Top 10 Interesting Blockchain Project Ideas for Beginners/Students [2024]

Updated on 19 May, 2024

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Interesting Blockchain Project Ideas

Summary:

In this Article, you will learn top 10 interesting blockchain project Ideas for beginners.

  1. Trusted Crowdfunding Platform Using a Smart Contract
  2. Exact Shipment Location Data
  3. Peer To Peer Ridesharing
  4. A Fake Product Identification System
  5. Transparent and Genuine Charity Application
  6. Blockchain-Based Voting System
  7. A Decentralized Web Hosting System
  8. Disk Space Renting System
  9. Loyalty Points Exchange System
  10. Trackback Your Food to its Source

Read more to know each in detail.

Blockchain is an emergent technology evolving at a fast pace. There is a lot of demand for software engineers in the blockchain. If you have stumbled upon this article, you are probably learning blockchain or wanting to learn blockchain soon. If you are not, read top reasons to master blockchain.

Blockchain is conceptually completely new and the best way to learn it is by doing hands-on than just going through documents and watching videos. Below are some blockchain project ideas for college students.

Check out our free courses to get an edge over the competition.

Why are Blockchain Projects important?

The software industries are on the hunt for expert Blockchain developers. So, creating unique blockchain projects would make you stand out from other candidates. Many candidates create typical mobile applications or web applications. But blockchain application development involves one step further. It involves developing a mobile or web application and then transforming it into a Blockchain application. Now when you add blockchain projects to your resume, it shows that you are an expert at mobile development or web development too.

There is scope for innovation in this field. Plenty of opportunities are still unexplored in this area that you can check out.

How to create a blockchain project?

Firstly, you require a personal blockchain for which you can use Grenache. You would have a Blockchain system running after installing Grenache. Now you require a truffle framework to write Ethereum smart contracts. Note that you can use the online Remix IDE if you don’t want to install it on your local system. The next step in creating the system blockchain project is to install a meta mask chrome extension. It lets you connect to the Blockchain via your account and interact with the smart contracts.

AI Crypto Project Objectives

There are several objectives to consider when working on different blockchain project ideas or blockchain final year project including:

  • Adaptability: Consider the degree of flexibility your system requires to interface with other apps and systems being developed on the same platform as you.
  • Scalability: Making sure your system can grow up or down when necessary without crashing or lagging must be your next priority. It makes no difference how secure you are if you cannot scale.
  • Transparency: Think about whether openness is necessary for your blockchain projects for final year cse, or if not, what sort of transparency could prove useful to users and programmers alike, who want to know exactly what to do if anything undesirable happens with their data or activities in this new system.
  • Safety: Your top priority is ensuring your blockchain projects for final year is as secure as possible. If sensitive data is not secure on the Blockchain, you should not store it there.

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10 Best Blockchain Project Ideas with Source Code:

  • Trusted Crowdfunding Platform Using a Smart Contract

As per trusted reports, 85% of startups delay the delivery, and 14% don’t deliver at all what was promised to the angel investors. As of today, crowdfunding platforms have accountability and trust problems. In many cases, money from investors has gone into wrong campaigns and has been misused.

Implementing a blockchain-based platform can bring in a change. With blockchain technology, investors can know to whom the money is going and how they are spending it. A smart contract helps to block the funds within blockchain until the project or startup founder makes progress in the project.

Source Code: Trusted Crowdfunding Platform Using a Smart Contract

Check out our free blockchain online courses

  • Exact Shipment Location Data

Most logistics companies today offer only the location details of main locations like collection centre, city hubs and sorting facilities. The exact live location details are never known, and if the system fails, the entire data is lost.

Using blockchain, you can implement a system that collects location data from many interconnected systems and deliver exact location details to the customers. The application of this project can be extended to other areas like airlines to find lost baggage, car rentals for tracking rented car etc.

Source Code: Exact Shipment Location Data

Our Learners also read: Career in Blockchain!

Check out our Advanced Certification in Blockchain

  • Peer To Peer Ridesharing

Most carpooling systems and radio cab facilities come with a middle man, the agency itself. So what if the agency like Uber decides to shut down business in the city? If ride-sharing and car hire are moved to the blockchain, without an intermediary, both riders and drivers can get connected directly. If the project is completed successfully, it can build a network that will provide safe, reliable transportation.

Presently, a single agency controls most carpooling systems. You can develop a smart contract that directly connects the driver and the rider without the interference of any third party like Ola or Uber. The agencies like Ola and Uber have all data of riders and drivers. This can create privacy issues. Moving car hire and ride-sharing to Blockchain can help you to build a reliable and secure carpooling system.

The drivers and riders can directly connect without any intermediary. It is one of those blockchain projects that provide secure and collective transport.

Learn Online Software Development Courses online from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career.

Source Code: Peer To Peer Ridesharing

Check out our Advanced Certification in DevOps

  • A Fake Product Identification System 

Every popular brand has fake manufacturers selling a counterfeited item at cheaper rates. Even the company experts may not be able to distinguish between fake ones and real ones. What if the original manufacturer has embedded a 2D barcode on the product which is tied to a blockchain system.

You can scan the 2D barcode using your smartphone, and your smartphone will tell you whether the product is fake or not. This is an outstanding project idea and if successfully implement big brands are going to knock at your doorstep, and you know why…

Many popular brands have fake manufacturers that sell the same products at cheaper rates but with a compromise in quality. Even the original company’s experts can’t differentiate between real and fake products. You can use blockchain technology to sense original products and include a QR code to them during manufacturing. The product’s QR code will be linked to a Blockchain. Moreover, you can store the product’s generated QR code and product details as blocks in the database.

People can now scan the QR code through their smartphones. Their smartphones will inform whether the product is real or fake. It would compare the scanned QR code with entries in the Blockchain database. It notifies the customer that the product is original if the code matches. Otherwise, it notifies that the product is fake. It is one of the most useful and interesting projects on blockchain. Your chances of getting hired by big brands increase if you successfully implement such types of projects on blockchain.

Source Code: A Fake Product Identification System

  • Blockchain-Based Voting System

Electronic voting systems have replaced paper-based systems, but even now, people doubt the voting system’s ability to secure the data and defend against any attacks. The blockchain-based system can ensure transparent and publicly verifiable elections in the country. If implemented successfully, voting can be done using a mobile application that is attached to a blockchain system. 

This project helps you to conduct voting at the national and organizational levels. You must ascertain certain things to let this project work. Firstly, the users’ details must be hidden in your application because of privacy issues. You have to use an Ethereum address that works as the user’s identifier. Secondly, an individual must be able to submit only one vote, and only when they are eligible. The voting process must be transparent and all voting rules must be followed. The next step is to accurately count and record the votes. No mistakes or fraud occurrences are accepted in such types of projects on blockchain.

Blockchain-based systems can tackle the corruption observed in the voting process. This is because they provide a more transparent and straightforward platform for casting a vote. Mobile voting applications are also allowed to cast a vote.

This system blockchain project provides decentralized nodes for digitally casting votes without any security pitfalls. This is because it features robust end-to-end verification.

Source Code: Blockchain-Based Voting System

Also read, Blockchain career and its future growth 

  • Transparent and Genuine Charity Application

Many fake charity organizations pose as genuine and loot money from innocent people in the name of charity. Most people want to donate money to a good cause of charity, but they are unsure if the money is going to reach the right hands of the destitute.  The blockchain system can bring transparency to online charity trusts. Contributors can see the journey of the donation in realtime and confirm if it’s reaching the deserving hands or not.

This blockchain project helps you to make a reliable and transparent charity application. It ensures that your donated money reaches needy people. Let’s understand how it works.

The needy people will upload their details on the portal linked to the Blockchain system. The community accesses charity organizations’ and recipients’ data from the Blockchain and assists them directly. Implementing such blockchain technology projects assists needy people and ensures transparency in the transactions. Moreover, these types of blockchain technology projects curb middle-men profits and deceits.

