Blockchain technology is booming worldwide nowadays, and there are a lot of job opportunities for expert developers or software programmers to make their careers in this sector. Even a beginner can also think of starting their career in this field. 

Blockchain technology developed the financial applications for the successful operation of cryptocurrencies and encrypted digital wallets. This is just a small example of the big things that Blockchain technology can do.

Blockchain technology is suitable for various practical uses, and so its popularity is continuously rising, and that’s why there is a flood of Blockchain jobs. Therefore, many job searchers, especially from the software field, are rushing to make a career in this field, and thus a tough competition can be seen here amongst the job applicants.

This activity creates a problematic situation for the beginners as they doubt what the best preparation can be done from their side to ensure a career in the Blockchain field. Of course, the easy and most efficient step to kickstart a career in Blockchain is to enroll in a free online Blockhain Basics course. This is how you can claim a free shareable certificate and highlight that in your Resume and social platforms to get more and better job prospects.

Apart from the online courses, we have compiled the following top tips to support beginners to make their career in Blockchain smoothly.

What is Blockchain Technology? 

A Blockchain can be referred to as a database that contains a group of blocks in which collected groups of information like money, property, contracts, etc., are stored and encrypted for some purpose. Then these blocks are linked together as chains to form a chronological single-source-of-truth for the data. 

These records are called digital assets. The original copy of digital assets is distributed to the nodes, any electronic device connected to the chain to create an unchangeable record of an asset. The decentralized asset means no single person or group has control over it. Rather all users collectively retain control to provide complete real-time access and transparency to the public.

The changes in the ledger are transparent to maintain the integrity of the document; with this, trust in the asset is created.

Blockchain has the inherent property of security measures, and the public ledger makes it a prime technology for all sectors.

So, it can be said that Blockchain is a way to save data and make it immutable.

How Does Blockchain Technology Work?

The primary purpose of Blockchain is to enable people, especially those who don’t trust one another, to share vital and valuable data in a well secure and immutable way. 

The following points can help you in understanding the working of Blockchain:

1. A request for a transaction is forwarded by some person. The transaction may be of any type like contracts, records, cryptocurrency, or any other information.

2. Then, with the help of nodes (usually computers, servers, laptops, etc.), the transaction request is broadcasted to a P2P network. P2P network means a network where assets like digital currency can be exchanged directly between individuals without interference from a central authority.

3. The network of nodes validates the requested transaction and the user’s status with the help of known algorithms.

4. After completing a transaction, the new block is added to the existing Blockchain so that it is permanent and can not be altered by any unauthorized person.

Is Blockchain A Good Career Option?

Since Blockchain technology is not so old and has started establishing its feet in the industry sectors only a few years back, it is evident that this question may arise in many job applicants. Is Blockchain a good career option?

So, before moving on to the essential top points mentioned below, it is better to get all doubts cleared in advance, such as – is Blockchain a better career option for me?

Significant growth is seen in 2017 in the adoption of Blockchain technology. As per the report of one of the top job portals of the world, job opportunities in Blockchain technology have increased substantially in a gap of one year.

One important thing is that nowadays, Blockchain is one of the topmost demanded skills in the IT sector. Moreover, the annual skills survey report of LinkedIn also confirms the highly demanded position of Blockchain skills and recommends starting a career in Blockchain.

This is for your awareness that since Blockchain technology is new in the IT market and regular improvements are being made on Blockchain platforms, you may have to deal with many challenges. So, to make a career in Blockchain, beginners are advised to follow best practices to answer your question ‘how do I pursue a career in Blockchain’? 

The below-mentioned top tips are going to help you out to make a career in Blockchain successfully.

1. Learn All Basic Terms in Blockchain

All beginners should have a good command of the basic terminology of Blockchain technology to start a career in Blockchain. The structure and functionalities of Blockchain make it unique. 

Bitcoin, block, mining, double spending, proof of work (POW), hashcash, nodes, etc., are examples of such terms usually used in Blockchain. These terminologies are considered very crucial elements in the Blockchain. 

