By now, you’ve probably heard of Blockchain (if not, you’ve been living under the rock!). Blockchain is the technology behind the cryptocurrency - Bitcoin - that revolutionized the banking and financial sector.
    But What is Blockchain?
    According to Don and Alex Tapscott, the authors of “Blockchain Revolution,”
    “The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” In simple words, a Blockchain is a chain of records or data spread across a network of multiple peers in a system, wherein each peer holds a copy of the complete chain. This is what makes Blockchain a distributed ledger, where the information is stored and managed by a cluster of computers/peers rather than a single entity.

    The Blockchain consists of blocks that store data, and the first block called the Genesis Block. Each time new data is added to a block in the chain, it is connected to other blocks in chronological order. Each of the blocks is linked to the other via cryptographic principles - it contains a timestamp and a cryptographic key that connects it to the previous block. Thus, each block is uniquely encrypted. While all the peers in a Blockchain network have a copy of the complete Blockchain database, only the user having the unique cryptographic key to a specific block can add new information to a particular chain.
    Here are five core features of Blockchain that make it much more safe and transparent than conventional ledger systems:
    • Distributed - As we mentioned, the Blockchain ledger is spread across the whole network instead of a centralized system, thereby making it tamperproof.
    • Cryptography for security - The ledger is secured by cryptographic keys and functions to prevent the misuse and violation of data.
    • Peer-To-Peer - The network isn’t controlled or managed by a central authority. Instead, it facilitates direct communication among peers in the network for greater transparency. This eliminates the need for third-parties.
    • Add-Only - Peers can add data in the Blockchain only in a time-sequential order. This means that once a piece of information is added to a block, it is nearly impossible to manipulate or alter that data. So, it is practically immutable.
    • Consensus - One of the most crucial aspects of the Blockchain, Consensus is what makes the ledger decentralized. The ledger can only be updated via Consensus. This means that any update or changes that have to be made to the Blockchain are first validated against the strict Blockchain protocol. The change can be added to the Blockchain only when all the after all the participating peers (nodes) on the network have reached a Consensus.
    How does Blockchain work?

    We’ll break down the mechanism of a Blockchain into five simple steps:
    1. The first step begins with a peer (a node in the network) initiating a transaction by creating it and digitally signing it with a private key (created through cryptography). In a Blockchain, a transaction can pertain to various actions. However, usually, a transaction is a data structure that represents a value transfer among the peers on the network. The transaction data structure contains some logic of the value transfer, relevant rules, source and destination addresses, and other important validation information.
    2. To propagate the transaction to peers who validate the transaction based on the set criteria, a flooding protocol - known as the Gossip protocol - is used. Generally, a transaction must be verified by more than one node in the network.
    3. After the peers validate the transaction, it is added in a block which is then propagated to the network. This is when the transaction is deemed as confirmed.
    4. The newly added block now becomes part of the ledger, and the block that will be added next in the chain has to link itself cryptographically to this block. This cryptographic link is the “hash pointer.” This is the point where the transaction gets a second confirmation, whereas the block receives its first confirmation.
    5. Further on, each time a new block is added to the chain, the transactions are reconfirmed. For a transaction to become final, six confirmation within a network are a must.
    This is essentially how a Blockchain operates.
    After Bangalore, Mumbai is the second Indian city to lead in Blockchain employment opportunities. The primary reason behind this is that Mumbai is both a financial and technology hub. It is home to some established names in the finance and tech industry, and in the last ten years, numerous startups have also emerged in the city. Consequently, Mumbai’s thriving tech scenario makes it one of the most lucrative locations in India to seek employment.
    Mumbai has over 26 successful Blockchain startups. With the IT and startup scenario booming in Mumbai, the demand for trained Blockchain professionals is always on the rise. Unfortunately, the demand for Blockchain experts is much greater than their supply. So, Blockchain-based companies in Mumbai are ready to pay high compensation to deserving candidates who have the right Blockchain skills.
    Furthermore, Mumbai’s world-class infrastructure and business opportunities make it all the more exciting for Blockchain to flourish in the city.
    Blockchain Salaries in Mumbai
    As is true of all professions and job roles, the salary scale of Blockchain professionals in Mumbai depends on the company size and reputation, skillset, job position, and of course, work experience.
    The salary scale of Blockchain techies in Mumbai is pretty high. A Blockchain fresher can earn a starting salary of Rs. 3-4.8 LPA. The salary increases with experience and Blockchain experts with 8-10 years of experience can easily make around Rs. 6.8-15 LPA. As for professionals in the topmost level of the hierarchy, they earn around Rs. 30-50 LPA, and even more.

    Blockchain Career Options in Mumbai
    An aspirant who wishes to build a Blockchain career in Mumbai can find excellent job opportunities in companies of all shapes and sizes and across various industries. Some of the most trending Blockchain job roles in Mumbai are Blockchain Architect, Blockchain Developer, Blockchain Engineer, Blockchain Web Designer, Blockchain Writer, Blockchain Legal Consultant, and Blockchain Product Manager.
    Since Blockchain is a relatively new field with little formal educational resources present, you will need to be patient and understand that it might take you some time. However, there are plenty of dedicated online communities and so, you aren’t completely helpless either. Begin with these steps:
    • Read about Bitcoin since it is one of the most elegant applications of Blockchain.
    • Learn how exchanges work and familiarize yourself with wallets.
    • Get coding in a Blockchain-friendly language like C++, C#, Javascript, etc.
    • Get to know about smart contracts.
    • Be part of a Blockchain community to stay up-to-date!
    Below listed are 5 revolutionary uses of Blockchain:
    • Banks - transactions can reflect in as little as 10 minutes. Secure funds exchange.
    • Cryptocurrency - allows cryptocurrencies to operate without the need for a central, governing authority.
    • Healthcare - enables the secure storage of patient records with a private key so that they are accessible only to select individuals.
    • Property records - property ownership records can be verified and stored.
    • Smart contracts- computer codes that can act as a mediator in a contract agreement.


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