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Highest Paid Blockchain Jobs

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At present, there’s a lot of enthusiasm behind cryptocurrencies, and most of this excitement is regarding Bitcoin, ICO’s, or Ethereum. The sudden increase in the value of these altcoins succeeded in grabbing the attention of many individuals and popular companies, but the word blockchain is always very complicated and not so clear to understand what’s going on in the market, how to enter this space and how to pursue this as a career.

A few important trends are steering this development, in this article, I will help you in understanding the present scenario in blockchain space, once you understand this you will get to know how big and beautiful this technology is emerging.

There are several industries and companies out there in the market dying for assistance in blockchain space, and luckily the demand for blockchain experience is more than we can supply. As a result, aspirants will have a huge chance to test their luck and taste success in this field. At present, only with 6 months of experience, you can bestow your best to this sector.

Today the most popular and richest tech companies gather data of each and every individual, and the value of this data is in billions. It also possess more than $200 billion worth of digital assets which people even feared to imagine 10 years ago.

The blockchain is a remarkable invention in the field of technology, the brain behind this greatest creation of all time is Satoshi Nakamoto. And since it’s invention, it has developed into something bigger, and one most asked question to be answered is: What is Blockchain?

By enabling digital data to be distributed but not copied, blockchain technology acted as the backbone for this new kind of internet revolution. Actually, blockchain was designed to serve the digital currency, Bitcoin, (Buy Bitcoin)but gradually the tech sector has now found several other potential uses for the technology.

In this article, we are going to discuss what blockchain technology is, how it functions and what features make this technology distinctive from others.

 

Understanding Blockchain Technology

To explain blockchain in simplest of terms, it is a time-stamped collection of well-established collection of data that is controlled or regulated by a set of computers that are not owned by any individual or any single company or firm. Every single block with data is shielded and connected with the help of a cryptographic chain.

So, what makes blockchain exceptional and distinctive from others and why do people believe that it has the potential to revolutionize the industrial and tech sectors?

The blockchain network is not controlled or operated by any single authority, it is a perfect example and definition for the word democratized system. As it is a distributed and entrenched ledger, the data stored in these blocks are clearly visible to anyone from anywhere.

So it is obvious that anything that is developed using Blockchain is transparent and individuals or entities involved are answerable for their actions.

 

Blockchain Explained

A blockchain transaction cost’s you nearly zero or very minimal transaction fees. The blockchain is a very straight-forward yet creative way of exchanging information from A to B in a completely automated and secure way.

To process a transaction one party initiates the process by creating a block. This block is validated by thousands, possibly millions of computers allocated around the net. The validated block is added to a chain, which is hoarded across the net, creating not just a distinctive record, but a special record with a different history.

Forging a sole record would mean forging the complete chain in millions of cases. That is practically unachievable. Bitcoin uses this design for financial transactions, but it can be utilized in several other ways.

For instance, consider a railway company. We buy tickets through an app or online. While making transactions the credit card company imposes fees for processing the transaction. But when it comes to blockchain, railway operators get benefited by getting rid of transaction charges and also the complete ticket booking can be made using blockchain technology.

The two sides present in the transaction are the railway management and the passenger. Let’s consider the ticket as a block, and it will be attached to a ticket blockchain. Just as a financial transaction on the blockchain is a distinct, solely verifiable and genuine record as bitcoin, the same applies in case of your ticket too.

fortuitously, the ticket booked using blockchain also stores the data of the train route, or even the complete train network, including every ticket ever sold, every trip ever taken.

But the most important thing to keep in the notice is that it’s free of cost. Blockchain is not limited to transfer or store money, but it also has the potential to replace the existing banking system where people have to pay charges to make transactions.

Let’s check out another example to understand things clearly, Here is another example. The gig economy center Fivver levies 0.5 dollars on 5 transactions between any two individuals or industries for purchasing and selling services.

Here, Blockchain technology becomes handy and process your transaction for free. This results in the extinction of third parties that process the transaction and earn a wholesome amount in the name of transaction charges.

Surprisingly new contenders like Uber and AirBnB are intimidated by blockchain technology. The only thing users have to do is to verify or go through the transaction data for a car ride or if you to spend a night, and once again you have a flawlessly secured way that deranges the business model of the companies which have just started to test the traditional economy. Blockchain technology not only just removing the fee-collecting middle man, but it is also eliminating the call for the match-making platform.

 

How Does Blockchain Work?

Information stored in a blockchain prevails as a shared, and repeatedly refresh the database. This is a method of utilizing the network that has evident benefits. The blockchain database is not kept in any single place, which means the records it stores are genuinely public and painlessly verifiable.

