Blockchain technology is most simply defined as
a decentralized, distributed ledger that records the provenance of a
digital asset.
Blockchain, sometimes referred to as
Distributed Ledger Technology (DLT), makes the history of any digital
asset unalterable and transparent through the use of decentralization and
cryptographic hashing.
A simple analogy for understanding
blockchain technology is a Google Doc. When we create a document and share it
with a group of people, the document is distributed instead of copied or
transferred. This creates a decentralized distribution chain that gives
everyone access to the document at the same time. No one is locked out awaiting
changes from another party, while all modifications to the doc are being
recorded in real-time, making changes completely transparent.
Of course, blockchain is more complicated than
a Google Doc, but the analogy is apt because it illustrates three
critical ideas of the technology:
Blockchain is an especially promising and revolutionary
technology because it helps reduce risk, stamps out fraud and brings
transparency in a scaleable way for myriad uses.
Although most people think of blockchain
technology in relation to cryptocurrencies such as Bitcoin, blockchain offers
security that is useful in many other ways. In the simplest of terms,
blockchain can be described as data you can only add to, not take away from or
change. Hence the term “chain” because you’re making a chain of data. Not being
able to change the previous blocks is what makes it so secure. In addition,
blockchains are consensus-driven, so no one entity can take control of the
data. With blockchain, you don’t need a trusted third-party to oversee or
validate transactions. You can refer to our Blockchain tutorial for a
detailed and thorough understanding of the technology.
Several industries are involving and
implementing blockchain, and as the use of blockchain technology increases, so
too does the demand for skilled professionals. In that regard, we are already
behind. According to Techcrunch.com, blockchain-related jobs are the second-fastest
growing category of jobs, with 14 job openings for every one blockchain
developer. A blockchain developer specializes in developing and implementing
architecture and solutions using blockchain technology. The average yearly
salary of a blockchain developer is $130,000. If you are intrigued by
Blockchain and its applications and want to make your career in this
fast-growing industry, then this is the right time to learn Blockchain and
gear up for an exciting future
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