping that cannot be tampered with. It also provides a decentralized network that is not controlled by any single entity, making it resistant to censorship and manipulation.
Popular cryptocurrencies to know
Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It is a decentralized digital currency that operates on a Blockchain network and is designed to be used as a medium of exchange. Bitcoin is known for its high volatility and has experienced significant price fluctuations over the years. Nevertheless, it remains the most widely adopted cryptocurrency, and many businesses and individuals accept it as a form of payment.
Ethereum is the second-largest cryptocurrency by market capitalization, after Bitcoin. It was created in 2015 by Vitalik Buterin and has quickly become one of the most popular cryptocurrencies. Ethereum is more than just a digital currency; it is a Blockchain-based platform that enables the development of decentralized applications (dApps) and smart contracts. It is known for its versatility and flexibility, and its ability to support a wide range of dApps and use cases has made it a popular choice for developers.
Binance Coin (BNB)
Binance Coin is a cryptocurrency that is used on the Binance cryptocurrency exchange, one of the largest and most popular exchanges in the world. It was created by Binance in 2017 as a way to incentivize users to use the exchange’s services. Binance Coin is a utility token that can be used to pay for trading fees on the Binance exchange, and users who hold BNB can receive discounts on their trading fees. Binance Coin has seen significant growth in popularity and value, and it is now the fourth biggest cryptocurrency by market capitalization.
Participating in a Blockchain project or community
Participating in a Blockchain project or community is an excellent way to learn about Blockchain technology. Here are some reasons why participating in a Blockchain project or community is essential to learning about Blockchain technology:
- Hands-on Experience: Participating in a Blockchain project or community provides individuals with hands-on experience working with the technology. This hands-on experience allows individuals to better understand the nuances of Blockchain technology, such as how it works, what its limitations are, and how it can be improved.
- Exposure to Different Perspectives: Participating in a Blockchain project or community exposes individuals to different perspectives on the technology. Members of the Blockchain community come from diverse backgrounds, including finance, technology, law, and more. This diversity provides individuals with different viewpoints on how the technology can be applied and what its future holds.
- Access to Learning Resources: Many Blockchain projects and communities offer access to learning resources such as whitepapers, tutorials, and webinars. These resources provide individuals with a wealth of knowledge on the technology, its history, and its potential applications.
- Networking Opportunities: Participating in a Blockchain project or community provides individuals with networking opportunities. These opportunities allow individuals to meet other like-minded individuals and potentially even make valuable connections within the industry. Networking can lead to job opportunities, business partnerships, and other collaborations.
- Opportunity to Contribute: Participating in a Blockchain project or community provides individuals with an opportunity to contribute to the development of the technology. Individuals can contribute their time, skills, and expertise to the project, which can help move the technology forward.
Attending Blockchain events or meetups
Attending Blockchain events or meetups is an important way to learn about Blockchain technology. Blockchain events and meetups are gatherings of Blockchain enthusiasts, developers, investors, and entrepreneurs who come together to share their knowledge and insights on the technology. Here are some reasons why attending Blockchain events or meetups is essential to learning about Blockchain technology:
- Learning from Industry Experts: Attending Blockchain events or meetups provides individuals with the opportunity to learn from industry experts. Speakers at these events are typically well-respected figures in the Blockchain industry, who share their knowledge and insights on the latest trends, applications, and best practices. This provides attendees with valuable insights and knowledge that they may not be able to obtain elsewhere.
- Staying Up-to-Date on the Latest Developments: Attending Blockchain events or meetups provides individuals with the opportunity to stay up-to-date on the latest developments in the technology. These events often feature discussions on the latest advancements in Blockchain, such as new use cases, emerging trends, and innovative applications.
- Collaboration Opportunities: Attending Blockchain events or meetups provides individuals with opportunities to collaborate with others in the industry. For example, attendees may meet other developers or entrepreneurs who are working on projects related to Blockchain technology. These connections can lead to potential partnerships or joint ventures.
- Community-Building: Attending Blockchain events or meetups helps to build the Blockchain community. By bringing together like-minded individuals who are passionate about the technology, these events create a sense of community and belonging. This can be particularly valuable for those who are just starting to learn about Blockchain and may not have a network of peers who share their interests.
- Fun and Engaging Environment: Finally, attending Blockchain events or meetups can be a fun and engaging experience. These events often feature interactive workshops, panel discussions, and social activities that allow attendees to connect with others in a relaxed and enjoyable atmosphere.