Source Code: Transparent and Genuine Charity Application

  • A Decentralized Web Hosting System 

The way web hosting works today is by hosting all the web content including textual content, code and media content on a centralized location which can then be accessed over the world wide web. But did you know? Your site is going to be down when there is server maintenance or if a load of the server gets high.

What if with blockchain, your website doesn’t require a central server? With blockchain, you can split your website content into granules and distribute it all over the internet and then link them together using a blockchain registry.

Web hosting can store all types of content. You can access the stored content anytime, anywhere. Your website will be inaccessible if the server crashes or fails. But you can take the help of blockchain technology projects to solve this issue.

Blockchain technology can save effort, time, and money by allowing web designers to develop websites without depending on a centralized server. The blockchain vault helps you to reassemble all content you need. The non-dependence on a central server means that there will be no occurrences of the server failing or crashing.

Source Code: Decentralized Web Hosting System

  • Disk Space Renting System 

The idea here is to allow everybody on the planet to rent out their unused disk space which can be attached to a blockchain registry to create a massive worldwide cloud. The idea is similar to the peer-to-peer network, but with blockchain, it’s going to be completely decentralized.

This idea can be implemented as a small project, but if applied globally, it can change the face of today’s cloud storage. This concept can also be extended to your compute power and memory provided you have an ultra-high-speed internet connection.

In this project, Blockchain data structures strengthen network security by decreasing single-point-of-failure risk. So, it makes a database breach harder. Moreover, it avoids unauthorized access because every user in the Blockchain possesses their key.

Source Code: Disk Space Renting System

  • Loyalty Points Exchange System 

With payback.in being an exception, most other brands and companies reward customers with their own loyalty points. This drawback in today’s system is a very unacceptable downside as the deserving customer cannot use his loyalty points with other companies or brands. Customers also cannot exchange or trade loyalty points with friends or family. With blockchain, you can implement a project that allows consumers to combine and transparently trade loyalty rewards. 

The loyalty points’ data is maintained using blockchain. Hence, it improves security. The blocks can be checked to ascertain that no tampering has occurred. Blockchain system allows other brands to use the Loyalty exchange points. Hence, they can make their pitch attractive to bring more consumers.

Customers can pay and redeem points in a system blockchain project. These points can be transferred to any other user or bank. The entire transaction history can be tracked. No transaction can be eliminated by any method because the blockchain can’t tamper with it. The missed data in transaction data, if any, can be detected and shown to the customers.

Source Code: Loyalty Points Exchange System

  • Trackback Your Food to its Source

You want to eat organic. You can buy organic, but do you really know if it’s organic? You know that there is an outbreak of bird-flu in few poultry farms, but do you know if the chicken leg in your plate came from one of those infected farms?

Using blockchain technology, you can implement a system that can help consumers trace back the journey of fresh produce or meat to its source. Thereby, consumers can buy the product with a lot more trust.

Source Code: Trackback Your Food to its Source

  • Blockchain-Powered Patient Database Management System

This is one of the basic yet ideal blockchain project ideas to work on. Two crucial concerns with patient data that must be addressed are privacy and security. It is possible to turn the patient data that has been saved into knowledge that will enhance the healthcare system.

So, we may use Blockchain technology to create a system that can protect patient data and make it sufficiently accessible for research. This system would share patient data via a blockchain-based smart contract. It would preserve data security by allowing access to the data only under specific circumstances. 

Additionally, accessibility keys are required for researchers to access data, and only then will they be permitted to conduct a study using the accessible data.

  • Blockchain-Based KYC Verification

To update our information and confirm our identification, banks require us to go through a KYC verification process. Blockchain technology enables the safe transfer of KYC verification stamps across entities. It provides an extremely complete and unchangeable audit trail of every action made on KYC files. This is among the simplest blockchain project ideas and here’s how this system operates:

  • The Blockchain system receives KYC data uploads from the customer.
  • The Blockchain provides the banks with direct access to KYC data, avoiding middlemen.
  • Other institutions verify the bank’s KYC.
  • Since there are no middlemen in the system during data processing, it is safe, reliable, and practical. 
  • Parking Space Rental Platform With Blockchain

Building a decentralized platform that lets drivers rent out their parking spots when they’re not using them is also one of the best blockchain project ideas or blockchain mini projects. 

Car owners could quickly and simply rent out their spaces and make additional cash while assisting other drivers in finding convenient parking options thanks to the platform’s blockchain technology for the safe storage and tracking of information about available parking spaces and renters.

How This Project Idea Is Helpful:

Particularly in crowded cities, car owners frequently struggle to locate economical and practical parking options. Nevertheless, many vehicle owners may lack the means or equipment to rent out their vacant parking spots to other drivers. 

This type of blockchain project ideas can assist in addressing these issues by offering a decentralized platform for parking space rentals. It will enable car owners to rent out their spaces easily and assist other drivers in finding easy and reasonably priced parking alternatives.

  • Blockchain-Based Skill Verification System 

Individuals brag about themselves on social media sites, frequently considered true even when it isn’t. This skill validation system would rapidly and impartially validate skills by decentralized consensus. 

A system for talent verification based on web3 projects can shorten the time required to complete competency checks. An employee can use Blockchain to have their skills recorded on an accessible network that has been verified and approved by their previous bosses or employers. 

Given this, we can be certain about an employee’s experience, competency level, learning objective progress, and skill set when they have a skill chain built on the Blockchain. We can also be transparent about the people who have helped the employee accomplish these goals. 

Here are a few use cases of this blockchain project ideas:

  • HR might use it to streamline the employment procedure.
  • The employee may use it to join their desired business.
  • Applicable for the assessment of competency.
  • It may be used to communicate with personnel and organizations. 
  • Securing Photo Ownership Rights

This is one of the most underrated blockchain project ideas where your goal to build a decentralized platform that assures artists and photographers that their images and artwork are legitimately and securely owned. 

By establishing an immutable proof of ownership via blockchain technology, the platform would enable photographers and artists to assert ownership rights over their creations and safeguard their intellectual property.

How This projects on blockchain for final year students Idea Is Helpful:

Artists and photographers frequently battle to safeguard their intellectual property rights, especially in the social media era, where images and artwork can be freely shared and taken without due credit or pay. 

This blockchain projects for final year or blockchain projects for students proposal can help solve this issue by giving photographers and artists the resources they need to safeguard their creations while enforcing their rights to intellectual property by offering a decentralized platform for safe and verified photo ownership.

  • Savings and Lending Decentralized Platform

The next new crypto projects is to make a savings and lending application. DeFi, or decentralized finance, is trendy right now. One way to move existing banking products on the Blockchain is through DeFi. This type of attitude is common when it comes to lending and saving. This application would allow people to borrow money on blockchains.  

This enables them to seize certain assets, take out loans against other currencies, and repay them after a specific time. This type of software is not appropriate for trading cryptocurrency. Bitcoin traders can lock up some assets so they can borrow others, trade, and make money. 

  • Blockchain-Driven System for Land Registries

We have seen numerous instances of land claims made by people, transaction fraud, misplaced documents, and other such problems all around us. 

So, one of the best crypto projects here would be to use Blockchain to resolve each of these problems and also keep track of all transactions, enabling secure and efficient data retrieval. Thus, the following is how the blockchain-based system that handles all land-related concerns will function:

  • A citizen makes the request
  • In the traditional arrangement, data is processed and then stored in a centralized system. Because Blockchain data is stored in a decentralized system, it will be less susceptible to data manipulation and will continue to provide immutability.
  • In the conventional method, a paper certificate that is susceptible to forgery, loss, or damage is issued following purchase. Where the data is secure and dependable, electronic certificates can take its place.

