Blockchain Technology

Introduction to Blockchain Technology

Blockchain's rapid evolution in recent years has caused economic ripples and captured the attention of the entire world. Blockchain technology has the potential to revolutionise everything from banking systems and stock exchanges to property registries, contract law, and corporate sustainability by allowing users to transact with third parties using a secure, shared, and irreversible decentralised ledger. Satoshi Nakamoto's white paper on Bitcoins, a type of cryptocurrency that uses blockchain technology, sparked interest in this still-emerging technology in 2009. It reached the apex of Gartner's 'hype cycle' of emerging technologies in 2017, leaving autonomous vehicles and intelligent robots behind. The purpose of this Briefing Paper is to introduce the concept of this emerging technology, as well as to provide some background information on it.

What is a Blockchain?

• A Blockchain is a "distributed database of records, or public ledger, of all transactions or digital events that have been completed and shared among participating parties." It enables peer-to-peer transactions, removing third parties (for example, banks/financial institutions/states in the case of traditional currency exchange) and ensuring transparency and cost effectiveness. The use of this technology in cryptocurrency transfers is the most recent and contentious example that has been closely linked to it. A Blockchain can be open to the public or kept completely private. The former allows anyone to participate, i.e., anyone can join the network, request to transact, or participate in the consensus process, as seen in popular public blockchains like Bitcoin, Ethereum, and Litecoin.
• The latter is a permissioned network that operates on an invite-only basis, with write permissions centralised in the hands of a single entity/organization.

• As a result, it is not truly decentralised, and it limits the number of participants in a transaction as well as the validation process.
• A Consortium Blockchain exists somewhere between a fully decentralised public Blockchain and a single highly trusted entity model of a private block chain. It is a hybrid of the two types of Blockchains and is partially decentralised, in that the consensus process is controlled by a pre-selected set of nodes. In a consortium of thirty organisations, for example, it may be pre-determined that sixteen of the chosen members must sign each block in order for that consortium to function.
•BMW, GM, Ford, and Renault, along with other stakeholders, recently launched the Mobility Open Blockchain Initiative (MOBI), a consortium blockchain platform aimed at making mobility safer, greener, and more affordable.

How Does the Technology Work?
A person who wants to be a part of the Blockchain or transact using a medium that uses Blockchain Technology must first request a transaction, which will be included if it is validated. The following is the procedure for doing so:

•A digital transaction is grouped together in a cryptographically protected block when it is completed. This block contains a digital signature, a timestamp, and other transaction-related information, but not the identities of the individuals involved in the transaction. This block is then broadcast throughout the network.
•Miners (network members/coders with a high level of computing power) then compete to validate transactions by solving complex coded problems for which they are rewarded. In the Bitcoin Blockchain network, for example, the first miner(s) to solve the mathematical equation receives Bitcoins. The economic concept of "tragedy of the commons" is used to validate the transaction by incentivizing it. Validating a transaction on the blockchain necessitates a massive amount of computational power. As a result, incentivizing ensures that each individual sacrifices a small amount of computational power in exchange for a reward, thereby benefiting the network.

•After that, the validated block of transactions is timestamped and hashed. It's then linked to older blocks in a proper linear, chronological order, with each block containing the hash of the previous block, resulting in a chain of blocks that reflects all transactions in that Blockchain.
•The entire chain is updated on a regular basis to ensure that every ledger in the network is identical, allowing each member to verify the credibility of others at any time.

What does it take to become a Blockchain Developer?

If you want to pursue a career in Blockchain or learn more about the technology, there are a few things you should know. If you have a basic understanding of computers and coding, you will be able to better comprehend the blockchain concepts. If you have a Bachelor of Technology in Computer Science or a related field, blockchain technology could be a good fit for you.
Companies that are hiring for Blockchain positions are looking for candidates who can improve on existing technology and create something new; this can only be done if you have extensive technical knowledge. Being a developer is the first step toward becoming a Blockchain developer, after which you can learn blockchain development skills and become a blockchain developer.

Basic programming knowledge, such as Object-Oriented Programming Language, flat and relational databases, and procedural language, will always aid in a better understanding of blockchain. All of a developer's current skills are applicable to blockchain technology. As a result, becoming a blockchain developer necessitates knowledge of data structures, web development, and a basic programming language. Because a developer has a better understanding of Data Structures, start by learning about them. Second, you must be eager to learn about new technology. You must understand the data structures Queues, Tree, Stack, LinkedList, and Hedera HashMap.
You should learn to code because it will help you write more efficient Blockchain codes. Understanding basic architectures such as MVVM, MVC, Document-View Architecture, MVC, and Microservices will also aid you in understanding the differences between centralised and decentralised systems. You should also study the fundamentals of communication architectures. It is always recommended that you learn programming languages such as C, C++, or JavaScript

To work in the blockchain industry, you must understand the fundamentals of blockchain technology, as well as the new concepts that are emerging in the blockchain ecosystem. For those interested in pursuing a career in blockchain technology, there are a few skills you'll need to learn and master.

1)Networking and Distributed Systems
To grasp blockchain technology, you must begin at the beginning. Because blockchain technology is a distributed ledger, a knowledge of peer-to-peer networks is required. You should also be familiar with the Blockchain consensus mechanism, which is at the heart of the blockchain. Proof-of-Work (PoW) is the most widely used blockchain consensus algorithm, and Proof-of-Stake is the other (PoS).
2) Cryptography
Cryptocurrency is one of the most widely discussed blockchain applications. The technology that underpins cryptocurrency is cryptography. Having a basic understanding of hash functions as well as good mathematical skills will help you tremendously in this field. Understanding Block Ciphers is also beneficial. Encryption that can be trusted and message integrity are also essential.
3)Data Structure
As we all know, Blockchain is a type of database in which data is stored in blocks that are connected to one another. Overall, you must understand the concept of storing data in blockchain technology. The database is moved across a network known as a distributed ledger, and security is maintained using cryptography. A blockchain developer must understand how data structures like linked lists, hash maps, graphs, and search trees work in practise.
4)Programming Language
You should be familiar with some advanced programming languages if you have a basic understanding of programming languages. Below is a list of some of them:
• C++
• Java, JavaScript
• C#
• Python
• Solidity
• Go
• Scala
• Kotline

Conclusion
While Blockchain is best known for its use with Bitcoins, it is also finding its way into other industries, including insurance, finance, voting records, education, and healthcare, asset registry, and so on. UBS, Microsoft, IBM, and PwC are among the companies racing to adapt it. Venture capitalists in Silicon Valley are also lining up to back it. The distinguishing characteristics of Consensus, trust, immutability, and provenance are all features of blockchain that open up a world of possibilities. its applications As a result, while blockchain technology is still in its infancy, it has the potential to be revolutionary. After the Internet, this is the next big thing, with applications as varied as one's imagination. This piques our interest in learning more about Blockchain Technology.