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How to Become a Successful Blockchain Developer? Step by Step Guide
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The year 2017 saw the price of Bitcoin skyrocket before falling back to the Earth. Likewise, other cryptocurrencies – like Ethereum, Dash, and so on – followed a similar trajectory to Bitcoin’s. This led many people to conclude that the entire blockchain business was no more than a fad – a trend that will soon pass. However, as years have passed, blockchain technology has proved its mettle in more domains than just cryptocurrencies. And it’s fair to say that the blockchain market is on fire – with many current and potential use cases to look for.  As per the current state of the blockchain industry, you can easily expect it to grow to $24 billion by 2024 – soaring up from $1.2 billion in 2017. All of this is wonderful for the entire blockchain domain and will definitely open new job avenues for people around the globe – especially those who are motivated by the blockchain. However, this also causes one big problem. The demand for blockchain developers is only increasing alongside the domain’s market share, but there is not enough supply of good blockchain developers. So, if you are reading this article, and want to build a career in blockchain development, let’s help you with a step-by-step guide to get you started and running with blockchain development.  Remember, now is the best time to get head first into the world of blockchain development. Here are the steps that you can follow to get started:  1. Get your basic academics in place Getting a relevant academic background is the first important step toward building a blockchain development career. Aspirants are required to have an undergraduate degree in Information Technology, Computer Science, Computer Engineering, and so on. You can do a bachelor’s, master’s, or both – depending on your interest in the field. Remember, it is not necessary to have the education we mentioned above, but it will definitely help you in the long run, providing you with all the fundamental knowledge and concepts you would need for a successful blockchain development career. Exploring different courses and certifications pertaining specifically to blockchain and blockchain development might also be a good idea. That way, you will be able to couple your Computer Science knowledge with domain-specific knowledge about blockchain and be an asset to companies around the globe.   Apply For Upgrad’s Software Courses 2. Master the basic technical skills required Before becoming a blockchain developer, you will need to ensure that you have a fair understanding and a firm grasp of some technical skills and concepts. Here are some of those skills that you can start brushing up on to be successful as a blockchain developer: Working with programming languages: Proficiency with different programming paradigms, especially OOPs, is required to be a successful blockchain developer. It isn’t necessary to be a master of any particular programming language. Still, it will help if you know syntax and important programming constructs for some essential programming languages like Java, Python, C++, and so on.  Understanding data structure: The next thing you’ll need after getting a hold of some programming languages is an understanding of data structures and their concepts. Data structures are essential for blockchain developers and can be used to create efficient systems. You should acquaint yourself with important data structures that come in handy often, like linked lists, graphs, trees, hash maps, and so on.  Basics of database and networking: Fundamental knowledge of database and networking concepts can simplify your journey to becoming blockchain personnel. That way, you’ll better understand how these things work on a grassroots level, and you’ll then be able to extend your learnings into your blockchain development career to get the best results.  Cryptography: This is undoubtedly one of the most important technical skills for all aspiring blockchain developers. The idea should be to acquaint yourself with the basics of different concepts under cryptography like has functions, RSA algorithm, digital signatures, and so on – in order to set solid foundations for your blockchain development career.  Apart from these core skills, it might be a good idea to familiarize yourself with the basics of web designing and development, as it is one of those handy tasks that assist you in working better as a blockchain developer to handle APIs, Dapps, and so on. Popular Courses & Articles on Software Engineering Popular Programs Executive PG Program in Software Development - IIIT B Blockchain Certificate Program - PURDUE Cybersecurity Certificate Program - PURDUE MSC in Computer Science - IIIT B Other Popular Articles Cloud Engineer Salary in the US AWS Solution Architect Salary in US Backend Developer Salary in the US Front End Developer Salary in US Web developer Salary in USA Scrum Master Interview Questions How to Start a Career in Cyber Security Career Options in the US for Engineering Students .wpdt-fs-000020 { font-size: 20px !important;} 3. Get a hold of the basics of blockchain Once you have covered the foundational knowledge, you should dive into the blockchain world and get acquainted with the basics of blockchain technology. You can start with understanding the blockchain technology in detail, such as how it works, its various applications, and more. You should familiarize yourself with the architecture and working of blockchain and understand concepts like distributed ledger technology, consensus, smart contracts, and more. It might be a good idea to acquaint yourself with essential concepts such as decentralization, public blockchain, private blockchain, and so on. For this, you can opt for various resources or online programs that help you get the basic knowledge required at this level.  4. Understand Cryptonomics Cryptonomics is derived from two important words – cryptography and economics – and it forms one of the most important aspects you need to take care of while preparing to become a blockchain developer. The process of Cryptonomics is essentially concerned with understanding the economic concepts and various methodologies behind the working of cryptocurrencies. To understand this area, you must acquaint yourself with concepts like mining, transaction fee, transaction lifecycle, and many more. The best way to go about this would be to understand the mechanics of Cryptonomics in detail to understand how different parts move and collaborate.  5. Understand the working of DApps and Ethereum Ethereum is one of the most important parts you will need to take care of when going for blockchain development. In essence, Ethereum is a decentralized blockchain network that is open-source and used to run smart protocols. This helps develop Distributed Applications (DApps) and smart contracts without facing the usual glitches like downtime, third-party interference, fraud, and others. DApps are the software systems built on the Blockchain platforms like Ethereum, etc.  6. Familiarize yourself with smart contracts and Solidity When it comes to smart contracts, it is all about instructions or protocols that can be used to automate differently. Tasks without any third-party interference. There are three basic principles on which smart contracts work – deterministic, isolated, and terminable. Solidity, on the other hand, is a high-level language heavily influenced by JavaScript and can help you write smart contracts. It might be a good idea to start understanding Solidity’s work and develop some smart contracts using it. 7. Explore projects to get hands-on experience Now that you have all the foundational knowledge required for blockchain development, the next step should be to get your knowledge into action by getting hands-on experience creating blockchain applications. That way, you will not only be able to revise your theoretical learnings quickly, but you will also see your learnings play out in the real world, in the form of different applications. You can look for internships, group projects, or even do your solo project on anything that excites you around blockchain. It could be writing smart contracts, building DApps, and much more. Further, all the information you’ll need during your journey is only a few clicks away, and you can join some relevant discussion boards on platforms like StackOverflow and such for better results. You can also opt for certifications and blockchain courses designed to keep you up-to-date with all the theoretical knowledge while ensuring that your practical skills are nurtured throughout.  At upGrad, we offer Blockchain Certification Program in collaboration with Purdue University. The program’s goal is to help you get hands-on with all the essential knowledge in the world of Blockchain development so that you are ready to begin as soon as possible. Further, you also get to work with industry experts and learn while doing things – so your learning is not just theoretical but also extremely applicative and hands-on. Check out the course page and get yourself registered soon!  In conclusion If you wish to become a blockchain developer, the path has been laid out for you. The only thing to do now is to learn relevant skills and practice on various projects. Our course is designed to help you do all this and more without difficulty. After the course, you can expect to work as a blockchain developer, smart contract engineer, hyper ledger developer, and much more. Check out the blockchain course details now!