While working in Blockchain, professionals have to use these terminologies repeatedly, no matter what roles they are playing.

To improve the basic knowledge of Blockchain, Blockchain professionals should know its fundamental terms, and this also helps in understanding the practical uses of Blockchain.

2. Take Advantage Of YouTube Videos For Learning

Beginners interested in starting their career in Blockchain can use YouTube videos for learning purposes. Apart from being a good entertainment source, YouTube is also a qualitative and effective learning platform. There are many high-quality Blockchain training-related videos and recommended webinars available on it. Many videos of practical demonstrations of using Blockchain are available on YouTube. 

So, immediately without wasting time, choose top-rated YouTube educational channels like Great Learning and start your training.

The contents of Blockchain-related videos available on YouTube are very interactive, and beginners will find it more enjoyable while learning. The best thing about these videos is that you are continually updated with the new technological changes of Blockchain.

3. Take Participation In Blockchain Events And Conferences

Blockchain technology is emerging at a fast pace, and many IT professionals are contributing their efforts and experiences to provide it with more strength all over the world. To make your career in the Blockchain, you need to understand the industry dynamics in depth. In Blockchain technology, your industry experts will decide your career development prospects.

Blockchain events and conferences are organized from time to time. Shortly, the World Blockchain Summit is scheduled for 23-24 Mar 2022 in Dubai. Previously, IEEE International Blockchain Conference-2021 was held in December 2021, Melbourne, Australia. These events and conferences feature some of the top crypto and Blockchain influencers, policymakers, government delegates, and crypto enthusiasts.

These are very practical and useful platforms where beginners can develop their industry knowledge of Blockchain. 

Apart from books and tutorials, these platforms provide great exposure to the world of Blockchain. Handy professional contacts can be developed from these events and conferences. How can Blockchain technology’s real potential be understood by attending these platforms?

4. Enhance Cryptography Skills

Keep improving your technical skills to start a career in Blockchain. Cryptography is considered an essential skill in the Blockchain profession.

The credibility of Blockchain depends upon its assurance of the security of data. So, the functional ability of cryptography plays a vital role in ensuring this assurance. That’s why Blockchain professionals are expected to have excellent expertise in cryptography, as it works as a catalyst in career-boosting.

Enterprises will never want their day-to-day financial transactions and vast amounts of sensitive information to be put at risk in any way. That’s why the hiring managers always consider cryptography an essential skill when hiring Blockchain professionals for different Blockchain-based roles in their organization.

5. Develop Programming Skills and Expertise

Programming is one of the topmost demanded skills to begin a career in Blockchain, and Blockchain professionals are expected to have good expertise in their programming skills. Being a Blockchain professional, you should have a good command of at least one of the high-programming languages. Many free online training courses are available for beginners, and they should take advantage of these facilities immediately.

Candidates having a degree in computer science or information technology generally have a better chance of making a career in Blockchain technology than others who don’t have.

Therefore, to give a concrete foundation to your Blockchain career, you need to pay extra attention to your programming skills and always be keen to develop your programming skills continuously as and when you get an opportunity.

6. Develop Expertise In Distributed Computing

Resources are shared in a distributed computing system, including software by computer systems connected to the network. Internet, intranet, WWW, email, telephone, and cellular networks are examples of distributed computing.

Expertise in distributed computing is essential in the area of Blockchain for beginners. Blockchain technology works on distributed systems, and aspiring professionals must be aware of these systems and take advantage of their functional efficiency.

Cryptocurrencies introduced the concept of a distributed network with a trust factor, and with Blockchain as the underlying technology, they ushered in new Blockchain applications.

To build confidence in using Blockchain on any platform in any condition, a broad knowledge of distributed computing always plays an important role.

In addition, expertise in distributed computing always plays an essential role in strengthening the basics of the working of Blockchain.

7. Involvement Of Community

As an active member of the Blockchain world, you can take advantage of many promising results that will help them make a strong foundation in the Blockchain.