Blockchain-Powered Document Storage Systems

We may require several licenses and documents at any time; thus, they are crucial. Thus, with blockchain technology, we can create a safe platform that guarantees the accessibility and safety of our papers. The way this system functions is as follows:

  • Documents will be uploaded to the Blockchain system by the user.
  • The blockchain mini projects provides access to papers for the government or any other system requiring their input, provided the user grants authorization.
  • If this system were implemented, transactions would be quick, easy, and safe. It would also be handy for the government and its users.

Multi Send

One compelling idea for blockchain projects final year involves developing an application that facilitates the distribution of ethers to multiple Ethereum addresses. Just as emails require recipient addresses, this application would allow users to allocate ethers to a list of Ethereum addresses. This innovation holds significant potential, especially in scenarios like disbursing employee salaries. 

To materialize this concept, you would create an Ethereum smart contract, achievable using the REMIX IDE—an online platform tailored for crafting smart contracts using the Solidity language. By devising a function that accepts an array of addresses as its parameter and employing a straightforward loop within the function, you can seamlessly execute this project. This undertaking not only aligns with compelling blockchain project ideas but also aligns perfectly with pertinent block chain project topics.

Ether Wallet

Here’s another captivating blockchain project idea: Crafting an Ether Wallet. This innovative concept involves creating a wallet that empowers users to utilize their ethers. Within this project, you’ll design a smart contract capable of accepting ethers from various addresses and effecting transfers to other designated addresses. While such smart contracts might not have immediate utility, they serve as invaluable learning tools.

This Ether Wallet endeavor will provide hands-on experience in manipulating and updating ether within a smart contract—a pivotal skill since the real potency of smart contracts lies in their financial transaction capabilities. Additionally, this project delves into the realm of access control, a vital aspect. Allowing open withdrawal could expose your funds to potential theft, thus requiring the use of the ‘required’ statement to implement access controls. 

As you navigate through these foundational projects, you’ll pave the way for tackling more advanced blockchain projects with enhanced proficiency. This exploration could seamlessly lead you to delve into constructing a Smart Wallet, expanding upon the Ether Wallet project. These ideas align seamlessly with intriguing blockchain projects for students, particularly with blockchain projects for final year CSE or blockchain project ideas for final year.

To-Do List App

Let’s look at another intriguing proposition for a blockchain final year project: Developing a To-do List application empowered by Ethereum smart contracts. This project presents a unique opportunity to gain a comprehensive understanding of blockchain mechanics and general blockchain application dynamics. Traditional web-based To-do list apps rely on web browsers and servers for storage, but creating a blockchain-based version requires a distinctive approach. 

Rather than direct server connections, interaction with the To-do list occurs through a browser, engaging a client-side application that you’ll construct. This application, unlike its web-based counterpart, bypasses the need for a web backend and database, opting to communicate directly with the blockchain. Within this blockchain environment, Ethereum smart contracts house the code constituting the To-do list app’s business logic. 

Every task finds its place on the blockchain, within the smart contract’s repository. This intelligent contract effectively encompasses all tasks on the To-do list, affording capabilities like task addition, completion status updates, deletion, and more. This is an ideal choice for blockchain projects for beginners, offering a hands-on experience that aligns perfectly with captivating blockchain project topics.

Choosing The Best Blockchain Project Ideas: Factors To Consider

Though there are a ton of blockchain initiatives, it can be difficult to decide which ones are worth investing your time in.

The Feasibility Of The Business

A blockchain project topics has little chance of success if it has a sound business plan. This implies that the project’s sponsoring organization must have a strategy to turn a profit and pay its employees. Without outside investment, a project is unlikely to last very long if it has a plan for paying personnel or funding its operations.

Managing Ecosystems

How successfully new blockchain initiatives manage their ecosystem—the users who use their product or service and engage with other users online—is another important consideration in assessing them. The greater these users’ level of activity and engagement, the higher the new crypto projects chances of success as a whole!

Viability From A Technical Standpoint

A blockchain project topics technical feasibility is its capacity to meet the needs of its customers while serving its intended goal. Every new crypto projects with source code must build a blockchain network that can process all required transactions while upholding confidentiality and privacy for it to be considered technically feasible.

Let’s Conclude…

These are ten project ideas that can be implemented by students and other beginners. 

Pick the one that best suits you and please do tailor the concept as per your need. Above all, we hope this article was able to shed some light on the wide range of applications blockchain has on the real world.

There is a rise in careers in blockchain technology and blockchain has tremendously changed the very face of the technology industry forever.  If you’re interested to become a blockchain developer and build smart contracts and chaincodes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology

Frequently Asked Questions (FAQs)

1. How can blockchain technology be used to create trust?

To create a trust using blockchain, you would need to first create a blockchain account. This account would be used to store the information about the trust. You would then need to create a blockchain transaction that would create the trust. This transaction would include the information about the trust, such as the name of the trust, the name of the trustee, and the name of the beneficiary. You would also need to include the initial amount of money that is being deposited into the trust. and the date of the transaction. Finally, you would need to sign the transaction with your private key.

2. How can businesses take advantage of blockchain technology?

One of the most important features of blockchain is that it is a safe, transparent, and tamper-proof method of data storage. As a result, it's a useful tool for companies that need to keep track of data and transactions. It has the potential to save costs and expedite transactions. Technology can automate specific jobs and procedures, eliminating the need for third-party middlemen. It can assist companies in becoming more productive by streamlining processes and automating specific jobs. This can save time and money for businesses. It can also assist businesses in gaining client trust by allowing them to store data in a secure and transparent manner. This helps companies attract and retain customers.

3. What are the benefits of using blockchain technology?

Blockchain technology can upgrade your existing technology by making it more secure. It increases the confidentiality of documents by increasing the anonymity of senders. It also increases the speed of transactions and makes your system more efficient. It increases the independence of the user and enables individuals to make their own decisions by shifting the command of the choices from the center to the nodes.