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by Pavan Vadapalli

24 Dec 2022

Top 10 Blockchain Applications in 2024
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Introduction Blockchain technology’s popularity has grown enormously over the last decade. As a game changer in technology, it is viewed as the next great revolution following the birth of the internet.  A blockchain stores information in a digital form electronically like a database. Blockchains are well recognized for playing an important part in cryptocurrency networks such as Bitcoin, where they keep a secure and decentralized record of transactions. The blockchain is special as it generates confidence without a reliable third party’s aid while maintaining the accuracy and security of a data record. Blockchain aims to allow digital information to be stored and distributed but not changed. In this sense, a blockchain serves as the foundation for irreversible ledgers or accounts of transactions that cannot be altered, deleted, or destroyed. Is it safe to use blockchain? Blockchain technology enables decentralized security and trust in a variety of ways. To start, new blocks are always inserted chronologically and linearly. They are always added to the “end” of the blockchain. Modifying the contents of a block after it has been added to the end of the blockchain is exceedingly difficult unless a substantial proportion of the network decides to do so. This is because every block will have its own hash, as well as the preceding block’s hash and the previously set date. To produce hash codes, a mathematical function turns digital information into a string of numbers and characters. If that data is altered in any way, the hash code will also be altered. This is what makes blockchain safe. Top Applications of Blockchain Technology 1. Blockchain in Healthcare Blockchain technology is being used to track and trace prescription medications throughout supply networks. Using this tool, it is possible to simply and swiftly prevent and regulate the distribution of counterfeit pharmaceuticals and recall ineffective and unsafe drugs. Customer data security is a primary goal in healthcare, as is data exchange and dissemination, which aids in improving healthcare services among hospitals, governments, and research institutes. 2. Transfer Contracts and Wills We are moving away from the days when contracts or wills were made on paper with different middlemen involved. Thanks to Blockchain technology, paper wills, contracts, and inheritances may now be replaced with digital ones. Smart contracts are another name for these. Smart contracts bind all parties to the document legally. This data is kept on the blockchain network and may be retrieved when needed, binding all participants to the terms established in the smart contract. 3. Management of the Supply Chain The unchangeable ledger of blockchain makes it ideally suited to activities like real-time tracking of commodities as they travel and change hands across the supply chain. Using a blockchain provides enterprises carrying these items with various possibilities.  An entry on a blockchain might be used to prioritize supply chain tasks such as allocating freshly delivered commodities among numerous shipping containers. Blockchain technology offers a new and dynamic way of organizing and utilizing tracking data. 4. Protection of Copyright and royalties Many copyright and ownership regulations on music, films, blogs, and other internet content are required in today’s world. Blockchain technology can make these regulations more secure and easy to apply. It also provides content creators and artists with real-time and genuine royalty distribution statistics. Any type of digital material download might be traced to guarantee that the artist or author gets their fair share. 5. Voting Blockchain has emerged as a key issue in debates on secure voting. Although electronic voting solves most of the difficulties associated with old manual voting, issues such as voter privacy, voter fraud, and the high cost of legacy digital voting technologies remain key concerns. Through smart contracts and encryption, blockchain can make voting safer, more transparent, and more private for voters. Blockchain can fulfill these goals, as well as allow customization of the voting process through the use of multiple types of ballots and logic-based voting. It is used in university-scaled elections. Apply For Upgrad’s Software Courses 6. Cryptocurrency Cryptocurrency is one of the most prominent blockchain applications. Everyone is aware of bitcoin. One of the numerous benefits of adopting blockchain for cryptocurrencies is that it has no territorial boundaries. As a result, cryptocurrencies may be utilized for global transactions.  The only thing to remember is that exchange rates may fluctuate and that consumers may lose money in the process. This alternative, however, is far superior to localized payment applications, such as Paytm in India, which are only applicable in a single nation or geographical region and cannot be used to send money to individuals in other countries. 7. The Internet of Things (IoT) The Internet of Things (IoT) is a system of networked devices that may exchange data and communicate with one another to provide useful insights. When a system of “things” is linked, it becomes IoT. The most prominent example of IoT is the Smart Home, in which all home equipment such as lighting, thermostats, air conditioners, smoke alarms, and so on may be connected on a single platform.  Blockchain, on the other hand, is required to provide security for this enormously dispersed system. In IoT, system security is only as good as the least secure device, which is the weak link. In this case, blockchain can ensure that the data received by IoT devices are safe and visible only to trustworthy parties. 8. Asset Administration Blockchain is becoming increasingly important in the financial sector and is no different in asset management. Asset management, in general, refers to the managing and trading of various assets that a person may possess, such as fixed income, real estate, stock, mutual funds, commodities, and other alternative investments. Normal asset management trade methods may be quite expensive, especially if the trading includes numerous nations and cross-border payments. Blockchain can greatly assist in such cases because it eliminates the need for middlemen such as brokers, custodians, settlement managers, etc. Instead, blockchain technology offers a clear and transparent approach that eliminates the possibility of inaccuracy. 9. Blockchain applications for anti-money laundering Blockchain anti-money laundering apps have intrinsic properties that might prevent money laundering. Every blockchain transaction produces a permanent trail of unalterable records. As a result, it is easy for authorities to trace the origin of the money. A blockchain ledger can discharge functions like monitoring, validating, and recording the whole history of each transaction. If all transaction stages, including the destination wallet, currency type, departure wallet, and amount, are left unconfirmed, the transaction is immediately terminated. Blockchain also allows risk analysis and reporting tools for money laundering. It enables system-wide analysis rather than merely monitoring entry and exit points. 