The events and conferences organized on the platforms of Blockchain societies are fruitful sources to sharpen your Blockchain knowledge and enhance expertise. You can get new insights and advice from the discussions usually held on the Blockchain platforms to make a successful path in Blockchain. 

Moreover, Blockchain societies are ideal platforms where you can build your professional contacts and find career opportunities available on them.

8. Take Initiative For Your Career

To make a career in Blockchain, aspiring candidates need to be proactive. You are required to do an extensive search for jobs in the field of Blockchain and also be according to your skills.

Always remember that there is very tough competition in the job markets, and nobody from the Blockchain community will come to you with the invitation of joining jobs, despite having the required skills too.

Building an impressive and robust professional portfolio with highlights of your qualifications is one of the effective ways to make an entry into the world of Blockchain. You can take advantage of some renowned and trustworthy professional platforms to search for job opportunities available in the industry sectors.

9. Earn Blockchain Certificate

Achieving a certificate in Blockchain shows your willingness, dedication, hard preparation, and determination to get a job in the Blockchain industry. 

A Blockchain certificate is the key to success in getting a job. With this certificate, you can project yourself as a Blockchain expert who can carry out any responsibilities in specific roles.

The complete process of a Blockchain certificate includes practical training and education on the related subjects and has credibility in industry sectors. In addition, an assessment exam validates the skills of qualified candidates.

With the help of the professional Blockchain Basics Certificate, the candidates are prepared to develop the ability to solve actual use case scenarios in Blockchain applications.

Career Prospects in Blockchain Technology

Nowadays, the demands for Blockchain expert professionals are on a larger scale, and Blockchain skill is gaining popularity continuously. Therefore, as a result, many Blockchain-related jobs are available in the industry sector, and Blockchain professionals are highly paid compared to other IT professionals.

Still, there is limited strength of Blockchain-skilled professionals. Knowing that there is a lot of money to be made in the Blockchain profession, it is pretty challenging to find Blockchain experts.

That’s why big IT industries such as Microsoft, Amazon, Facebook have formed their team to search for new Blockchain experts for their organization.

Blockchain professionals are in high demand in almost every sector like banking, financial, insurance, healthcare, real estate, supply chain, gaming, etc. Even some government organizations are also using this technology in their operations.

Your yearly compensation depends upon your years of experience and the quality of your skillset. Also, what degree do you have? And at what position are you working? All of this will decide your salary range.

Here is a list of jobs you can start with to make your career in Blockchain.

• Blockchain Developer
• Blockchain Solution Architect
• Blockchain Project Manager
• Blockchain UX Designer
• Blockchain Quality Engineer
• Blockchain Legal Consultant

How To Learn Blockchain?

It is required in the Blockchain field that a beginner have excellent access to many learning resources. 

Nowadays, many digital platforms offer quality free online courses in Blockchain technology. 

While exploring your career prospect in Blockchain, you must have questioned whether it is a difficult task. Remember that nothing is impossible and difficult in this world if your preparation is of a high standard. 

Have faith in yourself, and without overthinking, with a calm mind, start preparing yourself diligently to do Blockchain-related training and courses.

Beginners are advised to find free online courses to have a basic understanding of the world of Blockchain. To make a successful career in the Blockchain industry, you should have a fundamental knowledge of it. To clear the basic concepts such as ‘what is Blockchain industry’? There are many renowned training platforms available to pursue comprehensive and highly effective Blockchain courses. These free online courses let you free from the financial burden and help you learn much about Blockchain technology.

Beginners can take advantage of YouTube Blockchain videos for their learning purpose. YouTube is a good platform that contains many qualitative and effective videos from where you can have a good insight into Blockchain technology.

You can also watch many recorded Blockchain events and conferences and enhance your Blockchain knowledge quite a bit.

With the help of practical demonstration-oriented videos, you can achieve a lot of helpful information about Blockchain technology.