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Not long ago, Bitcoin was the new buzz of the town and all everyone wanted was to get their hands on this new currency which continues to rock the world economy even today. But a very few people are aware of what exactly is Bitcoin and how it works. Learn Software Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. What is Bitcoin? Bitcoin is a cryptocurrency, which began as a decentralised digital currency in the year 2008. The currency was introduced by an unknown individual/organisation using the pseudo-name of Satoshi Nakamoto. The motive of creating the Bitcoin was to introduce a secure, immutable and verifiable means of currency exchange without any central regulatory authority (bank or payment gateway). Operating with the help of Blockchain (a decentralised and open digital ledger that records all Bitcoin transactions), Bitcoin has changed the way we transact and has been considered as a revolution by several tech enthusiasts. Blockchain Technology Use Cases in the Banking Sector Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses How does it work? Bitcoins are self-contained digital currency tokens that have a value of their own. There is no need for any bank to store them or maintain their value. This self-regulating currency works on the principle of Blockchain and several different cryptographic technologies. Public key cryptography is one of the most fundamental cryptographic technologies that make up the essence of Bitcoin. Each of the Bitcoin is associated with the owner’s ECDSA (Elliptic Curve Digital Signature Algorithm) key. When a transaction is made, the key gets attached to the number of coins and the message thus formed is signed with the owner’s private key. This message is then broadcasted to the Bitcoin network (network based on Blockchain) for the peers to know that the new owner of these coins is the individual who possesses the new key. The signature of the previous owner ensures authenticity and the transaction is stored as a record with everyone for future verification. These transaction records are stored in the form of blocks, forming the complete Blockchain ledger. All participant computers in the network keep a copy of the Blockchain which is updated by passing new blocks. In order to ensure that the blocks are secured and immutable, each new block confirms the integrity of its predecessor, back to the very first addition in the chain – the genesis block. The chain, therefore, remains protected as no party can overwrite any record. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript An added layer of security The Hashcash cost function is used in regulating the generation of bitcoins. The Hashcash function, first of its kind, is a verifiable and secure cost function which happens to be non-interactive. It has no secret keys that need to be managed. Hashcash uses the widely known SHA1 or SHA-256 symmetric key cryptography. The Hash Function (not to be confused with Hashcash function used in regulating the generation of bitcoin) is one of the most secure ways of protecting the integrity of the blocks in the blockchain. The input data is transformed into a compact string through an irreversible method. The slightest change in the data completely changes the hash or the compact string, ensuring that no one can create a block of data with the same hash code. Each hash matches one unique input stream, which is why Bitcoin blocks need not contain serial numbers for identification. Using the hash function ensures both identification and integrity verification of the blocks. Blockchain Applications in Supply Chain In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses The generation and Mining When Bitcoin circulation first began, only a limited number of Bitcoins were released and distributed. Bitcoins are constantly being generated, even at this very moment. The generation of the bitcoins can be understood from the process of Bitcoin mining, which helps in the production and addition of a valid block. Understanding Mining Adding a block to the existing Blockchain requires time as well as processing power, making it a difficult task.  In order for a successful addition of a block to the Blockchain, the miners or users need to solve a hard mathematical puzzle/problem, which requires high computational abilities, thus the time and the processing power. However, the addition of the block is necessary to ensure that the transactions are updated regularly. As a reward or incentive for contributing electricity, processing power as well as time to achieve the same, the individual gets a few numbers of bitcoins (the number is fixed by the Bitcoin network). Apart from that, the transaction fees present in the block’s transaction is also claimed by the producer of the block. The unlocking of Bitcoin bounty by contributing processing power is known as ‘Bitcoin Mining’. The rules of mining are fixed and the difficulty adjusted to limit the block production rate to 1 block per 10 minutes. Thus as the number of contributors or minors increases, it becomes increasingly more difficult for each of the participants to add a block. The increased difficulty also ensures higher security of the transactions. Rise in popularity Whenever something revolutionary is introduced, it takes time for people to accept it. However, Bitcoin has risen to popularity very fast. The rise in popularity of this cryptocurrency can be attributed to its new approach towards currency distribution. Here are a few reasons that made Bitcoin very popular and continue to attract new investors – Decentralised nature: There is no regulating authority. Each participant computer or individual contributes to the maintenance of the Blockchain and hence, no financial policy or fraud can ever take away the value of Bitcoin. Anonymity: Another beauty of using the bitcoins or being a part of the blockchain is that you do not need to confirm your identity. You can be anonymous and still control or use bitcoin and trade with them. Easy to set up and transact: Bitcoin system is fairly easy to adapt and set up. No questions are asked of any authority and you can become a part of the network within a few minutes or even seconds. Another advantage that attracted a lot of investors, as well as individuals, is that Bitcoin has negligible transfer fees. This means that all international transfers are easy and cheaper to conduct through Bitcoin. Transparent, and fast: The Bitcoin ledger is an open record, that maintains the record of all transactions held till now, accessible to all members of the network. Also, the transactions are quite fast. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? Close Competitors And Bitcoin doesn’t happen to be the only cryptocurrency in the market today. Following in the footsteps, are more than 1500 listed cryptocurrencies, out of which some have managed to gain support and popularity. These include names like Ethereum, Bitcoin Cash, Ripple and Litecoin. Each of these currencies is focused on different motives but function on the same Blockchain Technology. Applications of Blockchain in Healthcare The Road Ahead History shows that Bitcoin’s value has been very volatile and continues to fluctuate throughout. Its rising popularity and the revolutionary Blockchain technology has already promoted several firms to embrace the change. However, it is too early to say whether Bitcoin will remain and prevail as the universal digital currency. Like any other venture, it needs time to mature. But one thing is for sure – our financial system and the economy are never going to be the same. If you’re interested to become a blockchain developer and build smart contracts and chain codes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology.
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by Radhika Maloo

05 Sep'18
7 Ways Blockchain is Revolutionizing the Automotive Industry

5.19K+

7 Ways Blockchain is Revolutionizing the Automotive Industry

The automotive industry is witnessing huge growth with every passing year. In 2017 alone, 73.5 million cars were produced globally. It has been projected that by the end of 2018, the global sales of cars can increase up to a total of 81.5 million units! The fact that this is such a profitable industry showcases why blockchain technology is tapping into it. Check out our free courses to get an edge over the competition. Learn Software Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Wait, what is blockchain exactly? Don’t know what blockchain is? Don’t worry, you aren’t the only one. Since the technology is relatively new, a lot of people are not entirely sure what it is and how it functions. Well, you can understand blockchain with the help of two terms. Digital. Ledger. That’s all it really is. The blockchain is a decentralized as well as a digital ledger that allows effective recording and sharing of information. While the traditional mode of transactions takes time to record and be available to see, this is not the case with blockchain. Instead, the transactions are recorded instantaneously, leaving little room for friction. Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) Since making alterations to a blockchain without detection is impossible, this makes this technology very safe to use. There are fewer chances of scam and fraud when blockchain is involved. The fact that the world is moving towards digital solutions have made blockchain a lucrative technology. The need for mobility and innovation in the automotive industry have also made it an attractive tool for consumers, dealers, manufacturers and OEMs alike. How is Blockchain changing the automotive industry? When we buy cars today, we have the option of doing so with digital currencies. For instance, the AutoBlock allows you to purchase and sell cars using the blockchain technology. It does so while ensuring the security of the mode of transaction. This is just one example of how blockchain technology has been changing the automotive industry. There are other ways technology can revolutionize the automotive industry as well. Here is how it can be done: Check out upGrad’s Java Bootcamp.   The development of user-friendly cars Let’s face it. Physical keys to cars can be easily stolen. And if they are stolen, you are basically giving an opportunity for anyone to drive off your car to the sunset. However, with the development of private keys, this can be stopped. How so? Through the use of blockchain which is operated by the manufacturer. The consumer can be given a private key (a code) to unlock their car. The only time the car unlocks was when the key entered matches the public key that the manufacturer has. Rather than giving others your keys when the need arises, you can form smart contracts with them, whereby they are given fleeting access to your car. This can come in handy when you want a courier service to leave the delivered package in your car in your absence. Blockchain can do it for you without the process being unsafe. Blockchain Applications in Supply Chain Cars without drivers We already see some driverless cars on the road. Blockchain can effectively redefine how these cars function. The idea of being in an autonomous car seems scary. After all, how can a car know about the condition of a given road or even be safe enough to be used? Well, blockchain can truly revolutionize this niche by making such cars as safe as possible. The technology can allow for different cars to communicate with one another as well as access data. This, in turn, ensures that the cars know everything about the prevalent traffic in the route, the conditions of the road and any other data needed for a safe trip. The blockchain is the technology, if used properly, that can change the experience of driving in a driverless car. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Security of data The Autoblock service we mentioned, in the beginning, is an example of how transactions can be secure via blockchain. By getting into a smart contract, both parties are aware of the contract, and the deal is only finalized when the two parties agree to the contract. There is little room for fraud, which makes the transactions secure. Streamlining of car insurance processes A very important part of the automotive industry is the car insurance niche. When you buy a car, you get it insured. This process is usually marked by hassles. Blockchain can transform this process for the better. Not only can claims be processed at a faster pace, but the process can be streamlined as well. Again, smart contracts come in handy as well. Also, blockchain reduces the need for middlemen in insurance, therefore reducing cost. Managing vehicle data Blockchain allows the industry players to manage the data of various vehicles efficiently. This involves updating data in real time to allow it to be used by the industry as needed. For example, odometer fraud can be detected using blockchain. A connector present in the car can send real-time data about the vehicle mileage. This information, when available to OEMs, can be used to sell cars and value it correctly. Blockchain Technology Use Cases in the Banking Sector Easy authentication of ownership of cars Even though we have entered the modern age, we still do a lot of old school things like carrying our vehicle registration and licenses when traveling in our cars. Surely, in a digital world like today, there has to be a better solution. Blockchain can be such a solution. Normally, the process of getting ownership of a car or changing the owner is lengthy. Blockchain has the power to make it instantaneous. Even in the case of rental cars, the law enforcers can authenticate the ownership quickly. This can ensure that the police can have more time for other aspects of their jobs. So, it doesn’t just make things easier for automobile users but also for the law enforcers. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Purchasing used cars Blockchain also has the power to transform how used cars are purchased. Normally, you rely on the word of the mechanic and car dealership to assess if the used car is as used as it claims. With blockchain, you can have real-time data about its life. You can know about its mileage, repair history and if it has been in any accidents. This makes purchasing used cars a safe and transparent process. Applications of Blockchain in Healthcare All in all, blockchain can revolutionize the automotive industry as we know it. However, only time will tell if its potential can truly be utilized. If you’re interested to become a blockchain developer and build smart contracts and chain codes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology.
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by Michelle Joe