10. Blockchain for Advertising Advertising blockchain applications are a type of distributed digital ledger technology that encourages decentralization while providing the highest level of security, traceability, and transparency. Once a digital record is recorded on the blockchain, it is immutable, which means that individuals with access may read but not amend the transactions. Advertisers may use blockchain to track ad expenditure since it stores information and transactions in real-time. Finally, this can give transparency that present systems cannot. Transparency isn’t the sole advantage. In advertising, speed is critical. It is difficult to keep track of inventories and ensure high-quality products. Blockchain technology is capable of keeping up. Conclusion With numerous blockchain technology applications currently in place and being researched, it is now creating a name for itself, largely thanks to bitcoin and cryptocurrencies.  Blockchain, a phrase on every investor’s lips in the nation, can cut out middlemen and improve business and governmental procedures’ accuracy, efficiency, security, and cost-effectiveness. Blockchains have a big benefit in terms of security, which means they can safeguard and secure sensitive data from online exchanges. Blockchain technology also allows for quick and easy transactions for individuals in need. In reality, it just takes a little while, although alternative transaction methods could take many days. There is also no intervention from financial institutions or government entities, which many users see as a benefit. Think of blockchain technology as the newest iteration of BPO software from a business perspective. Blockchain and other collaborative technologies promise to improve organizational processes between businesses, organizations, and individuals while significantly lowering the “cost of trust.”  An appropriate career decision at this point when the use of blockchain technology is rising will be to take a Certificate Course in Blockchain. With upGrad, mastering blockchain technology will be a no-brainer.  Here you will be taught JavaScript in detail to create decentralized apps on Ethereum and Hyperledger Fabric from the ground up, a unique skill set for blockchain engineers. 
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by Pavan Vadapalli

23 Dec 2022

The future of finance – DeFi
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Decentralized finance or Defi has undoubtedly been one of the most significant developments for distributed ledger technology or DLT in recent years. As a result, we decided to provide an introduction to decentralized finance. In this article, we will look at some of the core principles of decentralized finance, such as DAOs, the technology stack, metrics used to gauge Defi adoption, and the numerous related hazards. Meaning of Decentralized finance Decentralized finance encompasses various financial steps in a decentralized manner, made possible via blockchains and digital agreements that run on top of the blockchains. Defi eliminates the need for financial intermediaries like investment/commercial banks, insurance firms, brokers, etc. In short, this implies that the customer is not dependent on any third party to gain access to and use financial services. For example,  In the centrally managed finance world, when a specific organization wishes to take a loan, it is supposed to interact with a consultant and a bank in order to do so. But in  Defi, the organization will interact with a digital agreement, identified as a smart contract rather than a middleman. Investors deposit their digital commodities into a liquidity pool, which collects them and waits for a borrower. Elimination of intermediaries results in higher productivity and effective capital allocation, which results in higher interest rates given to loan holders and lower interest rates given by borrowers. Learn 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. What distinguishes Defi? The most appealing aspect of adopting blockchain technology to revolutionize finance is how the market may become open-source and available to everybody. Another benefit of the idea is composability, which means anyone can combine any existing Defi service to create a new one. The modularity of such a network, made up of interlocking blocks, also means that subsequent developments and demands in the finance arena may be readily created on top of the network and patched together, with everything controlled by digital contracts. Decentralized Autonomous Organizations and liquidity mining DAO or Decentralized Autonomous Organization is the next stage of Defi activity. The concept came into existence in 2016 and has received attention with the launch of Defi.  Tokens are used to vote in a DAO meeting during the decision-making procedure, similar to how shareholders vote at a shareholder meeting. The more tokens you own, the greater the weight of your vote is. Currently, DAO tokens are used mainly to change various parameters within Defi systems, such as voting on what occurs with the deposit within the compound.  For example, DAO tokens can be allocated in several ways. One of them is an investment, where assets are swapped for management tokens which are the same as any other investment. Another example of DAO is liquidity mining, compensating capital providers and customers who deposit digital assets into a liquidity pool with DAO tokens. Furthermore, users using the system to loan from the liquidity pool can be rewarded in DAO tokens as cashback. The concept is novel and straightforward. By compensating consumers on the supply and demand sides of the system with administration tokens, you give them the authority to make choices for different systems.  There are numerous liquidity mining systems, each with its own set of barter and flexibility. Some just distribute a predetermined number of DAO tokens regularly, while others use liquidity mining rewards to increase liquidity in a specific system area.  Tech Stack of a Defi The present Defi technology stack is made up of several verticals. The most popular is loan and borrowing, with examples being Compound, Aave, and MakerDAO. In these systems, customers deposit one digital asset like Ethereum and borrow others such as DAI or USDC. For the time being, these loans are typically overcollateralized. Decentralized exchanges, such as Uniswap, Curve, and Balancer, are yet another vertical with significant growth. These enable permissionless trading on market creation as well as trading itself. Anyone on Uniswap can launch a marketplace for any Ethereum token, begin supplying liquidity to it, and any consumer can deal on this market using their funds. 