In A Nutshell

Now, you can understand how simple steps can let you start a career in Blockchain with less effort. However, candidates should have a specific preparation plan to follow to develop their career in Blockchain technology.

Experienced professionals can exercise the tips provided here to advance their careers in Blockchain.  

Accountability and direction are the essential requirements for all candidates to make a career in Blockchain.

It would help if you concentrated on a specific career path and put your strenuous efforts into developing the skills and knowledge required for it. 

In addition, a certificate in Blockchain from reliable and trustworthy professional training platforms can give you a perfect start to make your career in Blockchain.

So, choose your perfect career path and put your hard effort into learning the Blockchain basics with the help of free online Blockchain-related courses.

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#1 Blockchain Will Protect Your Identity

Identity theft is currently a massive problem. A lot of information, such as personal habits and security numbers, falls into the hands of criminals through third-party data breaches.

Blockchain technology would allow people to control their information and only share the necessary details. This would be achieved through encrypted data stored on a decentralized system instead of one central hub, such as a bank.

#2 Blockchain Will Allow You To Own Your Social Media Data

Social media is currently ruled by large corporations such as Facebook and Instagram. Many companies don’t allow their customers to take their data with them should they leave.

When users stop using a platform, the information that they have posted will still be stored on that company’s servers.

Blockchain would allow people to take their data with them. The information that has been posted would then be available for download and could be used on another social media platform if the user desired.

Blockchain technology can also motivate users to receive tokens when they post content that other people want to see. You can check bitcoin-storm.live for more information.

#3 Blockchain Will Increase Transparency In Politics

Political voting is currently a game of smoke and mirrors. The votes are counted by big corporations such as Diebold, who have an incentive to give their clients favourable results.

This problem can be seen in the 2016 US presidential election when it was speculated that voting machines in crucial states were rigged against Democratic candidate Bernie Sanders.

Blockchain technology can revolutionize how you vote and potentially end this perceived corruption. The votes would be encrypted and recorded on a decentralized ledger which is extremely hard to hack.

#4 Blockchain Will Allow Refugees To Receive Aid

The individuals often struggle to receive necessities such as food and medicine. Usually, it’s unclear whether an individual has access to the necessary funds for living expenses.

Blockchain technology can make it possible for aid to be sent directly to a refugee, regardless of whether they have a bank account or not. This would save time and money as intermediaries – such as banks – who charge fees wouldn’t be necessary.

#5 Blockchain Will Allow People To Control Their Data

In recent years, there has been a shift towards big corporations owning people’s data. This information is often used to target advertising at the consumer and generate revenue. But unfortunately, it also allows these organizations to manipulate elections – as seen with Cambridge Analytica – and sell users’ sensitive information to the highest bidder.

Blockchain technology would allow people to see what information is being stored about them and then decide whether or not they wanted that data to be shared. A decentralized system would ensure transparency and security and prevent these large organizations from taking advantage of the individuals who use their services.

#6 Blockchain Will Allow Artists To Own Their Work

Artists often struggle to profit from their work because of copyright issues. This would mean that artists could upload their content onto a decentralized website which is difficult to hack. People who want to view this content would then have to pay in cryptocurrency, which would go straight to the creator.

#7 Blockchain Will Stimulate The Sharing Economy

The sharing economy is quickly becoming a popular way for people to make money without renting out offices or storage spaces. This means that barriers between nations are also coming down, as it’s now possible for someone in Australia to share a ride with someone in New York.

The problem with the sharing economy is that it’s hard for people to trust each other, as the transactions are typically not transparent. Blockchain technology can make these exchanges safer by recording them on a decentralized ledger which would be extremely difficult to hack. In addition, this would open up the sharing economy to a global market.

Conclusion:

The future of blockchain technology is uncertain, but it’s clear that the potential applications are wide-ranging. This revolutionary system can facilitate transparency and even democratize industries that have traditionally exploited their user base. You may not know what the future holds for decentralized ledger systems, but these seven points highlight how they could change the world for the better.