22 Oct'18
What is Blockchain Technology? [Explained]

5.35K+

What is Blockchain Technology? [Explained]

If ‘Blockchain’ is the word you’re hearing a tad too much nowadays, then by now you must have understood that the latest hype behind Blockchain technology is real. Blockchain has emerged as one of the hottest buzzwords of the tech world today. In fact, in just the past one year, there’s been a 250% increase in the Google search requests for the word ‘Blockchain.’ Companies and organizations around the world are embracing this pioneering technology to shape and enhance their business operations. Learn Software Development Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Check out our free courses to get an edge over the competition   But, let’s move over this hype for a sec, and focus on the question – What is Blockchain? What is Blockchain? The brainchild of Satoshi Nakamoto, Blockchain came to the spotlight in 2009 with its first major application – Bitcoin. While Bitcoin is a cryptocurrency, Blockchain is the technology that resides at its core. In simple words, Blockchain is an open-source, distributed ledger capable of recording and storing information (primarily financial transactions) which is then secured by unique cryptographical designs. As the name suggests, the Blockchain infrastructure is made up of numerous ‘blocks,’ each of which contains the transaction data, a timestamp, and the link (cryptographic hash) to the preceding block. 7 ways Blockchain is Revolutionizing the Automotive Industry This unique and innovative design makes Blockchain a safe space for data – the data cannot be deleted, modified, manipulated, or misused in any way. Another crucial aspect of Blockchain technology is that it is consensus-oriented which further reduces the possibility of data being manipulated or misused. Its design is such that a large number of computers (nodes) are connected over a network. So, every time one wishes to add a transaction to a blockchain, he/she must solve a mathematical test, the results of which are shared with all the machines connected to the network. Only when every computer on the network mutually agrees on the result can the user add transactions to the chain. Furthermore, in Blockchain, data is never stored in one particular location, thereby, making it harder for cybercriminals to access it. Blockchain is, thus, the first technology that facilitates the transfer of digital ownership in a decentralized manner. These features are what make Blockchain so appealing to the magnates of the tech world. Now that we’ve answered what is Blockchain, arises the question – How to become a Blockchain expert? Check out upGrad’s Advanced Certification in DevOps Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript How To Become A Blockchain Expert? As more and more companies and institutions adopt the Blockchain technology, the demand for skilled and qualified Blockchain professionals is also escalating rapidly. Bloomberg maintains that in 2017 itself, the number of Blockchain related job postings increased by four times on LinkedIn. So, there’s never been a better time to launch a successful career in Blockchain! However, to become a Blockchain Expert, you must first develop the skill set required for this technology. Check out upGrad’s Full Stack Development Bootcamp (JS/MERN)  upGrad’s Exclusive Software Development Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   Get Acquainted With Blockchain Architecture When working with Blockchain technology, it is needless to say that, you must possess a thorough understanding of Blockchain and its innate architecture. This means that you must be well-versed with Blockchain concepts like cryptography, cryptographic hash functions, distributed ledger technology, consensus, decentralized consensus, smart contracts, and trusted computing, to name a few. This first step is crucial to building a strong foundational knowledge in Blockchain technology. Applications of Blockchain in Healthcare To get an in-depth understanding of the working of Blockchain, you can read this whitepaper on Bitcoin. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Learn How Cryptocurrency Works Since Blockchain’s star application is cryptocurrency (Bitcoin), you must know how the system works. There are numerous platforms such as Coinbase and Coinmama where you can learn how to handle cryptocurrency and digital transactions. All you need to do is to register on any of these platforms (choose one that is accessible in your country) and purchase coins. Take baby steps and start by purchasing a few coins first. Build your portfolio as you go. Since your primary focus here is to learn the process, you do not need to buy a lump sum amount of coins. For small transactions, online wallets are the best choice. As you continue to make purchases using your wallet, the idea of how digital financial transactions are conducted using cryptocurrencies will gradually become clear to you. Data Structures and Cryptography Just as data structures are an integral part of coding, so it is also a fundamental aspect of Blockchain technology. As a matter of fact, Blockchain uses a combination of data structures and cryptography to create a secure and robust environment for data. Thus, to become a Blockchain expert you must build a solid grasp on data structures and cryptographic designs and functions including hash functions like MD5, CRC32, and SHA1. Web Development Web development is a pivotal aspect of Blockchain technology. In fact, Blockchain developers and experts often begin their career with building and designing decentralized applications. This entails that a Blockchain expert must possess both front-end and back-end development skills. As a Blockchain developer, you will be expected to be well-versed in HTML, CSS, JavaScript, Ruby, PHP, and Python, among others. So, make sure you brush up on these programming languages while honing your database skills as well. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Know Your Platform If you wish to become a Blockchain expert, merely understanding Blockchain architecture and concepts will not suffice – you must know your platforms well. Choosing the right Blockchain platform that’s best suited for a particular task is the mark of a great Blockchain expert. So, get ready to dive deep into the various Blockchain platforms like Fabric, Ethereum, Ripple, and R3 Corda. An in-depth knowledge about these platforms will help you identify which platform will work best for which use case. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? Why Should You Consider Transitioning To Blockchain Based Roles? As we said earlier, Blockchain is the hottest trend and buzzword in the industry right now, so opportunities in this domain are growing rapidly too. The foremost reason as to why you should consider transitioning to Blockchain is, of course, that it is exciting, innovative, and is here to stay. Tech giants like Facebook, IBM, Microsoft, Amazon, Goldman Sachs, and many more have already started harnessing the benefits of Blockchain. While the demand for Blockchain experts is ever-increasing, what’s lacking is the supply of befitting talent. There are not many people in this field, which makes it the perfect playing field for individuals who’re upskilling in Blockchain. Also, since there’s hardly any competition, the pay for most Blockchain jobs is huge. Blockchain Technology Use Cases in the Banking Sector Blockchain is no rocket science. If you bear the passion for learning something new and exciting, then Blockchain should be yet another challenge for you to accomplish. Once you have a clear understanding of Blockchain technology, its concepts, and working, making a career transition to Blockchain shouldn’t be difficult. If anything, you’ll embark on the road to a promising future. If you’re interested to become a blockchain developer and build smart contracts and chain codes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology.
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by Arjun Mathur

