Blockchain Training: Expectations vs. Reality

Blockchain technology

Since the past few years, we are seeing changes and advancements in the technologies and Blockchain technology is one of the most commonly used words which relates to bitcoin and cryptocurrencies. As per some of the recent surveys and identifications, it is observed that there is a rapid growth and development in Blockchain technology. There is a high scope and is evolving like many other technologies for its user-friendliness, providing future updates. There is a lot to learn about Blockchain, its purpose, working strategies, expectations vs. reality, types of Blockchain, etc. To gain a fundamental and advanced level of knowledge in Blockchain, you can enroll in the Blockchain training, which will help you to master the technology and train you to be capable of clearing the Blockchain certification exam. 

What is Blockchain technology? 

Blockchain technology is one of the evolving technologies which helps in storing the data in a structured format, in the form of transactional records, represented in a block format, and are connected to a network via peer-to-peer connection nodes. In technical terms, this storage block or storage container is called a digital ledger. 

All the transactions present in the ledger will be authorized, which is represented in the form of a digital signature from the owner, who is solely responsible for performing the authentication process and also safeguarding the transactions as and when required. Therefore, all the data present in the digital ledger is confidential and secured. 

In simple terms, a digital ledger is represented in a google spreadsheet which will be accessible to the online users who are connected via different networks.This data can be viewed and only access will be provided based on the user like the owner will have complete access. 

Here, the data is stored in the form of blocks, represented as a list and secured through cryptography. Each and every block will include a pointer that will be linked to the previous block or transaction data. The series of blocks is simply called the Blockchain.

Let us consider that you are transferring a certain amount of money to one of your friends or a family member from your bank account. All you need to do is login to the internet or online banking and then transfer the amount to your friend or family using the bank account number. Once the transaction is completed, you will receive an update stating that the amount has been debited and the transaction records get updated. 

When such transactions take place, there are high chances of getting tampered. With this, there is a high implementation of third party applications for payment purposes. All the information is now being put into the hands of the brokers, bankers, etc. Blockchain is the technology that is gaining attention and focus, enabling a fast movement of transactions. 

Blockchain holds multiple benefits like 

Decentralized system: 

In the traditional way, all approvals are required from the bankers, owners for transactions to take place. But with Blockchain, the transactions take place efficiently in a smoother fashion with the mutual consensus between the users. 

Secured:

Blockchain makes use of the feature called digital signature which helps in completing the transaction in a highly secured way without any fraud activities. Any data corruption or data changes cannot be made in Blockchain. 

Automated

Blockchain is easily programmable and is capable of generating the events, actions along with the payments on an automated basis based on the criteria. 

Blockchain expectations: 

As per some of the recent investigations made with respect to the Blockchain technology, it is known to rule the world in the near coming future as it holds some of the key advantages making it unique. 

1. Immutability 

Immutability refers to the concept of data being static, which means that the ledger or the Blockchain data storage will not change the data once it is written. As it cannot be changed, it is said to be static and will be present forever. Let’s take an example of a relational database in which the data can be modified and accessed on the system irrespective of the security that is provided. 

If there is any data that has been altered, the Blockchain system will state that it is in an invalid state as the data is changed and distributed to different systems. There is also a chance that the verified data can be retrieved within a justified state. 

2. Distribution 

The primary goal of distribution is to build trust. The data is said to be accurate if the data is said to be in a valid state and as long as the data is available when you look at the Blockchain. There is a chance of replication of the data store which is one of the most important aspects to achieve trust. 

3. Data Transparency: 

The Blockchain system is responsible for recording the data, making all the transactions to be transparent as it is not allowed to need changes or cheat the network. Blockchain is considered as a promising technology which ensures

transparency across all the different industries like supply chain and is also the core platform which is capable of tackling the data transparency issues. 

Reality of Blockchain: 

Most Of the countries do not support the Blockchain technology as there are some limitations and controls that are into the Blockchain projects. Is the possibility of using Blockchain in some of the countries is very less. Let us take an example of some of the governments who are involved in fighting against the usage of Blockchain. 

The Blockchain technology can be applied when the existing limitations have been resolved or once the solutions have been provided for the existing problems. 

