In this ever-changing world we live in, new advancements and developments keep happening in the technology sector. Every new day comes with innovation in the tech world and if someone is not up to date they might miss out on important information. In fact, someone who has been following the news or spends adequate time on the internet must have heard the terms Cryptocurrency or bitcoin or blockchain by now.
If you are also keen to know what this hype around is about which is keeping everyone on their toes, here's an in-depth explainer on blockchain technology and everything you need to know to get started in the crypto world.
What is blockchain technology?
A blockchain is a growing list of documents, known as blocks, that are cryptographically linked together. A cryptography copy of the preceding block, a timestamp, and transaction data are all included in each block (generally represented as a Merkle tree). To get into the hash, the timestamp validates that the transaction data existed when the block was published. Since each block contains information about the one before it, they form a chain, with each new block reinforcing the preceding ones. As a result, blockchains are resistant to data tampering since the data in any given block, once recorded, cannot be changed retrospectively without affecting all subsequent blocks.
Just to make it simpler, a quick explainer:
Why is blockchain important?
Data is the soul of any business. The quicker and more accurately it is obtained, the better.
Since it delivers immediate, shareable, and entirely transparent information which is kept on an immutable ledger that can only be viewed by authorised network users, blockchain is ideal for delivering that information.
An immutable ledger in blockchain refers to any records that can remain unchanged. It cannot be altered, and thus the data cannot be changed, ensuring the security of data.
Orders, payments, accounts, production, etc. can be tracked using a blockchain network. You can see all aspects of a transaction end to end, providing you security as well as additional efficiencies and opportunities.
Having a sound knowledge of blockchain technology can elevate your career growth and help you in getting high-paying jobs.
So how can one start their blockchain journey?
As a beginner, having basic knowledge about blockchain is a must. Various companies and websites promote these courses, however, one should look out for courses which provide hands-on experience in the same. Being said that, to build a career in blockchain technology as a developer, one has to come from an academic background in computing. Basic knowledge of coding and web development is a must. Since blockchain is highly based on web development and IT, having substantial technical knowledge is essential. So, if you are planning to build a career in the domain, pursuing a degree in computer science or technology will be beneficial for you.
To be job-ready, companies are majorly focused on hiring candidates who can develop something new on the current technology, hence, students and job seekers interested in this field should focus on upskilling their coding and web development skills.
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Prerequisites for becoming a Blockchain Developer:
Technical skills required to start your journey as a Blockchain Developer:
To have a successful career in the blockchain field, one must possess a basic knowledge of blockchain technology along with the new concepts developing in the blockchain ecosystem.
Here are a few must-know skills that one needs for starting a career in blockchain technology:
It's important to start from the beginning if you want to understand blockchain technology. Peer-to-peer networks must be studied since blockchain technology is a distributed ledger. Additionally, you should be familiar with the Blockchain consensus mechanism, which is known as the foundation for blockchain technology.
Cryptocurrency is one of the most popular blockchain applications. Cryptocurrency is a product of blockchain technology. Cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, are digital currencies (or tokens) that can be used to purchase products virtually.
The technology underlying cryptocurrencies is called cryptography. Therefore, having a foundational understanding of hash functions and strong mathematical skills can help you significantly in this sector.
A blockchain is a particular type of database, and data is kept in the blocks that are connected. Generally, you should understand the idea of data storage in blockchain technology. Here, a distributed ledger is used to transport the database over the network, and cryptography is used to maintain security.
In addition to the basic programming language skills, advanced programming languages such as C++, Java, JavaScript, Python, Solidity, and Go will be beneficial for you to succeed in this sector.
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Every new invention that hits the market is often followed by a plethora of job opportunities in that field. With blockchain technology paving the way in the industry, many businesses have started using blockchain-based applications, making an area where a career looks quite promising.