31 Oct'18
What are Hashing, Signatures and Public-Private Keys

5.28K+

What are Hashing, Signatures and Public-Private Keys

Once you know what is blockchain technology, you understand that the sealing mechanism is the key to the successful and accurate maintenance of a blockchain. But how can these stringent requirements be fulfilled? The conditions imposed on the sealing mechanism of a blockchain are satisfied using a hash function. Learn Online Software Development Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. The mathematical definition of a hash function is a function that takes a variable length numerical input and returns a number of fixed length as output. In order to work with strings of characters, ASCII codes can be used to convert characters into integers and vice versa. The output returned by the hash function is known as the hash value. Most popular hash functions have a fixed hash value size lying between 160 and 512 bits. All blockchains impose target conditions on the output of the hash function when a block is an input to it. To fulfil these target conditions, a seal is computed and concatenated to the block being stored. This seal encrypts the contents of the block and preserves their integrity. This is because any change to the block would drastically change its corresponding hash value, and cause it to escape the target conditions. The computed seal is commonly known as a nonce. A common target condition that the nonce must satisfy is ensuring that the leading ‘n’ characters of the output hash be zero. The value of ‘n’ sets the level of difficulty in the blockchain, which may be adjusted periodically as per the requirements of the network. Blockchain Applications in Supply Chain Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Check out our free courses to get an edge over the competition  There are three important properties that hash functions must satisfy in order to be used effectively in the blockchain. Given the hash value output by the function, it must be computationally difficult to find any input that, when hashed, returns the given output. This is known as pre-image resistance. In other words, the hash function should be computationally expensive to reverse. Similarly, given the input to the function, it must be difficult to compute any other input to the same function that outputs the same hash value as the original input. This is known as collision resistance. However, given any input to the hash function, it should be easy to compute the corresponding value output by the hash function. This is to ensure easy verification of the integrity of the contents of the blockchain. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses The first two properties given above are critical because they slow down the rate of computation of the nonce, or proof of work. This causes the rate at which blocks are added to the chain to be limited by the rate of computation of the nonce, and not the rate at which transactions occur. This is absolutely crucial because it prevents dishonest individuals in the network from generating and adding blocks of false transactions to the chain at a quicker rate than the network itself. This is because a single individual cannot compete with the computing power of a large network, and thus the longest chain of blocks always belongs to the majority in the network itself. This allows us to be able to safely accept the longest chain as the real blockchain under the assumption that the majority in the network is honest. The vulnerabilities of a blockchain in the case of a dishonest majority have already been discussed in a prior article. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Java Bootcamp  Applications of Blockchain in Healthcare There are many different forms of hash functions that are used in cryptography. MD5 is the most popular hash function of the Message Digest family, which also consists of MD2, MD4 and MD6. The SHA family, consisting of SHA-0, SHA-1, SHA-2 and SHA-3, is another popular set of algorithms used for hashing. RIPEMD and Whirlpool are other common hash functions. These functions all implement different techniques to obtain the properties of pre-image and collision resistance. The sealing mechanism of the blockchain ensures that transactions cannot be falsified after the blocks have been added to the chain. But how are any imposters in the network prevented from faking a transaction between two members of the network? In other words, how can the identity of the members involved in the transaction be verified in an anonymous network distributed across the globe? upGrad’s Exclusive Software Development Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4 Verification of any transaction conducted in a blockchain network requires a digital signature. Each member of the blockchain network is assigned a public key and a private key. The public key of each member is known to all members of the network, but the private key remains secret and is known only to the individual it is assigned to. Any message encrypted using the private key of a member node can only be decrypted using the corresponding public key of the pair, and vice versa. This allows nodes to approve transactions by signing them with their private key. This can now only be decrypted by their corresponding public key, thus verifying them as the senders. The transaction can similarly be encrypted by the receiver as well in order to confirm their involvement in the transaction. 7 ways Blockchain is Revolutionizing the Automotive Industry Check out upGrad’s Full Stack Development Bootcamp (JS/MERN)  This mechanism allows nodes to authenticate transactions by verifying the identities of the nodes involved while still maintaining their anonymity. The digital signature and the concept of public and private keys prevents other nodes from making false transactions on your behalf even in the event of a 51% attack. Thus, it is an elegant way of ensuring the security as well as the anonymity of individual members of the network. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.
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by Drish Mahnot

16 Jan'19
51% Attack in Blockchain Technology [Explained]

5.16K+

51% Attack in Blockchain Technology [Explained]

Through the design of the technology, we know that the blockchain is immune to attack from any individual member of the network. However, what happens if the blockchain comes under attack from a large group of participants? More precisely, what happens if a group successfully takes control of over 50% of the computing power of the blockchain? Such a scenario is known as a 51% attack, and it is one of the few real vulnerabilities of a blockchain. Learn Software Engineering Programs from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. To understand the problems posed by a 51% attack, we must return to the fundamentals of the blockchain and recall the process of adding a new block to the chain. Members of a network compete to be the first to compute a valid seal for the block and claim a reward. Inevitably, a group of individuals in control of over half the computing power of the network can monopolize this process and claim all the rewards for themselves. Such a situation allows this group to be the only entity to benefit from the rewards of the blockchain by preventing other members from adding blocks to the chain. This is possible because majority rule is among the fundamental concepts of a blockchain. Check out our free courses to get an edge over the competition.  Another possible consequence of a 51% attack is known as double spending, and this is significantly more harmful than the prior one. Double spending occurs when a group of individuals successfully reverse completed transactions in a blockchain, allowing them to retrieve their money and spend it again. This is the digital equivalent of counterfeiting. It is made possible during a 51% attack due to the fundamental idea that the longest chain of a blockchain is the true one. Ironically, this is the same safeguard that makes double spending impossible when attempted by an ordinary member of the network. 7 ways Blockchain is Revolutionizing the Automotive Industry In order to understand how double spending may occur, let us consider the following example. Imagine a network in which there exists an alliance that controls over half the computing power of the network. Suppose that A, a member of the alliance, buys a house from B, an ordinary member of the blockchain. The transfer of money from A to B is recorded by each ordinary member of the network, but all members of the alliance secretly do not add this transaction to their records. The ongoing block is then completed and added to the chain by the honest individuals but secretly ignored by the alliance. There are now two versions of the blockchain in the network- the actual one with the recorded transaction, and the false one. As of this moment, the true blockchain is longer and accepted by the network, so the false version is kept secret by the alliance temporarily. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Check out upGrad’s Advanced Certification in DevOps  The alliance now continue to record the ongoing transactions in the network, as well as privately conducting meaningless transactions among themselves. These transactions are not announced to the network and allow the alliance to generate blocks at a faster rate than the true blockchain. As the alliance possesses over half the computing power of the network, it is possible for it to add blocks to the false blockchain at a higher rate than the blocks added to the true blockchain. At some point, the length of the false blockchain exceeds that of the true blockchain, and the alliance now broadcasts this to the entire network. The network is then forced to accept this version of the blockchain as it is the longest version, and the transaction conducted between A and B is effectively reversed, allowing A to spend the same money on something else. What is Blockchain Technology? [Explained] Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Thus, the alliance can monopolize the claiming of rewards and double spend money. They can also block transactions of other members using a similar procedure to that of double spending. They cannot forge a new transaction between ordinary members, however, as this requires the private keys of the members between which the transaction occurs. It is also quite difficult for them to modify blocks that have already been stored in the blockchain as this requires a very vast majority of the computing power of the blockchain to be feasible. The further back the blocks in the chain, the more secure they are. The frailties of the blockchain exposed by a 51% attack lead us to the conclusion that the more nodes in a network, the more secure it is. This is simply because it is significantly easier to gain the majority in a network of 10 people than in a network of a million. In order to compete with the computing power of a distributed network with nodes worldwide, an ordinary individual would have to spend vast amounts resources in the form of money, electricity and time, or form an alliance that is far too large and distributed to organize efficiently. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) In general, the largest blockchains are quite safe from a 51% attack. However, there have been some significant instances of 51% attacks in notable blockchains in the past. For example, ghash.io, a mining pool in the bitcoin network, briefly controlled over half the blockchain’s computing power in July 2014, which resulted in the pool voluntarily relinquishing some of its shares so as to not monopolize the mining of cryptocurrency. Bitcoin Gold was not quite as fortunate when it suffered a 51% attack during May 2018, and the malicious attackers successfully managed to double spend over 18 million dollars worth of cryptocurrency. Growing Demand for Software Engineers in Blockchain Technology The very fundamentals of a blockchain rely on the assumption that the majority in the blockchain is honest. This exposes the biggest weakness of a blockchain and its main true area of vulnerability. A dishonest majority can cause vast damage to the blockchain. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.
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by Drish Mahnot

