About
Blockchain
A
blockchain is, in the simplest of terms, a time-stamped series of immutable
records of data that is managed by a cluster of computers not owned by any
single entity. Each of these blocks of data (i.e. block) is secured and bound
to each other using cryptographic principles (i.e. chain).
The
blockchain network has no central authority — it is the very definition of a
democratized system. Since it is a shared and immutable ledger, the information
in it is open for anyone and everyone to see. Hence, anything that is built on
the blockchain is by its very nature transparent and everyone involved is
accountable for their actions.
Blockchain is a distributed
software that lets companies track transactions transparently. Blockchain is
surging onto the scene and demand for Blockchain skills is growing at the
second fastest rate of any IT skill set. Blockchain courses will help
enterprise clients keep up with the demands of business and the speed of
technology, and provide both employers and workers the proven benefits of
Blockchain skills certification.
Blockchain
training courses
will help guide your
organization from an initial high-level overview of what blockchain is, to
in-depth, hands-on courses from Ethereum to Hyperledger.
Learnmore with this Infographic: What Is Blockchain?
Not sure what a Consensus
Algorithm is? Can't explain the difference between a Ledger and a Node, or how
a Transaction Pool works? Look no further than
this
one-page Blockchain Terminology reference sheet.
Etherium
At its simplest, Ethereum is an
open software platform based on blockchain technology that enables developers
to build and deploy decentralized applications.
Like Bitcoin, Ethereum is a
distributed public blockchain network. Although there are some significant
technical differences between the two, the most important distinction to note
is that Bitcoin and Ethereum differ substantially in purpose and capability.
Bitcoin offers one particular application of blockchain technology, a peer to
peer electronic cash system that enables online Bitcoin payments. While the
Bitcoin blockchain is used to track ownership of digital currency (bitcoins),
the Ethereum blockchain focuses on running the programming code of any
decentralized application.
In the Ethereum blockchain,
instead of mining for bitcoin, miners work to earn Ether, a type of crypto
token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also
used by application developers to pay for transaction fees and services on the
Ethereum network. There is a second type of token that is used to pay
miners fees for including transactions in their block, called gas, and
every smart contract execution requires a certain amount of gas to be sent
along with it to entice miners to put it in the blockchain.
Benefits
Immutability:
Since multiple copies of a
blockchain are kept and managed by consensus across a peer-to-peer network, no
one peer can alter past transactions.
Security:
It is a fundamental
cryptological law that it is relatively easy to set a problem that is very,
very difficult to solve. What is relatively easy for a network of computers to
do is, in practice, impossible even for much larger networks to undo.
Implemented correctly, it can provide organizations with more trust in their
security systems.
Resilience:
The distributed nature of the
ledger makes it resilient. Even if many peers go offline, the information is
still accessible.
Verifiability:
The combination of transparency
and immutability also allows us to satisfy full public verifiability: anyone in
the world can check for themselves that the rules of the system - in the case
of digital currencies, that coins should be spent only once - are being
followed. While information cannot be manipulated, it can be easily verified
thanks to the size and power of the network.
Transparency:
The fact that all transactions
are broadcast to all peers also makes the ledger transparent. However, the
encrypted nature of the transactions means that privacy is also assured.
Learn more about the Benefits of Blockchain with this Infographic
Any complicated new technology
can be confusing. Will this streamline our business processes, enable us to
scale, and inject transparency into the way we deliver our products or services?
Or will this simply add complexity, process bloat, and absorb unnecessary
addition development hours? Check out the decision chart below for a simplified
way to determine if you might benefit from implementing Blockchain technology.