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   Lastly, investment managers of Defi, with examples like Yearn and the PowerPool Index, have acquired significant interest and attention. They proactively implement methods to find the best yields and actively distribute resources, while the PowerPool Index is more akin to a financial derivative, ETF-like product. A consumer can deposit an asset into the index and gain exposure to all of the index’s assets which instantly get recalibrated. Oracle Solutions is a frequently incorporated vertical in the Defi tech stack, utilized to migrate off-chain data onto the blockchain. Chainlink is the most visible example of an Oracle Solution. While Oracles are an essential aspect of Defi for their wide usage, we consider them a more significant infrastructure than a finance system. Since all of these systems are developed on the same technology stack, they are also interchangeable. As a result, one can easily make individuals interact with one another. Developing a whole new financial procedure resembles stacking lego pieces on top of one another. For example, a consumer can create a stable coin on MakerDAO, put it in the compound’s liquidity pool, and then use the awarded COMP management token in a Uniswap liquidity pool to receive trading fees on the COMP-ETH pair. The fees can then be employed in another system, and so on. This technique has the significant advantage of stacking varied product yields. This method, known as Yield Farming, can provide customers with annual returns of up to 100%. Popular Courses & Articles on Software Engineering Popular Programs Executive PG Program in Software Development - IIIT B Blockchain Certificate Program - PURDUE Cybersecurity Certificate Program - PURDUE MSC in Computer Science - IIIT B Other Popular Articles Cloud Engineer Salary in the US AWS Solution Architect Salary in US Backend Developer Salary in the US Front End Developer Salary in US Web developer Salary in USA Scrum Master Interview Questions How to Start a Career in Cyber Security Career Options in the US for Engineering Students .wpdt-fs-000020 { font-size: 20px !important;} Get your hands on our certificate course and become a master of Defi  Would you like to discover more about Defi and advance your career? Then enroll in upGrad’s Blockchain Certificate Program in collaboration with Purdue University. The online course will educate you on the advantages of Defi in Finance and how it may benefit digital assets. The course also includes a variety of case studies and live projects with world-class academics, industry professionals, and international students. Sign up today to receive exclusive UpGrad features like 360-degree learning support, group study, and professional networking.
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by Pavan Vadapalli

02 Dec 2022

What are smart contracts?
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What are smart contracts? Smart contracts are self-executing contracts written in code, stored on a blockchain, that can automate various processes and transactions, eliminating the need for third-party intermediaries. Smart contracts are used for multiple applications, such as financial transactions, supply chain management, and voting systems. Smart contracts’ main benefits are that they can help reduce counterparty risk, as the contract terms are enforced by code rather than by a third party. A smart contract’s assistance means there is no need to trust the other party to uphold their end of the bargain. Smart contracts can also help to speed up transactions and reduce costs, as there is no need to use third-party services. Another benefit of smart contracts is that they are transparent and tamper-proof, which means that all parties can view the contract terms and precisely see the contract execution. Such transparent behavior can help to build trust between parties and negate the risk of fraud or miscommunication. Smart contracts have the potential to revolutionize a wide range of industries. They can streamline transactions and reduce costs while also increasing transparency and trust. A brief history of smart contracts A smart contract can be perceived as a computer protocol intending to digitally facilitate a contract’s performance with all its intricacies. Smart contracts allow the execution of credible transactions without third parties while making them trackable and irreversible. Smart contracts provide superior security compared to traditional contract law and lower costs associated with contracting. Nick Szabo initially proposed smart contracts in 1996 by applying the concept to various legal agreements, including financial contracts, debt enforcement, and contract arbitration. Later, Ethereum founder Vitalik Buterin built upon Szabo’s work to create a more general decentralized virtual machine that could run any smart contract. Smart contracts are seen as a way to enforce a contract’s performance, removing the need for third-party enforcement. In this way, they have the potential to reduce transaction costs associated with contracting. They can make complex financial derivatives and other kinds of financial instruments more secure and less expensive. However, smart contracts have also been criticized for their lack of security and vulnerability to hacking. At its simplest, a smart contract is a set of rules written in code that a computer executes when certain conditions are met. When those conditions are met, the computer automatically runs the terms of the contract. Learn 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. Advantages of Smart Contracts Smart contracts can be used for many applications, including financial agreements, voting systems, copyright protection, etc. One potential use case is for insurance contracts. For example, a smart contract could automatically pay out an insurance claim when certain conditions are met, such as the policyholder filing a claim and providing documentation. Another potential use case is for supply chain management, where organizations can use smart contracts to track the movement of goods through a supply chain and ensure that all parties adhere to the terms of the contract. Challenges With Smart Contracts One challenge with smart contracts is they often rely on external data sources to function correctly. For example, a smart contract that tracks the price of a commodity to automatically execute a trade when the price reaches a certain threshold would need to be connected to a data feed that provides the item’s current price. The contract may not function as intended if that data feed is inaccurate or unavailable. Smart contracts are often complex and may be difficult for people to understand, making it tough to know whether or not a contract will behave as intended. Despite these challenges, smart contracts can potentially change how many businesses operate. They could reduce costs and increase efficiency by automating processes that are currently manual and error-prone. In