Till date, we see that the Blockchain technology has been a breakthrough in few of the industries especially into with the financial industry 

a. Decentralized Finance 

b. Cryptocurrency 

c. Non-fungible tokens – art collectibles 

As organizations are involved to include cryptocurrencies within their standards, there are many people who have shown interest in some of the Technologies that have paved the way for cryptocurrency. During the development and deployment of certain applications which are digital based or general applications, the cryptocurrency concept has been applied. Such applications are called smart contracts, which make use of the business logic and are deployed into the network, which is used for the implementation of different use cases that could arise in a secure way.

By now, you might have got an idea on how Blockchain technology will turn to a booming technology and hold a promising future, even though it is unable to meet the limitations and solve the problems as of now. 

The Blockchain technology could not meet Expectations in the market if it is unable to meet the concepts of sensitisation, innovation and reformation. 

Integration of Blockchain Technology: 

Each and every technology will take its own time in order to get accepted by the people or the users. The Blockchain technology could be a problem for some of the users or for some specific people as of now. But there are some industries which are benefiting from this technology like the financial industry which is capable of meeting the Expectations like transparency, reliability and availability. Let us consider an example in which Blockchain technology is used. There are many features that can be used in the supply chain department using the Blockchain technology, however the data present in the supply chain management is not really trustable or available. To get these problems rectified, Blockchain Technology has come up with the authenticity creation which health is supply chain management things effectively. 

In Blockchain, the Hash Function is used in order to compute the huge data file. The system will now send the data file to one of the receiving parties with their provided hashed value. The receiver who received the hash value will compute the hash to ensure that the data present in the file is not changed or modified given the transmission time. 

There are many Hash Function implementation techniques which are used in multiple combinations. 

Blockchain Technology will utilize public cryptography, a cryptographic system which is used for the decryption and encryption of the information or the data. The encryption and decryption will be based on the generation of certain keys

called the public key and the private key, which is purely based on the equations that are making use of the large prime numbers. After the encryption is performed, the decryption will be performed if you have all the required keys – public and private key. The public key is used for the transmission of the data and encrypt the data. And later on, the private key is used in conjunction with the receiving party public key for the encryption of the data. The private key and public key is used for the description of the data. 

Blockchain Technology makes use of the public key cryptography to establish the communication and Secure connection between the hosts. 

Financial industry and their trust issues: 

It is time taking and is also expensive for transferring the money from one country to another country. There are some rules and regulations, policies to be followed and comply with in order to do such transactions. However, at the end the receiver will definitely receive the money. 

The bank is responsible for updating the records and sending them to the clearing Bank that is present at your location in your country. All information will be transferred among the different set of systems, which are capable of analyzing and preventing money laundering. 

After all the checks have been performed, if everything is going well, the fund will then be transferred or sent to another countries clearing Bank. The other country clearing bank will be responsible for updating the record again and will later on send the amount to the receiver bank account. This kind of transaction might take several days for the receiver to receive after the transaction is placed. 

Bitcoin is one of the alternatives and solutions for the financial industries. Through bitcoin, all you need to do is provide the recipient bitcoin wallet address and make use of a computer to send the required amount of funds to the receiver. During Bitcoin transactions there will not be any third parties or waiting time. 

Is Blockchain hype over?

Blockchain technology has been overhyped since the past 10 years. The transition is going on in a slow basis from a technical buzzword to a global wide technology. Implementation of Blockchain should take place in a step-by-step approach. The organization should also take responsibility to establish the expert teams for the implementation process. 

It is also important that one has to acknowledge the changes and strategies that are being planned for the improvement and success. 

Advantages of Blockchain: 

There is a list of advantages that can be achieved by using Blockchain in your business. 

1. All the transactions that take place are done transparently without any changes to the data, instantly within a short span of time. The Ledger update takes place automatically. 

2. The Blockchain technology is very secure as it includes the encryption feature. 3. The Blockchain technology is decentralized which does not require any fees. 4. The Blockchain Technology also ensures that the transaction is verified. 5. The Blockchain technology is an immutable digital ledger, capable of recording the transactions, without any modifications. 

Conclusion

I think you might have now got an idea on the expectations and reality versions of Blockchain and its importance in the near future. The Blockchain technology is a revolutionary technology which is showing much scope and demand in the near future. It helps in advancing your career and attaining the best position in Blockchain. To learn the foundational concepts and advanced level concepts in Blockchain, you can learn from Blockchain training and certification. Start learning now and dive deeper to enhance your skills in the professional career. I hope the above information is helpful to you. Begin your passion to improve your skills in Blockchain and prosper for a lucrative career.

By Flavia Calina

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