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As per IBM, “If a machine can learn, then it has the potential to improve from experience without being programmed explicitly continually.”

There are many possible use cases of Machine Learning in blockchain technology. Here, you can look at some of them:

1) Detection of Fraudulent Transactions

In a blockchain network where digital currencies (like Bitcoins) and their transactions form the crux of the system, this information needs to be accessed by machines only in an authorized fashion.

Any unauthorized access or modification in this data can bring significant losses in terms of money and time to everyone involved. This is why Machine Learning is required for you to detect any unauthorized access or modification in the data. You can create a Machine Learning model that is trained with examples of authorized transactions and detect fraudulent activities.

2) Detection of Network Disruptions

Using Machine Learning, you can develop algorithms that warn us whenever there are anomalies in the data representing blockchain transactions. Since any network disruption can be potentially dangerous, this would aid you in identifying and rectifying the problem before it creates widespread damage. Learn more at ethereum-trader.app

3) Determination of Underlying Cause of Errors

Whenever errors occur during a transaction, you will need Machine Learning to determine the root cause of that error. Only then you can consider rectifying the problem. For instance, if a transaction has been initiated, but an error pop up during its execution, you will need Machine Learning to determine whether the error is because of a mistake in the data or a system failure.

4) Smart Contracts

Besides enabling digital currency transactions, blockchain technology also allows the automated self-execution of contracts. This technology is known as Smart Contracts. Using Machine Learning, you can create algorithms to determine whether an agreement has been executed following its agreed conditions. This would act as an essential security measure against frauds and manipulations, thus ensuring that transactions are performed safely and reliably on the blockchain.

5) Prediction of Cryptocurrency Prices

Machine Learning can be used to predict the price and volume of cryptocurrencies. You will need to create machine learning algorithms that consider different factors that affect cryptocurrency prices, such as demand-supply ratio, historical data on prices and volumes, etc., and predict the future price.

6) Prediction of Cryptocurrency Exchanges

Using Machine Learning, you can predict the sentiment of cryptocurrency exchanges. This will help you decide which exchanges are likely to perform well and survive in the world where Artificial Intelligence grows stronger with each passing day. Furthermore, you can create algorithms that take into account factors like social media presence, website traffic, etc., which can predict the future growth of an exchange.

7) Cryptocurrency Prediction Using Machine Learning

Using Machine Learning, you can also create algorithms that predict which coin is likely to perform well in specific time duration. For instance, if cryptocurrency experts have already indicated that a particular currency will increase by 50% in two days, you can also create an algorithm to predict this increase for the same time duration. You can use Machine Learning algorithms to predict fluctuations in cryptocurrency prices of different coins during a specific time duration.

As you can see, there are many use cases of Machine Learning in blockchain technology and cryptocurrency. This list is just a tiny part as new technologies are being developed now and then. The applications of these technologies will only expand as time progresses!

As stated in the examples above, Machine Learning promises to bring about many positive changes and improvements in Blockchain and Cryptocurrency. First, however, you need to be open-minded enough to explore its applications and understand how this emerging technology can be used for your benefit!

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The blockchain industry is quite disruptive. The pure essence of its existence is all about giving a single network to everything. This concept is something that was needed in the technological industry.

There are plenty of claims on the potential of the Blockchain. The distributed nature of Blockchain technology has been a game-changer for the industry. Many experts have staked their whole fortune on the future of Blockchain technology.

Blockchain has proved its capability by bringing in immutability and simplicity in the process of accessing sensitive information. The potential of the smarter contacts and ICOs should also be considered by the global leaders in the business industry while assessing Blockchain technology’s potential. To know more you can visit https://bitcoin-up.live

Blockchain is certainly the future of technology; hence, having a career in this industry might be beneficial. If you are thinking of launching your career in the Blockchain industry and looking for the right information that can clarify all the details, this article will surely be helpful.