Examples of industries using Blockchain
From finance to healthcare, Blockchain has the potential to revolutionize numerous industries. Here are some examples of industries using Blockchain technology:
The finance industry was the first to recognize the potential of Blockchain technology. Blockchain can be used for secure and efficient payments, trade settlements, and smart contracts. Several banks have started using Blockchain to speed up cross-border payments and reduce transaction costs. For example, JPMorgan Chase’s Blockchain-based Interbank Information Network (IIN) helps banks quickly resolve payment issues.
Supply Chain Management
The supply chain industry can benefit significantly from the transparency and immutability of Blockchain technology. Blockchain can help track goods from their origin to the end customer, ensuring transparency and reducing the risk of fraud. Walmart, for instance, uses Blockchain to track the origin of its produce, allowing customers to see the journey of the food from the farm to the store.
Blockchain technology can improve data sharing and record-keeping in the healthcare industry. Medical records stored on the Blockchain can be accessed securely by patients and healthcare providers, leading to better patient care. Moreover, Blockchain can help prevent medical fraud, ensuring that only authorized personnel can access sensitive patient data.
Blockchain can revolutionize the real estate industry by providing a secure and transparent platform for property transactions. Blockchain can help reduce fraud, speed up transactions, and lower costs. For example, the Propy platform uses Blockchain to allow buyers and sellers to complete real estate transactions securely and quickly, eliminating the need for intermediaries.
Blockchain technology can be used in the energy industry to facilitate peer-to-peer energy trading. Using Blockchain, energy producers can directly sell excess energy to consumers without the need for intermediaries. For example, the Brooklyn Microgrid project uses Blockchain to allow homeowners to sell their solar power to their neighbors.
Potential career opportunities in Blockchain
Blockchain technology has rapidly grown in popularity and adoption over the last few years, creating numerous job opportunities for individuals with expertise in the field. Let’s have a look at some potential career opportunities in Blockchain technology:
Blockchain developers are responsible for designing, building, and maintaining Blockchain solutions. They need to have expertise in programming languages such as C++, Java, and Python and understand the fundamentals of Blockchain technology, such as consensus algorithms and smart contracts. Blockchain developers can work for startups, large corporations, or as freelancers.
Blockchain architects are responsible for designing and implementing Blockchain solutions that meet specific business requirements. They need to have expertise in developing Blockchain architecture, security protocols, and consensus algorithms. They should also be familiar with various Blockchain platforms, such as Ethereum, Hyperledger Fabric, and Corda. Blockchain architects can work in consulting firms or for large enterprises.
Blockchain Project Manager
Blockchain project managers are responsible for managing Blockchain projects from initiation to closure. They need to have excellent communication, leadership, and project management skills. They should also have a good understanding of Blockchain technology and its potential applications. Blockchain project managers can work for startups, large corporations, or consulting firms.
Blockchain engineers are responsible for designing, building, and implementing Blockchain solutions that meet specific business requirements. They need to have expertise in developing Blockchain architecture, security protocols, consensus algorithms, and smart contracts. Blockchain engineers can work for startups, large corporations, or as freelancers.
Blockchain Legal Consultant
Blockchain legal consultants are responsible for providing legal advice and guidance on Blockchain technology and its applications. They need to have expertise in Blockchain regulations, intellectual property law, and contract law. They can work for law firms, consulting firms, or as independent consultants.
What does it take to become a Blockchain Developer?
There are a few necessary things that you must know if you want to make a career in Blockchain or if you want to learn about this technology. If you have basic knowledge about computers and coding, this will help you better understand the concepts of the Blockchain. If you have a Bachelor’s in Technology in Computer science or related fields, it is a good option to seek an opportunity in Blockchain technology.
Companies currently hiring for Blockchain are looking for candidates who know how to improvise the current technology and develop something new; this is only possible if you have thorough technical knowledge.
The first step toward being a Blockchain developer is to be a developer, and after that, you can learn Blockchain development skills and be a Blockchain developer.
You must be a Developer
The basic understanding of programming like Object Oriented Programing Language, flat and relational databases, and procedural language will always prove to be helpful in understanding Blockchain in a better way. All the skills that a developer has nowadays are useful in Blockchain technology. Therefore, having knowledge of data structures, web development, and basic programming languages is required for becoming a Blockchain developer.
A developer has a better understanding of Data Structure, so begin with gaining insight into Data structures. Secondly, you must have the zeal to understand new technology. You must learn about Queues, Tree, Stack, LinkedList, and Hedera HashMaps data structure.
