What is Blockchain? Step-by-Step Beginners Guide 2023
- Blockchain council
- October 25, 2023
Table of Contents
History of Blockchain
Advantages & Disadvantages of Blockchain
How To Build a Blockchain?
Blockchain Future
Famous Personalities in Blockchain
Jobs & Salary in Blockchain
Conclusion
About The Authors
What is Blockchain? Definition & Meaning
Blockchain Definition for Kids
Blockchain for Beginners
Blockchain for Coders or Developers
History of Blockchain
W. Scott Stornetta and Stuart Haber, two research experts, made the first public disclosure of Blockchain technology. In 1991, they started working on a cryptographically secure chain of blocks that would prevent tampering with document timestamps. The system was modified in 1992 to include Merkle trees, which increased performance and allowed for the accumulation of more documents on a single block.
In order to establish a “secured chain of blocks,” Merkle Trees are utilized. It kept a number of data records, each of which was linked to the one before it. This chain’s most recent record includes the chain’s history. The patent for this technology expired in 2004 since it was never used.
Also Read: Merkle Trees Vs. Verkle Trees: All You Need To Know
Reusable Proof of Work, a cryptocurrency mechanism, was introduced by crypto campaigner Hal Finney in 2004. This action changed the course of Blockchain technology and cryptography as a whole. By maintaining token ownership registered on a reliable server, this system aids others in solving the Double Spending Problem.
Additionally, Satoshi Nakamoto developed the principle of distributed Blockchains in 2008. He makes a special improvement to the design that makes it possible to add blocks to the initial chain without needing them to be signed by reliable parties. The updated trees would include a safe record of data transfers. In 2009, Satoshi Nakamoto published the first whitepaper on the subject. He explained in the whitepaper how the decentralized feature of the technology meant that nobody would ever be in charge of anything and that it was, therefore, well suited to enhancing digital trust.
Blockchain Technology Examples
Blockchain Technology Real-Life Use Cases
Types of Blockchain
Public Blockchain
Consortium Blockchain
Hybrid Blockchain
Blockchain Key Concepts & Components
Blockchain Components
Block: The basis of a Blockchain in Blockchain technology is a block. A collection of transactions that have been approved by the network are contained in each block. The data contained in a block is regarded as permanent and unchangeable once it is added to the Blockchain.
Node: The individual computers or gadgets that make up a Blockchain’s network are referred to as nodes. They are in charge of approving transactions, including new blocks, maintaining a copy of the Blockchain, and validating transactions.
Ledger: An electronic ledger is essentially an updated database that contains all transactions. It is made up of several blocks, each of which contains at least one transaction, and these blocks are connected by a chain employing cryptography. Three different ledger kinds exist. They are:
Advantages & Disadvantages of Blockchain
Business & Services from Blockchain
Cryptocurrency & Banking
Cryptocurrency vs. Blockchain
Supply Chain | Traditional Supply Chain vs. Blockchain-Based Supply Chain
Digital Services | Traditional Digital Services vs. Blockchain-Based Digital Services
Transport | Traditional Transport vs. Blockchain-Based Transport
Gaming | Traditional Gaming vs. Blockchain-Based Gaming
Advertisement | Traditional Advertisement vs. Blockchain-Based Advertisement
Metaverse & NFT
The phrase “metaverse” refers to a virtual reality that is shared by millions of users and allows for virtual object and person interaction. Although the idea of the Metaverse has existed for some time, current developments in technology, particularly Blockchain, have brought it closer to reality.
Blockchain, however, may be used for more than merely exchanging digital assets. Additionally, it can be used to establish digital identities and grant safe access to online areas. As a result, the Metaverse can become more democratic and decentralized, giving people more power over their virtual property and the Metaverse’s economic system.
By offering a safe and transparent mechanism to manage digital assets like virtual property and non-fungible tokens, Blockchain technology has the potential to play a significant role in the Metaverse (NFTs). In the Metaverse, NFTs can be used to represent virtual property such as virtual real estate, art, and collectibles because they are unique digital assets that cannot be duplicated or replaced.
Virtual property and NFTs can be purchased, sold, and transferred in a transparent and secure manner without the use of middlemen by using Blockchain technology. Giving users more influence over their virtual assets and the Metaverse’s economy, this can contribute to the development of a more decentralized and democratic metaverse.
Decentraland, for example, is a virtual world built on the Ethereum Blockchain. It allows users to buy and sell virtual land, create and monetize their own content and experiences, and interact with one another. Similarly, Rarible is an NFT marketplace where users can buy, sell, and trade unique digital assets like art, music, and collectibles.