No centralized version of this data exists for a hacker to manipulate or steal information. Hosted by several computers all around the world at a time, its data is available to anyone from anywhere on the internet.

The Three significant features of Blockchain that brought huge popularity to this technology are:

  1. Decentralization
  2. Transparency
  3. Immutability

 

Decentralization

Before the introduction of Bitcoin and BitTorrent in the market, blockchain was mostly used for centralized services. The plan is very simple. You own a centralized institution that saved all the information and you would have to contact solely with this institution to get any sort of information you need.

Banks are another perfect example of a centralized system. They have all your assets, and the only possible way you can use or transfer to someone is by contacting the bank.

In a decentralized structure, the data is not kept by one single individual or firm. Actually, everyone present in the network can access the data.

In a decentralized network, if you wish to contact your friend then you can do it directly without relying on any kind of a third party. That was the principal thought behind introducing Bitcoins.

User is the only incharge of his money no third party should have control over someone’s money or data. You can transfer your money to anyone and he can be in any part of this world without contacting going through regular banking regulations and guidelines.

 

Transparency

One of the most attractive and at the same time misunderstood theory about this technology is its transparent nature or in other words its transparency. Some people take the side of that blockchain by saying that it gives you privacy while some say that it is transparent. Let’s try to simplify this concept.

To hide a person’s identity complex cryptography is needed and can be indicated only with the help of their public address.

Speaking entirely on behalf of cryptocurrency, if you are aware of the public address of any of these reputed companies, you can simply search for it in the explorer and go through their transactions that they are involved in. This forces them to act and serve in an honest way.

 

Immutability

As per Blockchain, immutability means if something enters into Blockchain, then it can neither be manipulated nor tampered.

This attracted many financial industries around the world and made them adopt this technology.

Imagine the number of theft or hacked cases can be sorted out if people have an idea that they do not have access to “work the books” and fool around with company financial databases.

When a question raises why the blockchain gets this quality, then the answer is because of its cryptographic hash function.

And a simple cryptographic hash function is behind the blockchain technology to make this happen.

In simple words, hashing means grabbing a data string of any length and executing an output of the same length. When it comes to cryptocurrencies like bitcoin, the transactions have noted a code and executed through a hashing algorithm which generates a result of a fixed length.

A cryptographic hash function is a distinctive set of hash programs that has several qualities making it perfect for cryptography. There are few definite qualities cryptographic hash function requires to be for security purposes.

 

Who Will Use The Blockchain?

At present, the finance sector uses this technology more than any other sectors. International transactions, for example. According to the estimation of the World Bank, more than $430 billion was transferred in the year 2015. And at this point, the demand for blockchain developers is more than the supply.

With its capabilities and amazing features, blockchain eliminates the middleman for this kind of transaction. Nowadays personal computers became available to common people with the help of Graphical User Interface (GUI), which is termed as desktop. Likewise, the most general GUI used for the functioning blockchain is called “wallet” and people use this wallet to buy resources, accessories or groceries with bitcoins and use it along with several other cryptocurrencies.

Online transactions are very much connected with the identity verification method. In future online transactions and wallets will invent several new methods to improve the existing identification software.

 

What New Applications Will It Bring Us?

The blockchain enables internet users to create value and verify digital data. How this technology will help in inventing new applications and creating employment in this sector.

 

Smart contracts

Allocated ledgers allow the coding of simple contracts that will carry out when particularized requirements are achieved. Ethereum is an open-source blockchain that was designed only to find this possibility. Still, in its initial stages, Ethereum can cash the benefits of blockchains on a big stage.

 

The sharing economy

With popular companies like Uber and Airbnb rapidly developing, the sharing economy is already proved its mettle. At present, users who are interested to take a ride, splitting service have to depend on a third-party like Uber or any other service provider. By allowing peer-to-peer transactions, the blockchain enables direct communication between the two parties and eliminates the need for a third-party.

 

Crowdfunding

Crowdfunding schemes like Gofundme and Kickstarter are doing great work for the advancement of the evolving peer-to-peer economy. The marketability of these sites proposes people want to have their direct call in the product development.

Blockchains technology takes this interest among people as an opportunity and to take this to a whole new level, potentially creating crowd-sourced venture capital funds.

 

Governance

By framing the results completely transparent and when everything becomes accessible to the normal public, allocated database technology could carry full transparency and genuineness to elections or any other poll. Smart contracts developed using Ethereum helps in automating the process.

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