addition, smart contracts could help to improve transparency and accountability by providing a record of all transactions that can be easily accessed and audited. Working on smart contracts When it comes to working, smart contracts act as self-executing contracts where the agreement terms between the seller and buyer are incorporated into a written code. This code is deployed onto the blockchain, which lives in an immutable and transparent state. Every time the smart contract conditions are met, its code executes accordingly. For example, let’s say you’re a freelance writer and you’ve agreed to write ten articles for a client in exchange for $100. You could draw up a contract that states that once you deliver the ten articles, the $100 will be released to you automatically. This contract lives on the blockchain, so both you and the client can be sure that the terms will be met. If the client tries to back out of the deal, or if you don’t deliver the articles, the contract won’t be executed, and no money will change hands. This takes a lot of the risk and uncertainty out of agreements, which is why smart contracts are so helpful. ” 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 ” Current use cases of smart contracts There are a variety of different organizations and individuals that are using or experimenting with smart contracts. Some notable examples include: The Ethereum Foundation is perhaps the most well-known organization working on smart contracts. They are responsible for developing the Ethereum platform to create and execute smart contracts. The United Nations has been exploring the use of smart contracts for handling humanitarian aid payments. The goal is to make payments quickly and efficiently without requiring lengthy bureaucratic processes. Several central banks, including J.P. Morgan and HSBC, are testing out blockchain technology (of which smart contracts are a part) for use in financial transactions. This could potentially reduce the costs and time associated with these transactions. Several startups and small companies also work on smart contract applications. Some examples include slock. It is working on a platform for sharing economy applications and Provenance, which uses smart contracts to track the origins of products and ensure ethical sourcing. In conclusion Smart contracts have proven extremely useful in several industries, and the shipping industry is no exception. A smart contract can automate the entire shipping process, from booking cargo space to tracking the shipment and paying for services. It can save a lot of time and money and make the process much simpler and more efficient. Today many tech aspirants show increasing interest in wanting to understand the finer details of how smart contracts and blockchain. Now is the right time to acquaint yourself with this technology, as it will only become more prevalent in the future.  At upGrad, we have mentored students on emerging technologies and helped them gain the required foundational knowledge on trending topics like blockchain with our Advanced Certificate Courses. Our course structure ensures learning just beyond the classroom and provides you with one-on-one support. Check out our course and get yourself registered soon!
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by Pavan Vadapalli

27 Nov 2022

How Does the Blockchain Work?
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If you work in finance or investment, you’ve probably heard of bitcoins, cryptocurrency, and blockchain technology. Blockchain is a well-known 21st-century innovation working as a digital ledger emerging to support bitcoins and other cryptocurrencies. Developers are also attempting to integrate this technology into the field of arts and medicine to offer innovative solutions. Although directly related to bitcoin, blockchain didn’t face a drop in its reputation like the former in recent years. However, people are still curious to know how this new emerging technology works?  Let’s begin by understanding the meaning of blockchain. Meaning of Blockchain technology Blockchain, also called the Distributed Ledger Technology or DLT, uses decentralization and encryption computing to make the history of any digitally available asset irrevocable and visible. Google Document is a basic illustration for learning about blockchain technology. When we create a document and distribute it among many people, it is shared instead of copied or sent directly. This offers a flexible supply network where everyone can simultaneously access the document. No one has to wait for modifications from another party, and all changes are recorded in the document in real-time, making the process transparent. Undoubtedly, blockchain is more intricate than a Google Doc; however, the comparison can be perceived close to how blockchain works.  Learn 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. Types of Blockchains Public blockchain A public blockchain is a distributed chain one can join without any approval. Because it is decentralized and not controlled by anyone, the public is welcome to engage without authorization. All the chain sectors can generate and verify data on the public blockchain. Two popular examples of blockchain are Bitcoin and Ethereum (a blockchain platform with its own cryptocurrency and programming language). As these coins are publicly available, they can be accessed and utilized by anyone. The more the public blockchain becomes busy, the more secure it becomes. The greater the network’s strength, the more challenging it becomes to obtain control of the blockchain. Private blockchain A private blockchain enables a single organization full access to the data. Private blockchain technologies provide some degree of security to govern who has access and can be trusted with data. Within a company, the company’s employees are frequently the only ones granted access to this information. Centralization of private blockchains allows rapid decision-making; following, Private blockchains can execute a plethora of transactions every second with a limited number of receivers. Ripple (XRP) and Hyperledger are popular examples of private blockchains. Consortium Blockchain A consortium blockchain or a federated blockchain is an authorized blockchain managed by various organizations rather than just one. With so many organizations keeping records, it is hard for everyone to get away with criminal activity. A consortium blockchain’s purpose is to facilitate commercial collaboration. Creating consortiums can be a complex process that demands coordination across several organizations, posing logistical challenges and legal risks.  Accessible technology platforms such as Hyperledger, Corda, Ripple, Multichain, Ethermint, Tendermint, Quorum, and others are examples of consortium blockchain. Hybrid Blockchain A hybrid blockchain is an innovative blockchain technology transforming the world in an unprecedented way. Delivering effective options, hybrid blockchain assists enterprises, governments, and other organizations in better workflow management and system improvement.  