Blockchain Is Not Just Cryptocurrency

Before you can start, let us confirm to you that Blockchain is not limited to Cryptocurrencies only. Yes, initially, people did think Blockchain to be the supportive technology; however, with the recent implication of Blockchain technology, Blockchain’s implications are certainly far beyond Cryptocurrencies.

For instance, Blockchain is now being used for making Smart contracts, Decentralised applications (dApps). There is no limit as to how Blockchain can be used to revamp the current technology.

Things to Know Before Walking A Career Path in Blockchain Technology

It is not a hidden fact that Blockchain expansion has disrupted the Finance industry the most. IBM and American Express are the two big names that advocate the positive outcomes of integrating Blockchain technology into every infrastructure layer.

These two enterprises have been proactive in the Blockchain technology industry and other people not on their education qualification but on their merit and technological driven people from all backgrounds.

Here are things that you need to consider before following a Blockchain-based career. Some things are really surprising.

1. You Don’t Have to Be Technically Literate

Let me be clear about it; technical skills sure are helpful, but companies hiring employees do not view them as must-have. Technical skills will surely help you to become a part of their development teams. However, companies are looking for qualities that will help hand offer the bulk of Blockchain-based responsibilities.

Even if you have technical knowledge of Blockchain technology but have the theoretical knowledge, you will have a chance to be selected by the organization. If they find that you are promising, they are willing to invest in you by acquiring the necessary skills.

2. Major Sectors Are Being Influenced by Blockchain

We always knew that the potential of Blockchain technology could be gauged by applying it to a stagnant industry. However, when we were going through the industry that Blockchain has the most influential impact, we found out that we were wrong about the potential of the Blockchain.

Blockchain technology simply has limitless potential. In fact, with the right implication, it can bring all the global industry to one single network.

3. Major Industries Are Actively Looking for Blockchain Experts

As we have already mentioned above, IBM hires people for their Blockchain projects. JP Morgan and American express have also shown their interest in the potential of Blockchain technology.

When large scale companies like this enter the Blockchain industry, this authenticates the future potential of Blockchain technology.

Conclusion

Though Bitcoin is the most successful implication of Blockchain technology, however, that is not the limit. Blockchain has a much broader and wider perspective, and with little tune-ups, it can be implicated in any industry.

It might be new technology, but how disruptive it has been for the finance industry shows that it is on the verge of creating a new revolution.

Hence, if you are looking to launch your career in Blockchain technology, you need to be aware of the things that we mentioned above.

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If you have been banking or investing in cryptocurrency for the last 10-15yearss, you may have heard of the term blockchain. Blockchain is the record-keeping technology behind the bitcoin network. 

Blockchain technology, a form of distributed ledger technology has been gaining more attention across the globe. It has gotten attention in areas beyond its cryptocurrency root. It is a specific type of database, which differs from a typical database from the way it stores information, blockchain stores data in blocks that are chained together. Blockchain stores new data into a fresh block. Once it is filled with data, it is chained to the previous block. Blockchain stores different types of information, but the most common use so far has been as a ledger for transactions. A blockchain is a decentralized option that all users collectively retain control. 

A blockchain always seems complicated, but its core concept is quite simple. To understand what a blockchain is, you need to understand what a database is. A database is a series of information that is stored electronically on a computer system. The information stored in the database is in a table format, which allows easier searching and filtering for specific information.

As the Internet of Things applications are by definition distributed it’s only normal that the distributed ledger technology, which blockchain is, will play a role in how devices will communicate directly between each other (keeping a ledger and thus trail of not just devices but also how they interact and, potentially, in which state they are and how they are ‘handled’ in the case of tagged goods).

Blockchain is designed as a basis for applications that involve transactions and interactions. These can include smart contracts (smart contracts are automatically carried out when a specific condition is met, for instance regarding the conditions of goods or environmental conditions) or other smart applications that support specific Internet of Things processes. This way blockchain technology can improve not just compliance in the IoT but also IoT features and cost-efficiency.

What is the difference between using a spreadsheet to store information rather than a database?