16 Jan'19
The Rise of Careers in Blockchain and What You Should Know

5.79K+

The Rise of Careers in Blockchain and What You Should Know

Time is changing fast! The onset of technologies such as blockchain has tremendously changed the very face of the technology industry forever. While the tech space is no stranger to rapidly changing skills demanded from professionals, the rise of blockchain has uniquely affected the industry in terms of the explosive growth in opportunities it is currently experiencing. How has blockchain necessitated new skills and learning goals? What does the future look like in terms of blockchain jobs and careers? This article discusses the career dynamics in the blockchain space and how those with a profound understanding of the technology will be valuable assets for cutting-edge projects of the future. Check out our free courses to get an edge over the competition Learn Software Development Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Demand surges for blockchain roles The rise of blockchain resulted in more and more companies and start-ups raising the requisite capital to grow and scale, necessitating the need to hire experienced professionals with the desired skill set for the venture to eventually scale. The demand soon catapulted over the supply. According to Glassdoor, the average starting salary in the blockchain space is $32,000 higher than the median US salary. The writing on the wall is clear. What’s more? ‘Blockchain developer’ topped LinkedIn’s recently published list of the top 5 emerging careers in 2018. This comes despite the fact that these last few months have seen fluctuations in cryptocurrency trends. In fact, recent data from Hired has revealed that blockchain developers command salaries of the order of $175,000. This is, in fact, quite expected considering the scarcity of talent in this booming niche. Check out upGrad’s Advanced Certification in Cloud Computing  Some of the companies hiring blockchain experts include leading enterprises such as IBM, ConsenSys, and Chainyard. The two former companies are responsible for posting 12% of the open jobs each according to Glassdoor reports. 51% Attack in Blockchain Technology [Explained] Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Blockchain developer This boom in Blockchain has led to the most in-demand role of ‘Blockchain Developer’. This technical role necessitates skills in languages like Solidity and Go Language which is used to create automatically executing agreements called smart contracts or chain codes on blockchain platforms. In addition, proficiency in C++, Java, Javascript, NODE.JS, and HTML can prove valuable. A blockchain developer will greatly benefit from having a deep understanding of data structure and possessing algorithm skills. ” upGrad’s Exclusive Software Development Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4 ” Check out upGrad’s Advanced Certification in Cyber Security Other Job Roles in Blockchain Like other firms, blockchain companies and start-ups will need project managers to help steer the company’s efforts in the desired direction. Enterprises have also been seeking talented blockchain architects with expertise in designing and leveraging blockchain platforms such as the Hyperledger fabric, Ethereum, and Corda to name a few. Blockchain quality engineers are tasked with ensuring the maintenance of quality in all aspects of blockchain implementation. Blockchain technology has created some roles which are not all technical in nature and function. It is increasingly common to come across openings for roles in blockchain operations,  business, and design as data reveals. Blockchain attorneys and legal consultants are highly sought after professionals who advise companies over regulatory compliance— a space that has seen a lot of activity in recent months. Blockchain jobs and roles will only continue to increase with time if experts are to be believed and this will usher in an era where blockchain administrators, blockchain architects, blockchain sales professionals, and blockchain security experts will help make Distributed Ledger Technology (DLT) products, services, and projects a part and parcel of the real world. The rise of the freelance economy In recent years, the freelance economy has grown by leaps and bounds. More and more professionals are now opting to work remotely, ditching offices in favour of flexible workspaces. When it comes to freelancing, blockchain development has grown by a rate of more than 6000% since the previous year. According to Upwork, the well-known freelancing portal, blockchain freelancers earn anywhere between $65/hour and $250/hour. The company has also revealed that blockchain is the fastest growing of the 5000+ skills listed on the website. Blockchain Technology Use Cases in the Banking Sector[Explained] Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses India and Blockchain Jobs As per latest reports released by LinkedIn, 1 out of 10 jobs announced in the blockchain niches posted from India. Blockchain developers, smart contract developers, and blockchain generalists are in high demand. Several conglomerates and leading players across sectors in India have announced large blockchain projects to tackle different use cases. Even the country’s Government think tank, NITI Aayog has announced IndiaChain –  an indicator of the immense opportunities for growth in this sector in the nation. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Ever Increasing Demand Distributed Ledger Technology (DLT) has been disrupting businesses and industries with the promise of greater trust, security, and transparency. Blockchain, the immutable ledger that stores data in a redundant and cryptographically secure manner needs a new generation of experts who understand the nuances of the technology to help enterprises and start-ups build chains that are efficient, secure, and scalable. From supply chain to healthcare and education to real estate, the blockchain has found uses in multiple spheres. The true potential of the technology will be further amplified when skilled minds join forces to create powerful solutions to bring blockchain applications to the real world. Given the fast-paced transformation, the demand for blockchain developers and other roles is ever increasing and immediate. The success of these endeavours though depends on effective instructional learning and courses that could help bright minds harness their talents. Arming them with all essential tools and knowledge resources, such programs will form the pillars of strength on which will rest the success of the blockchain revolution. Only a great foundation, after all, bears the weight of a colossal edifice. If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know?
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by Drish Mahnot