A hybrid blockchain’s data is public, which means it is available to the users and can also be altered. However, there is an exception that sometimes keeps the data private.  For example, The IBM Food Trust is a hybrid blockchain developed to increase productivity throughout the food supply chain. It is a network where everyone is allowed to participate, such as farmers, traders, retailers, and others. ” 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 Steps involved in the working of a Blockchain Blockchain’s operation is dependent on the following components: data, hash, and preceding block hash. Step 1: Data The type of data recorded in a block varies according to the blockchain. For instance, if the information is about Bitcoin, the blockchain stores transaction details such as the sender, receiver, and payment amount. Step 2: Hash The blockchain also includes a hash, which is equivalent to a fingerprint. The hash of a block is generated when it is formed. If anything alters within the block, the hash also changes. As a result, hashing aids in detecting updates in a blockchain. If the fingerprint of a block changes, it will no longer be the same. Step 3: Preceding data hash The final component of a blockchain is a hash of a preceding block. Because of these features, the blockchain is incredibly safe to trust or use. Every block in a blockchain is related to the preceding hash’s contents. Therefore, if the data of a  block is modified, the hash will instantly change as well, and the succeeding block will recognize the modifications to make necessary modifications. Computers today can store a large number of hashes every second. The hashes of modified blocks and all other blocks are changed by default to restore the blockchain’s validity. How can a blockchain help a business? Blockchain solutions aren’t just for exchanging bitcoins. Its decentralized nature provides several benefits to enterprises in a variety of industries: More Transparency The most notable feature of blockchain is its transaction record for official communications is publicly accessible. This provides an unparalleled layer of responsibility to financial systems and enterprises, keeping every business sector accountable to behave ethically towards the growth of a company, society, and customers.  Enhanced Efficiency Because of its decentralized structure, blockchain eliminates the need for intermediaries in several activities, including transactions and estate development. Unlike traditional financial services, blockchain enables faster transactions by enabling peer-to-peer cross-border payments using a digital currency. A uniform ownership record system and leaseholder agreement’s automating smart contract make real estate operations more efficient. Increased Security Since every payment update is secured and connected to the preceding transaction, blockchain is considerably more secure than traditional record-keeping methods. As the name implies, blockchain is generated by a computer network working together to confirm a block which is then added to a database, forming a chain. Blockchain comprises a complex chain of numerical numbers that cannot be changed once created. Because blockchain is immutable and incorruptible, it is immune to forgery and hacking. Its distributed nature also lends it the distinct attribute of being trustless, meaning partners do not require trust to deal safely. Increased Traceability When a transfer of products is registered on a blockchain database, an audit trail is available to identify the arrival of goods. It can help increase security and fraud prevention in exchange-related enterprises and verify the legitimacy of exchanged assets. Businesses such as medicine can use blockchain to follow the distribution network from producer to distributor or provide indisputable ownership rights in the arts field. Get a Deep Insight into the Technology of Blockchain Want to learn more about blockchain technology and upgrade your skills? Enroll yourself in a  Blockchain Certificate Program in association with IIIT Bangalore . The online course will enlighten you about blockchain, its current and future market, and how you can leverage the skill to reach great heights in your career! The course offers various case studies and live projects with world-class academics offered by industry experts and global leaders. Sign up today to take advantage of exclusive UpGrad benefits such as 360-degree learning support, group study, and industry networking.
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by Kamal Jacob

26 Nov 2022

Career guide to Blockchain
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Introduction Blockchain has become popular in the last few decades, with many people investing in cryptocurrency globally. The Blockchain sector is progressing at a tremendous speed, so much that it has become difficult for people to catch up with the new trends. You will be surprised to know that the worldwide spending on blockchain was $1.5 billion in 2018, which is expected to reach $15.9 billion by 2023. The growth is more than ten times. Also, research has anticipated that the blockchain sector will reach $3 trillion by 2030. The massive increase in market size and growing demand have created incredible career opportunities in blockchain. This blog explains blockchain technology and how you can build a career in blockchain. What is Blockchain? Blockchain is a digital technology that saves data or digital assets in the form of structures. It is primarily a ledger that records all transactions across a computer network. Blockchain technology facilitates a secured system of storing and managing confidential information. The information is stored in several blocks or data structures that come together to form a chain, hence the name blockchain. The technology works on Distributed Ledger Technology (DLT) and has a decentralized database managed by several participants. All the transactions taking place in the blockchain are stored with the help of a cryptographic key called a hash. Since the technology involves the collaboration of several participants without giving control to a single person, it is difficult to tamper with the data. Thus, blockchain allows transparency and prevents data theft. It is beneficial for industries like fintech, cybersecurity, and healthcare. Why should you pursue a career in blockchain? Blockchain is one of the most popular technologies today, optimizing processes, enhancing transparency, increasing speed, and reducing costs to facilitate data integrity and streamline operations. Many companies in the US have or will resort to blockchain-based systems, which is bound to create several career opportunities in blockchain. If you are still confused, here is why a blockchain career will be beneficial for you: Increase in job opportunities:- One of the most significant reasons to pursue a career in blockchain is the rapid increase in the jobs in