The spreadsheet is a format designed for one person, a group of people used to store and access limited information. A data case is a format designed to house large amounts of information that can be accessed or filtered by any number of users at once. 

Large databases archive this by housing data on servers that are made of powerful computers. Large database servers are built using hundreds or thousands of computers to have power for users to access the database simultaneously.  A spreadsheet or database is managed by an individual that has complete control over how it works and the data within it. 

How does a blockchain technology differ from a database?

Source: www.blogs.ladb.org

PayTm  Bitcoin

Storage structure

Storage structure is a key difference between a database and a blockchain.  A blockchain collects information in groups. It is also known as blocks. A blockchain has certain storage capacities that are chained on to the previously filled block. These blocks form a blockchain.  A database stores its data into tables. This implies that all blockchains are databases, but not all databases are blockchains. 

Decentralization 

For understanding blockchain, it’s essential to understand how it has been implemented by bitcoin. Like a database, bitcoin needs large numbers of computers to store its blockchain. For bitcoin, this blockchain is just a specific type of database that stores every bit of transaction.  In bitcoin’s case, and unlike most databases, these large computers are decentralized, and each computer is operated by an individual or group of individuals.

In this model, bitcoin is used in a decentralized way. However, centralized blockchains where computers are owned by a single entity do exist. Each node of a blockchain has a full record of the data that has been stored on the blockchain since its inception. The data stored in the node is the entire history of all bitcoin transactions.  If a node seems to be affected, it can use a thousand other nodes to correct itself. In this case, no one node within the network can alter information held within it. The history of the transaction in a blockchain is irreversible. 

If one node user tampers with the information in the node, all other nodes would cross-reference each other and easily detect the node with the wrong information. This system helps to establish transparent order of events. 

Transparency

Due to the decentralized feature of bitcoin’s blockchain, all transactions are viewed transparently by having a personal node or by using employees that allow seeing a transaction that occurs live. Each node has its information that gets updated as fresh blocks are confirmed and added. This means you can track bitcoin transactions wherever it goes. For example, if you want to transact BTC to INR. You see every transaction as it goes. 

Bitcoin transactions have been hijacked in the past, those who held bitcoin on the exchange lost everything. But due to blockchain, the bitcoin losses were easily traceable.

IoT and blockchain challenges to solve

Technology, whereby mainly security comes in the picture. In an Internet of Things context where IoT security is already a challenge, it’s clear that security needs to be even more looked at. It is important to note though that blockchain is also seen as a way to secure the Internet of Things and, as mentioned, security overall but that is another with several opinions and aspects to cover.

Operational challenges: the business model and the practical aspects as this requires many agreements and of course many actors too in a broad ecosystem. Just think about that IBM logistics example.

Legal and compliance issues. Bennet among others refers to responsibility issues in case of actions that are taken by devices, based on a rule that is automatically executed by a blockchain-based application, triggered by another blockchain-based application (you see the complexity). And then there is the mentioned example of smart contracts. As you know contracts are far from easy, even outside this IoT and blockchain context.

How secure is blockchain technology?

Blockchain accounts for the issues of security and trust in several ways. 

The new blockchains are always arranged in a linear and chronological pattern. New blockchains are always added to the end of another blockchain. Each block of a blockchain has a position on the chain, called a height. As of the 20th of November, the total block’s height has reached 656,197 blocks.

After a new block has been added to a chain, it’s very difficult to go back and change the data unless there is a concrete agreement between the node users. That’s because every block has its hash. A hash code is a code that is created by a math function. A hash code turns digital information into a variety of numbers and letters. If data is edited in a blockchain, the hash code changes as well. Hash code is an important code that is responsible for the security of a blockchain.

 Blockchain as the answer to IoT challenges

In the Spring of 2017, Nicolas Windpassinger, author of ‘Digitize or Die‘, an IoT book for digital transformation leaders, wrote about the practical aspects blockchain can address in IoT and how blockchain can accelerate the evolution of IoT.