22 Jan'19
Blockchain is Transforming Indian Industries: Here’s How

5.42K+

Blockchain is Transforming Indian Industries: Here’s How

Blockchain has taken the world by storm. The distributed ledger has proven its mettle in every sphere of activity and the Indian industries have jumped on the bandwagon, even pioneering path-breaking blockchain-based solutions that set the stage for more developments to follow. From the banking sector to production, blockchain has made its way into the Indian Fintech ecosystem and is marking its presence in more profound ways with each passing day. Check out our free courses to get an edge over the competition. Blockchain, as the name suggests, uses a chain of cryptographically-linked blocks that are immutably stored. This ensures transparency through the decentralization of information which is shared across the network, replicated on all participating nodes rather than being stored on a central server prone to attacks. This is, in fact, the key to the power of this technology. Learn Software Development Programs from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Blockchain and KYC in the Indian Banking Space Banks have quickly realized the limitless opportunities this new technology holds in improving the efficiency of banking operations to guarantee, at the end of the day, a better customer experience. Amongst the multiple uses of the blockchain are the KYC (Know Your Customer) procedures so critical to the banking sector. Rapid globalization has transformed regions into globally positioned local units that are connected to the intercontinental network. Transactions frequently cross boundaries and necessitate KYC checks to ensure regulatory compliance. Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) Needless to say though, the KYC data quickly becomes huge and often unmanageable. It is here that the Indian banks, like their peers elsewhere in the world, have recognized the efficacy of blockchain to store KYC records in an unalterable, secure, and accessible manner. The State Bank of India (SBI), the largest Indian bank with a 450 million customer base, has taken the lead, becoming the first Indian bank to use KYC procedures, in addition, to automatically executing codes called smart contracts, all powered by blockchain. HDFC Bank too plans to use blockchain in its KYC and trade finance procedures. This, however, is not where the use of DLT (Distributed Ledger Technology) ends. blockchain will enable AML (Anti Money Laundering), asset inventory audits, and the validation of land records as well.   In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Java Bootcamp.   BankChain Blockchain and Indian Banks: A Step Further SBI, taking a step further, has now become one of the first Asian banks to have rolled out the use of blockchain for facilitating remittance. The technology promises cost-effective remittances, which can quickly add up in the voluminous equation that spans both retail and corporate ecosystems. BankChain,  a “community of banks” and currently has 37 members working on as many as 22 live projects. The consortium aims to usher in an era of the “internet of value” which could facilitate the easy, cost-effective, and secure movement of value across the world. Towards the realization of this aim, BankChain has developed what it calls B2 or the BankChain Blockchain. The platform allows member banks to set up nodes on the cloud or on-premise, becoming participants in this one of a kind “permission blockchain for the world’s banks”. 7 ways Blockchain is Revolutionizing the Automotive Industry Claims Management in The Insurance Industry The Indian insurance industry has been rapidly keeping up with the blockchain, which promises relief from the inefficiencies inherent in the claims management process leading to losses of the order of Rs. 10,000 crore each year. Cognizant, the IT behemoth recently partnered with Indian insurers including SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life, and Kotak Life to name a few, developing a secure data-sharing solution based on the Corda blockchain platform. Similar to the banking sector, the use of the distributed ledger will help facilitate record-keeping, due diligence, regulatory compliance, and of course, the prevention of frauds. The blockchain, as a true Six Sigma torchbearer, will ensure better customer experience through real-time data availability and transparency. Coupled with technologies based on Big Data, AI, and Machine Learning, the blockchain will help underwriters accomplish their jobs in a much more efficient way, thanks to the power of peer-to-peer networking that forms the core of the technology. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript IndiaChain: Blockchain For Public Good Announced by the NITI Aayog in 2017, IndiaChain is a mammoth project that will forever transform public administration, bringing in greater efficiency, transparency, and trust through the use of the blockchain. IndiaChain will be a colossal blockchain project that will allow streamlined record-keeping, efficient and transparent disbursement of government subsidies, well-regulated supply chain management, and systematic tax monitoring, to name just a few applications that immediately come to mind. Armed with the blockchain, the system would feature useful apps encouraging organizations to use the platform to make their own, similar to the UPI interface so ubiquitous today. IndiaChain would also integrate several “sidechains” which could be utilized for industry-specific functions with their own logic set but maintaining their links with the main blockchain. IndiaChain will also help breathe new life into the education sector that struggles with fraudulent degrees and certifications. Partnering with IIT Bombay and the DU colleges, the project will develop a platform to issue digital certificates for degrees secured with the distributed ledger. The digital certification platform will help eliminate the huge costs associated with the routine degree verification procedures used by companies hiring candidates. What’s more, IndiaChain will be integrated with the digital infrastructure developed around the Aadhar database, termed IndiaStack.   Another potential use of IndiaChain is in the healthcare and pharmaceuticals industry that necessitates the management of massive data. Beyond doubt, such industries need a secure and efficient system for optimal functioning; one that the blockchain so realistically promises to deliver. Growing Demand for Software Engineers in Blockchain Technology Looking into the Future The world as we know it is changing. Bleeding-edge technologies such as blockchain, AI, cloud computing, machine learning, and big data have made their presence felt in India, a constitutional republic that stands to benefit tremendously with the might of decentralization, the paradigm shift that resonates so deeply with the spirit of our nation; a revolution we have known closely as the largest democracy in the world. Blockchain brings the power back where it belongs – Into the hands of the people. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.
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by Drish Mahnot

22 Jan'19
Growing Demand for Software Engineers in Blockchain Technology

5.43K+

Growing Demand for Software Engineers in Blockchain Technology

Blockchain technology makes use of a centralized, peer-to-peer (P2P) network of databases, also called nodes, to validate and record digital transactions between individual users located anywhere across the globe. These transactions often take place through the exchange of cryptocurrencies such as bitcoins. The craze for blockchain technology stems from its hack-proof architecture which renders all user transactions transparent, authentic, and authorized. Each node updates its database in real-time as and when transactions occur. The transaction gets authorized only when a majority of the nodes in the network validate the transaction. Check out our free courses to get an edge over the competition Once the verification is complete, a block, consisting of hash and keys, is generated for each new transaction and is linked to previous transactions in every database. Every node updates its database with the new block. A hacker would have to break down every node in the system to commit fraud. Since the nodes are located globally and all the transactions are visible to every user, it is impossible to commit fraud for a digital transaction implementing blockchain technology. Learn Software Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. The security and transparency that is in inherently present in these sort of digital transactions place blockchain technology in high demand across various industrial applications. What is Blockchain Technology? [Explained] upGrad’s Exclusive Software Development Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   Industrial Applications of Blockchain Technology: Banking Financial service demands high security and hackproof technologies. Blockchain fits right in. Cryptocurrencies will allow users to become bankers themselves, lending, borrowing, and exchanging money over a centralized, transparent, and secure framework. The currencies are not regulated by any central agencies. Blockchain technology eliminates the need of a middleman, decreasing chances of hacking, identity theft, and fraud. Every transaction can be digitally stored and verified. Since every transaction is verified, implementation of blockchain in financial institutions and Fintech companies can curb illegal activities such as money laundering. Check out upGrad’s Advanced Certification in Blockchain Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Security Cybersecurity attacks and data breaches have been a cause of major concern for individuals. Often hackers steal sensitive information of users such as a PAN/Aadhar number to use it for fraudulent transactions. However, blockchain as mentioned above securely authenticates and authorizes the identity of a user without needing any sort of sensitive information. Even the user’s name is not required. Blockchain could play a major role in maintaining cybersecurity of digital transactions in the future. Check out upGrad’s Advanced Certification in DevOps  Charity Charity in the form of food, clothes, cash, vouchers etc. is vulnerable because they can be stolen. In many cases, it does not reach the intended recipients due to a corrupt administration. Blockchain technology can be implemented to keep an end-to-end digital flow of donated material from the donor to the recipient. The United Nations implemented an iris-based blockchain system in refugee camps in Jordan. Refugees pay for their purchases in supermarkets through iris scanning, which is then recorded in a blockchain platform. The UN gets full access to these transactions and is able to verify the identity of the person and ensures that the food reaches the intended people. This eliminates the need for the UN to deliver cash, vouchers, and supplies through middlemen. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Education Deploying blockchain technologies in this sector can help verify the academic credentials of a student in a secure manner. Transcripts and related material could be uploaded to an online system which uses blockchain technology. Since it is centrally deployed it is accessible to all concerned party and is easily verifiable. Every modification is recorded and linked to a previous entry. Thus, a student cannot record incorrect/fraudulent data of unearned degrees since it will not pass the blockchain verification processes. Medical records This is an industry where blockchain can radically transform lives. If patient data is uploaded to a centralized server, doctors can access their patient’s real-time medical condition to make the most appropriate diagnoses. This allows timely, efficient, and cost-effective treatment saving lives. It can also help protect the medical records of patients. Applications of Blockchain in Healthcare In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Career opportunities in Blockchain: More and more industries are coming to realize the immense benefits of deploying a blockchain system. Thus, there is a sharp demand for professionals who have the knowledge to develop, manage, implement, and execute this technology. According to CNBC stats, blockchain developers and managers are the highest-paid professionals among software engineers comparable only to those working on Artificial Intelligence. The demand for software engineers is expected to maintain an astounding growth rate of 24% up till 2026. Hired, a talent recruitment firm for tech companies, says that there has been a 400 percent increase in demand for talents with blockchain skills in the past one year from its clients. It has been estimated that there are around 1,520 blockchain startups looking to hire experts in this technology. Accordingly, blockchain developers are paid premium salaries, ranging from $150,000 to $1,75,000 on a yearly average. Skillsets required for a blockchain engineer It is essential that professionals know to code in a variety of programming languages, such as Java, C, Python, NodeJs, Apis, database design skills, networking, SQL, .Net, Ajax, Agile Scrum, cryptography computing skills etc. Blockchain Technology Use Cases in the Banking Sector Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? What the future holds There is a tremendous demand for blockchain engineers in the market., Industries are recruiting software engineers with the requisite skills and knowledge to help them develop and implement this nascent technology. According to TechCrunch, there are 14 jobs in the market per blockchain engineer. This is an absurd ratio and the future in this field looks exceptionally bright for software engineers. Monetary benefits aside, this is a great opportunity for them to help implement technologies that will make the world a digitally-safer place to live in. If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.
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by Arjun Mathur

31 Jul'19