this sector. According to the Blockchain Employment Report 2021, the US is the top country with the maximum number of blockchain jobs. Also, there is a 300-500% yearly increase in global blockchain developer jobs. It was the most emerging job in 2020, with an increase of 33 times. Moreover, a lot of companies offer remote blockchain jobs. So, you can work in any part of the world. Become future-ready:- Since technology is rapidly changing the world, most jobs are automated by machines and artificial intelligence. Therefore, it is essential to choose a current career path that is relevant for the future. Blockchain, the future of the Internet, is one of the most promising career options in the 21st century. Non-technical background:- Another remarkable advantage of pursuing a blockchain career is you do not necessarily need a technical background. More than 40% of the jobs in the blockchain sector are non-technical. So, even if you don’t have a purely technical background, you can still enjoy the perks of employment opportunities in blockchain. You can apply for operations, marketing, design, sales, or customer support roles in the blockchain sector. Salary:- Blockchain is rising as one of the most promising career paths. The average salary of blockchain developers in the US is $136,000 annually. New York City offers the most paying blockchain jobs with an annual average salary of $180,380. Apart from New York, you can find well-paying blockchain jobs in Boston, Berkeley, Santa Monica, and San Mateo. Learn 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. Step-by-step Guide to Building a Blockchain Career Here is your step-by-step guide to becoming a blockchain expert. Step 1 – The first step to building a blockchain career is learning relevant skills. Blockchain Skills to Learn Even though there are several career opportunities in blockchain, including creative, business, and technical roles, employers prefer professionals with knowledge of database architecture and token economics and who possess coding skills. Here are some essential technical blockchain skills that will boost your job and help you get well-paying jobs in the blockchain. Web Development Smart Contracts Cryptography Data Structures Blockchain Architecture Interoperability Skills You can gain these skills by working on projects, internships, attending boot camps, or pursuing online training courses on blockchain. Step 2 – The next step is to shortlist the field according to your interests. Blockchain sectors Blockchain technology was primarily developed to enable secured transactions in the fintech sector. However, as the technology evolved, its application spread across various sectors. Currently, the top sectors that use blockchain technology are the following: Financial services Healthcare Energy Food and agriculture Information Technology Legal Arts and Culture Real Estate Aerospace and Defence Education Transportation Fashion You can apply for various blockchain roles in any sector that interest you. Look for top companies that hire blockchain developers/engineers/consultants/managers in these sectors and mail your application to them. Since blockchain is modern technology, many start-ups have emerged in this field in the last few years. You can also work in a blockchain start-up. Step 3 – You can apply for various jobs in blockchain depending on your skills, experience, and interest. If you have a technical background and want to go into programming and coding, you can become a software developer or engineer. Popular Career Opportunities in Blockchain Now that you know the sectors where you can apply for blockchain jobs, here are the most popular opportunities that you can go for. Blockchain Developer:- This is the most popular blockchain career opportunity. It is further categorized into two roles, blockchain software developer and core blockchain developer. The roles require working on various applications using blockchain technology, with essential database architecture and programming languages knowledge. Blockchain Architect:- A blockchain architect connects with the design team, developers, and other stakeholders. Their primary responsibility is to design and arrange the various blockchain solution parts. Blockchain UX Designer:- They create simple and user-friendly blockchain interfaces. Blockchain Legal Consultant:- A blockchain legal consultant oversees the legality of contracts and advises companies on various blockchain transactions and compliances. Blockchain Quality Engineer:- The job of a blockchain quality manager is to run automated or manual tests and provide troubleshooting solutions. Blockchain Project Manager:- A blockchain project manager facilitates coordination between team members and blockchain experts to ensure smooth delivery of projects. Blockchain Administrator:- A blockchain administrator is responsible for developing and maintaining a blockchain infrastructure to streamline operations. They are skilled in infrastructure languages and visualization. Blockchain Consultant:- Consultants are blockchain experts with years of experience in this domain. They advise companies on using blockchain technology effectively and help prepare strategies. Blockchain Engineer:- The role of a blockchain engineer is similar to the developer. They build blockchain applications according to the needs of an organization. Blockchain Analyst:- They perform two roles – business and risk analysis. Their job is to assess risk areas, provide solutions and suggest areas with scope for improvement. Blockchain Security Manager:- Security managers build a secured framework and monitoring systems for blockchain infrastructure. Blockchain Writer:- Blockchain experts can also work as blockchain freelance writers for companies or start their own blogs to write on various aspects of the technology. Crypto Journalist:- Crypto journalists write news and informative news pieces on blockchain technology updates. Some of the top companies in the US that hire blockchain experts include IBM, Cisco, Accenture, Oracle, EY, PwC, Coinbase, Amazon, Deloitte, KPMG, and Meta. These companies pay between $70k – $150k for blockchain roles. You can look for blockchain jobs at these companies or other start-ups on their websites or platforms like LinkedIn, AngelList, Upwork, Blockchainjobz, Block-tribe, and Indeed. Conclusion There is a huge demand for human resources in the blockchain sector. However, there is a lack of skilled resources to manage complex blockchain roles. Blockchain was ranked among the top 10 hard skills to learn in 2020. One of the best ways to learn the fundamentals of blockchain and acquire essential skills is to do certificate courses in blockchain technology that teach several aspects. You can consider upGrad’s Blockchain Certification Program offered by IIIT Bangalore. The course teaches you the fundamental concepts of blockchain development. Also, it enables you to work on practical blockchain projects that will help you gain relevant experience and enhance your CV.