Windpassinger: blockchain technology promises to be the missing link enabling peer-to-peer contractual behavior without any third party to “certify” the IoT transaction. It answers the challenge of scalability, a single point of failure, time stamping, record, privacy, trust, and reliability in a very consistent way.

Blockchain technology could provide a simple infrastructure for two devices to directly transfer a piece of property such as money or data between one another with a secured and reliable time-stamped contractual handshake. To enable message exchanges, IoT devices will leverage smart contracts which then model the agreement between the two parties. This feature enables the autonomous functioning of smart devices without the need for centralized authority. If you then extend this peer-to-peer transaction to human or human to objects/platforms, you end up with a fully distributed trustworthy digital infrastructure.

Blockchain + IoT across industries: the insurance example

Blockchain is being tested in several industries. And sometimes we see that in those industries there is a link between blockchain and IoT within the specific industry. The point in case: blockchain and IoT in insurance.

The main use case of blockchain in insurance is smart contracts and the enhancement of several processes such as claims management. Other applications include fraud management, legally required applications (blockchain is thoroughly looked at in the legal sector as well), and even the usage of technologies in an insurance context.

In the scope of blockchain and IoT, it’s interesting to look at the combination of blockchain and the Internet of Things as it’s used in insurance and will increasingly be, moving beyond the pure telematics model to the connection of real-time IoT data from various perspectives for various intelligent automated insurance policy applications.

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A growing number of budding investors and traders have warmed to tokenization platforms and cryptocurrencies as an accessible asset class that they can invest in to cut their teeth on and get to grips with the core concepts involved in trading stocks, shares, and currencies. Cryptocurrencies are built upon blockchain networks. Each network works differently and with the tokenization platform the coins/tokens are generated according to different conditions. If those tokens can then be spent or redeemed, they will have a monetary value.

Thanks to online brokers like easyMarkets, trading cryptocurrencies via contracts for difference is fast and simple. The financial barriers to entry for CFDs are also lower than they are for other types of financial instruments.

The main drawback of cryptocurrencies as investment assets right now is the lack of regulation. This means that scams have proliferated and there is a real chance of being ripped off when investing in crypto. However, if you do your research and ensure you choose a regulated provider like the aforementioned broker, you’ll give yourself a solid foundation for success.

Blockchain is one of the most versatile pieces of new technology that the world has seen in some time. blockchain in financial markets given the many unique features of blockchain networks, they are ideally suited to integrating into financial markets.

Fraud Reduction And Security

Sooner or later, the money made from criminal enterprises needs to enter into the mainstream financial system. Banks have a legal obligation to monitor their customers’ accounts for any of the tell-tale signs of money laundering or other types of financial fraud.

There are a number of systems in place that are designed to flag any suspicious accounts, but these systems are imperfect. Fraudsters are still able to game the system in a number of ways. For example, they have no problem bouncing their ill-gotten gains around the financial system and between multiple accounts, so as to disguise its origins.

Financial institutions are tempting targets for hackers. If a hacker can breach the right system and gain full admin control, they can make up transactions, change people’s access to money, and generally enrich themselves. In such a scenario, the only defense that banks have is their automated fraud detection systems.

This is because banks use centralized databases. In other words, if you can access and change that central database, the change will be instantly applied. On the other hand, a decentralized solution like blockchain can only be updated via consensus. It is much more difficult to execute a fake transaction on a blockchain network.

Record Keeping

Blockchains aren’t just preferable to regular databases because they are centralized. Another important selling point is its immutability. This means that once a block has been added to the network, it is practically impossible for someone to come along later and change it. Therefore, everyone who holds a stake in the blockchain network can trust it to be accurate. With a centralized database, stakeholders must trust whoever the custodian of the database is to maintain it accurately.

These are just a small number of the many potential uses that blockchain has in the future of financial markets. Smart contracts will also make blockchain networks a popular means of settling trades. We are only just starting to scratch the surface of what blockchain can do.

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