How To Build a Blockchain?
import hashlib
import json
class Block:
def __init__(self, index, timestamp, data, previous_hash):
self.index = index
self.timestamp = timestamp
self.data = data
self.previous_hash = previous_hash
self.hash = self.hash_block()
def hash_block(self):
sha = hashlib.sha256()
sha.update(str(self.index) +
str(self.timestamp) +
str(self.data) +
str(self.previous_hash))
return sha.hexdigest()
class Blockchain:
def __init__(self):
self.chain = [self.create_genesis_block()]
def create_genesis_block(self):
return Block(0, "01/01/2018", "Genesis Block", "0")
def get_latest_block(self):
return self.chain[-1]
def add_block(self, new_block):
new_block.previous_hash = self.get_latest_block().hash
new_block.hash = new_block.hash_block()
self.chain.append(new_block)
def is_chain_valid(self):
for i in range(1, len(self.chain)):
current_block = self.chain[i]
previous_block = self.chain[i-1]
if current_block.hash != current_block.hash_block():
return False
if current_block.previous_hash != previous_block.hash:
return False
return True
blockchain = Blockchain()
blockchain.add_block(Block(1, "20/07/2022", { "amount": 4 }))
blockchain.add_block(Block(2, "20/07/2022", { "amount": 8 }))
print(json.dumps(blockchain.__dict__, indent=4))
print("Is blockchain valid? " + str(blockchain.is_chain_valid()))
pragma solidity ^0.8.0;
contract DAO {
address public owner;
mapping(address => bool) public members;
event MemberAdded(address member);
event MemberRemoved(address member);
constructor() public {
owner = msg.sender;
}
function addMember(address member) public {
require(msg.sender == owner, "Only owner can add members.");
members[member] = true;
emit MemberAdded(member);
}
function removeMember(address member) public {
require(msg.sender == owner, "Only owner can remove members.");
delete members[member];
emit MemberRemoved(member);
}
function isMember(address member) public view returns (bool) {
return members[member];
}
}
Blockchain Future
Future Possibilities
Famous Personalities in Blockchain
John McAfee
Vitalik Buterin
Toshendra Sharma
Jobs & Salary in Blockchain
Jobs | Average Salary |
---|---|
Software Engineer | $95,195 |
Senior Software Engineer | $136,598 |
Software Developer | $115,000 |
Principal Architect | $157,054 |
Management Consultant | $197,256 |
Project Leader, IT | $50,875 |
Sr. Software Engineer / Developer / Programmer | $150,000 |
Information Technology (IT) Consultant | $108,653 |
Lead Software Engineer | $105,000 |
Software Engineer / Developer / Programmer | $115,000 |
Front End Developer / Engineer | $81,577 |
Staff Engineer | $174,279 |
Principal Software Engineer | $147,421 |
Assistant Professor, Postsecondary / Higher Education | $122,500 |
Technical Architect | $96,470 |
Senior Product Manager | $150,000 |
Senior Network Analyst | $72,000 |
Research Engineer | $81,000 |
Research & Development (R&D) Director | $150,000 |
Solutions Architect | $90,000 |
Software Architect | $85,000 |
Application Developer | $111,919 |
Product Marketing Director | $165,000 |
Technical Support Engineer | $120,000 |
Online Community Manager | $89,500 |
Lead Software Development Engineer (SDE) | $160,000 |
Lead Business Analyst | $120,000 |
Junior Software Developer | $50,000 |
Information Technology (IT) Architect | $124,918 |
Information Security Analyst | $135,000 |
Full Stack Software Developer | $110,000 |
Executive Director | $250,000 |
Content Writer | $60,000 |
Chief Technology Officer (CTO) | $120,000 |
Business Solution Consultant | $115,000 |
Attorney / Lawyer | $60,000 |
Professor, Postsecondary / Higher Education | $175,000 |
Treasury Manager | $151,800 |
Conclusion
About The Authors
Under Pradeep's leadership, Blockchain Council has become a leading voice in the industry and has been instrumental in driving the adoption of Blockchain technology in various sectors. Pradeep is a frequent speaker at international conferences and events, sharing his knowledge and insights on Blockchain, Web3, and digital assets.
Under Pradeep's leadership, Blockchain Council has become a leading voice in the industry and has been instrumental in driving the adoption of Blockchain technology in various sectors. Pradeep is a frequent speaker at international conferences and events, sharing his knowledge and insights on Blockchain, Web3, and digital assets.