You must learn about coding as it will help you write efficient codes for Blockchain. Also, an understanding of basic architectures like MVVM, MVC, Document-View Architecture, MVC, and Microservices, knowing will help you understand the difference between the conventional and decentralized system.
Start the journey to become a Blockchain developer with the above-mentioned skills and learn Blockchain concepts in detail. Let us know more about what else you need to be a Blockchain Developer.
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What are the prerequisites for becoming a Blockchain Developer?
- To begin learning about Blockchain, you must start off by learning the basics of Blockchain and cryptocurrency. You can begin this by joining various Blockchain communities and visiting Bitcoin forums on Reddit, crypto vlogs on YouTube, and Blockchain news on Coindesk.
- Well, if you are ready to have some hands-on experience, you can do the same by buying some cryptocurrency and trading it. You can try Coinbase for the same.
- You can join courses provided by various online forms like the one offered by Blockchain Council.
- Coding and having a basic idea about coding will always be helpful. It will help you do the programming for Blockchain applications.
Prerequisites to be a Blockchain Architect
To become a Blockchain architect, you need to have a deep understanding of Blockchain technology and its various applications. Here are some of the technical skills required to be a Blockchain architect:
- Proficiency in Blockchain Platforms: A Blockchain architect should have expertise in various Blockchain platforms such as Bitcoin, Ethereum, Hyperledger Fabric, Ripple, etc.
- Understanding of Cryptography: A Blockchain architect should be well-versed in cryptographic techniques such as hash functions, digital signatures, symmetric and asymmetric encryption, and public-key infrastructure.
- Knowledge of Distributed Systems: Understanding distributed systems is crucial in Blockchain technology as it is a distributed ledger. Therefore, a Blockchain architect should have knowledge of distributed systems concepts such as consensus algorithms, fault tolerance, and peer-to-peer networking.
- Smart Contract Development: Smart contracts are self-executing contracts that facilitate the exchange of assets between parties. Therefore, a Blockchain architect should have knowledge of smart contract development and be proficient in programming languages such as Solidity.
- Data Structures: Understanding of data structures such as Merkle Trees and Hash Tables is essential for Blockchain architects.
- Security: A Blockchain architect should be well-versed in Blockchain security and understand various types of attacks such as 51% attack, double-spending attack, and Sybil attack.
- Blockchain Architecture Design: A Blockchain architect should have a clear understanding of Blockchain architecture, its components, and its design patterns. This knowledge is necessary to design and develop Blockchain-based solutions.
- Technical Documentation: Technical documentation is an integral part of Blockchain development. A Blockchain architect should be proficient in writing technical documentation such as whitepapers, system design documents, and API documentation.
Prerequisites to be a Blockchain project manager
To be a successful Blockchain project manager, you need to have a thorough understanding of Blockchain technology and its application in real-world scenarios. Here are some of the technical skills required to be a Blockchain project manager:
- Blockchain Technology: You should have a deep understanding of Blockchain technology, its various components, and how it works. You should also be aware of the latest trends and developments in the Blockchain industry.
- Smart Contract Development: As smart contracts are integral to many Blockchain-based solutions, you should have knowledge of smart contract development and programming languages such as Solidity.
- Distributed Systems: Understanding distributed systems concepts such as consensus algorithms, fault tolerance, and peer-to-peer networking is crucial for managing Blockchain projects.
- Cryptography: You should be well-versed in cryptographic techniques such as hash functions, digital signatures, and public-key infrastructure.
- Data Structures: Knowledge of data structures such as Merkle Trees and Hash Tables is essential for managing Blockchain projects.
- Security: Blockchain security is critical for any Blockchain-based solution. You should have knowledge of various types of attacks such as 51% attack, double-spending attack, and Sybil attack, and how to prevent them.
- Project Management: In addition to technical skills, you should also have strong project management skills. You should be able to manage resources effectively, communicate effectively with stakeholders, and manage project timelines and budgets.
- Agile Methodologies: As Blockchain projects are often complex and require flexibility, familiarity with Agile methodologies such as Scrum or Kanban can be beneficial.
- Business Acumen: Understanding the business use cases and value proposition of Blockchain-based solutions is crucial for effective project management. You should be able to communicate the benefits of Blockchain solutions to business stakeholders and understand how to align technical requirements with business objectives.
- Leadership and Team Management: You should have strong leadership and team management skills to motivate and manage team members effectively.
