To some, they are still skeptical about whether to believe the whole talk about the blockchain technology or not. Others simply go about placing their hard-earned money on the line by trading or mining some cryptocurrency that they really don’t know much about.
The majority of people care less about the technology at the heart of the whole development. A lot of investors simply go with the buzz digital about currency to trade on it with systems like the Bitcoin Code. When it doesn’t work out, they simply walk away and try something else. They really don’t care about what they are dealing with.
Is the blockchain phenomenon real and is it dependable to stand the test of time? That is the question on the lips of many people. The best approach to it all is starting from studying the underlying basics of the phenomenon. It is indeed a revolutionary technology that is worth giving more attention or even switching your career towards.
If you begin with ICOs, trading and acquiring cryptocurrency portfolios, it sounds good but should be backed with knowledge. If there is anything new about the blockchain technology that everybody should be concerned with, it is learning about the phenomenon.
What reasons are there to learn blockchain technology?
Strong Potential for Future Use
Believe it or not, some organizations are already buying into the blockchain application for their company and looking ahead to help their organization in the future.
The use of Distributed Ledger Technology (DLT) and blockchain is bringing to fruition flexibility that businesses are looking to have, including enhanced efficiency and create new possibilities that can be used to attend to the market dynamics and future competitions in the industries.
Integrating Blockchain into Industries
This may not come in immediately but expect this happening in the nearest future. DLT and Blockchain will be the technology that will drive asset management in years to come.
Many industries of various categories will sooner or later start moving from their previous technology applications to DLT and blockchain resulting in great possibilities in industrial growth and development.
Total Disruption in Chain
The application of blockchain will greatly add value to processes, raise confidence between groups and cut down on friction in the value chain, quickening the processes involved in inter-party relationships. Blockchain application also goes a long way to assist the refocusing of different players involved within the value chain.
There is a lot more reason to start learning the blockchain technology today. The demand for experts will for sure increase to help the development process of the technology.
Where to start from…
Getting started should be an easy one. Begin from the very fundamentals of the technology. Whether as an investor, a user or a developer, you should have the basic definition of what blockchain is at your fingertips. Take your study to the underlying field in computer science that brought this technology to life.
Fields such as Cryptography, Mechanism Design, and Distributed Computing should be of interest. These are not new topics. Satoshi Nakamoto did well to bring them together to drive the system that we now have in place for the digital currency that is currently making news all around the world.
Taking some time to study this aspect will reduce your risk in getting your hands wet in the space of digital currency and the blockchain technology that drives it. Good knowledge in these basic fields should be well sort after in the blockchain space. They are definitely worth your time to take some time to study them thoroughly.
What is Blockchain Actually?
Simply, blockchain is a block of records that are increasingly growing and are connected by using cryptography. The records are called blocks. Every block has a cryptographic hash of the one before it, a transaction data and a timestamp.
Bitcoin and Etherium are the two major blockchains with very high global recognition.
The blockchain that runs Bitcoin processes and stores all transactions of the network from the time of its inception. This facilitates the ease with accounting and assists the transfer of value.
The Etherium blockchain takes a step further to the general function of blockchain. Besides taking care of transactions and accounts, it as well stores programming logic.
The basic difference between the Etherium blockchain and Bitcoin Blockchain is the ability Etherium brings to enable users to carry out smart contracts.
In a real-world situation, where third-party companies like escrow agents facilitate transacts and earn a percentage from the process, Etherium eliminates that. As the technology grows, it allows more functions to be carried out in a more dynamic revolutionary manner.
Cryptography is an important concept to take seriously in our time. In time to come most assets will be digitalized. As our assets continue to grow to consider the wide range of data that will be. This will call for more security and using advanced cryptography will be sought to keep them safe.
Take, for instance, the cryptography that supports Bitcoin is responsible for the safety of more than $300,000,000,000 as of 2017. This value is far more than the value of gold stored in Fort Knox. Using digital assets backed by cryptocurrency will no time overtake what has been the tool in the past to secure our valuable assets.
Bitcoin was born from a decentralized Distributed network. The combination of digital signatures, mechanism design, one-way function, and distributed computing together birth the solid Bitcoin network using these computing principles.
The distributed network is a peer-to-peer network. Before the advent of Bitcoin, torrenting websites was the closest type that existed.
They worked well but were not a good match to the bitcoin distributed network. They missed out in providing good incentives to motivate participants to actively commit to the network. Security was not sufficient as anybody could post any type of information including malicious applications and go unpunished.
However, with good economic incentives developed into blockchain technology, a complete distributed computing system has been born.
Mechanism design can be considered an offering of game theory and computer science. The concept is another valuable one to blockchain development. Though if you’re a cryptographer, you can secure a data but it doesn’t stop there.
An incentive must be attached to it for it to carry any worth. Similarly, a distributed computing engineer can link a network of different computers to data. Without a commensurate incentive, however, a less secure and ineffective network may not be far away. Mechanism Designs combines these two to come up with the blockchain technology.
It is a dynamic field that has continued to evolve in different ways.
Continuously testing and developing of Blockchains will result in more secure and robust algorithms that assist humans to participate in a network that is trusted globally.
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