Prerequisites to Be a Blockchain Legal Consultant
Along with the skills mentioned above, you will need the following legal skills to be a Blockchain legal consultant:
Acquire a Strong Legal Background
To become a Blockchain legal consultant, you need to have a strong foundation in the legal field. This means you should have a law degree from an accredited institution and be licensed to practice law in your jurisdiction.
Keep Up-to-Date with Legal and Regulatory Developments
Blockchain technology is still relatively new, and laws and regulations governing its use are still being developed. As a Blockchain legal consultant, you need to stay informed about legal and regulatory developments related to Blockchain technology. This will help you provide your clients with up-to-date and accurate advice.
Technical skills required to start your journey as a Blockchain Developer/Architect/Engineer
Now to be in the Blockchain field, you must have the knowledge of basic Blockchain technology with the new concepts evolving in the Blockchain ecosystem. Here are a few skills that you need to learn and have in-depth knowledge for starting a career in Blockchain technology.
Distributed Systems and Networking
To understand Blockchain technology, you need to start from the start. Blockchain technology is a distributed ledger, so it is necessary to have an understanding of peer-to-peer networks. Also, you need to have knowledge about the Blockchain consensus mechanism, which is a core of Blockchain. The most used Blockchain consensus algorithm is Proof-of-Work (PoW) with bitcoin works, and the other one is Proof-of-Stake (PoS).
One of the most talked-about Blockchain applications is cryptocurrency. Cryptography is the technology behind cryptocurrency. So having the basic knowledge of hash functions and good mathematical skills will do wonders for you in this field. Also, having an understanding of Block Ciphers. Authenticated encryption and message integrity are also a must.
As we know, Blockchain is a specific form of Database, and information is stored in the blocks where one block is connected to another. So, on the whole, you need to have the concept behind storing data in Blockchain technology. Here, the database moves across the network called a distributed ledger, and the security is maintained with the help of cryptography. A Blockchain specialist must be aware of the practical working of the data structures like linked lists, hash maps, graphs, search trees, etc.
Advanced Programming Language
With the basic knowledge of programming languages, you must also be familiar with some advanced programming languages. A list of some is mentioned below-
Knowledge of Smart Contracts
To start your journey in the Blockchain field, you must also have the knowledge of smart contracts. Smart contracts are self-executing contracts that are critical in any Blockchain ecosystem. By understanding smart contracts, you can design Blockchain systems that make optimal use of smart contracts to achieve the desired functionality. This includes understanding the programming languages used to write smart contracts, the security implications of different smart contract architectures, and the potential limitations and challenges of smart contracts.
Blockchain is a revolutionary technology to change business and render services across various business niches. This has made many big names in the industries explore various aspects of this technology and its multifaceted application. It has given rise to the need for Blockchain Developers who can aid the process of development of this platform.
As per the latest report by Upwork, Blockchain engineering is the second most demanded skill by companies across the globe, which indicates the popularity of this course on a global platform. Moreover, the broader application of Blockchain in different fields like financial sectors, business, healthcare, etc., opens up a wide array of opportunities for growth for the people who are fresh graduates.
If you want to keep up with the trends of the Blockchain industry, join our communities on Discord, Reddit and Telegram.
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FREQUENTLY ASKED QUESTIONS
Blockchain technology is a decentralized, distributed ledger that is used to record transactions across many computers. It uses cryptography to secure and verify transactions and eliminate the need for intermediaries.
Blockchain technology can bring numerous benefits to the real estate industry, such as reducing fraud, speeding up transactions, and lowering costs. By using Blockchain, property transactions can be completed securely and quickly, eliminating the need for intermediaries. Blockchain can also provide a transparent platform for property transactions, making it easier for buyers and sellers to exchange information.
There are several career opportunities available in the Blockchain industry, including Blockchain developer, Blockchain architect, Blockchain project manager, Blockchain engineer, and Blockchain legal consultant. These roles require different skill sets and expertise, such as programming languages, Blockchain architecture, project management, and legal knowledge.
Participating in a Blockchain project or community is essential to learning about Blockchain technology because it provides individuals with hands-on experience working with the technology. This hands-on experience allows individuals to better understand the nuances of Blockchain technology, such as how it works, what its limitations are, and how it can be improved.
One way to gain hands-on experience with Blockchain technology is to experiment with existing Blockchain projects or try building your own Blockchain application. Another way is to participate in hackathons or other events where you can work on real-world Blockchain challenges. You can also enroll for certifications by Blockchain Council and get hands-on experience right from industry experts.