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by Pavan Vadapalli

25 Nov 2022

What is a Blockchain Wallet? Types, Functions, Safety, Pros & Cons [2024]
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With the rise in popularity of Cryptocurrency over the last decade, scores of investment enthusiasts are displaying enthusiasm to understand the technology and transaction process behind the virtual form of currency. Bitcoin is the first cryptocurrency ever created to decentralize world finance, which is based on Blockchain technology. Over time, many other cryptocurrencies have been introduced into circulation and take the investment world by storm.  Just like physical currency, cryptocurrency also requires a wallet for storage purposes. This is where blockchain wallets come in.  Blockchain Wallets Crypto wallets are highly secure storage locations that allow users to store information related to crypto transactions and tokens. It is analogous to wallets that we carry to hold our printed money and monitors all transactions associated with a specific address.  To be precise, a cryptocurrency wallet does not store any coin or token. Instead, it stores the private and public keys and the details of all transactions on that Blockchain. The user receives an ID, which is the address of the specific blockchain wallet. With this ID, users can receive, store, send, and manage their cryptocurrency assets on the Blockchain. One ID can store seven types of assets such as Ethereum, Bitcoin, Binance coin, Litecoin, etc.  Blockchain wallet also refers to a specific wallet service available in the market, provided by the company’ Blockchain.’  Types of Wallets Crypto wallets can be classified under the following different categories: Classification 1: Hardware wallets Software wallets Classification 2:  Online wallets Offline wallets Classification 3:  Deterministic wallets Non-deterministic wallets Let us try to learn about some of these in detail: 1. Deterministic Wallets Wallets whose private keys are related to each other and can be backed up using 24 words long recovery mnemonic seeds are deterministic wallets. If one loses their private key, you can recover the wallet information by utilizing this seed which connects it to other private keys. The majority of modern wallets are deterministic. It supports the BIP-32 format and enables hierarchical relationships with sub-wallets.  2. Non-Deterministic Wallets The type of wallets in which the private keys are not related are known as non-deterministic wallets. No mnemonic seed can recover all the private keys and the related data together. 3. Paper Wallets Paper wallets are one of the most popular ones and are vastly used by investors. It is one of the safest methods of storing cryptocurrencies, especially for an extended time. To create a paper wallet, the user can download and save the bitaddress.org webpage and follow the instructions stated while staying disconnected from the internet server. Unfortunately, all cryptocurrencies do not offer paper wallets. However, major cryptocurrencies like Bitcoin allow paper wallet options.  4. Desktop Wallets Desktop wallets are software and plugins which we can use across operating systems like Windows, Linux, Mac, etc. It includes web browser extensions that you can install on specific browsers. Although many users have complained about a weak firewall of the interfaces, it is still popular among investors globally.  5. Mobile Wallets Mobile wallets are apps installable on IOS and Android servers. These are easy to handle and have user-friendly interfaces. Example: Mycelium, Electrum, Coinomi.  Some of the widely used desktop wallets are Jaxx chrome extension and Metamask ether wallet.  Working of a Blockchain Wallet It may seem complex initially, but the working of crypto wallets is very similar to transactions occurring in the real world.  We can describe the entire process in just a few steps:  One party requests another for a certain amount of cryptocurrency.  The system generates a unique ID or address that can be sent to a third party to facilitate the transaction. This step uses QR codes for fast transfers. The third-party software is similar to the applications we use for digital payments like Paypal or Google Pay. Transactions happen similarly. A new QR code is generated for every transaction, along with a new address to process a request.  Traders can also exchange cryptocurrencies by a process known as swapping. For example, you can send Bitcoins and receive Ethereum of the same financial value, based on the effective exchange rate at that specific time. Generally, Swapping requires a longer time to process, unlike other crypto transactions.  Presently users can swap only six tokens: Bitcoin Bitcoin cash Ethereum Tether Stellar Lumens USD digital Wrapped DGLD Wallet Fees Cryptocurrency wallets charge dynamic fees. It means that there is no fixed fee for a particular transaction. It varies according to various factors like internet traffic, the volume of transactions, etc. Generally, these transactions are processed by cryptocurrency ‘miners’ for ‘farmers.’ The farming organization possesses the required hi-tech computers and technology to process large transactions.  Just like shopping sites, blockchain wallets also provide priority options. By paying a certain priority fee, users can perform transactions way faster than regular users.  High transaction fees and wallet charges are some of the primary obstacles bothering cryptocurrency investors in recent times. Are cryptocurrency wallets safe? A secure wallet is a must for crypto investors. A loosely guarded account can result in loss of assets and, ultimately, a substantial monetary loss. However, the wallets are secured by cryptography, and the company charges asserting fees for protecting the user’s data. The processes include: 1. Password protection The private keys are the passwords used by investors to access their crypto wallets. The wallet company does not store this information. Therefore, once lost, this password cannot be retrieved. This is where mnemonic seeds come in handy. 2. Mnemonic seeds Mnemonic seeds can be defined as a string of English words and alphabets in any random order, which users can use to retrieve a wallet account if the password is lost. These seeds also follow decentralization, which means that the wallet company cannot store users’ seeds. They can be used to recover wallets even if that respective company goes bankrupt and is out of the picture. 3. Optional security methods Apart from the protection mentioned above procedures, users can secure their wallets against outside attacks like phishing. Two-factor authentication is used for blocking unknown IP addresses, thereby reducing the chances of getting hacked.  Blockchain Wallet Review: Pros and Cons of Digital Cryptocurrency Wallets 1. Pros Users can process transactions irrespective of the geographical distance between the receiver and sender. Faster transactions in comparison to centralized systems of banks Low transaction cost compared to legacy banking methods, banks charge a hefty processing fee when the volume of cash increases.  2. Cons Extremely low acceptance worldwide. The volatility of the cryptocurrency market Untraceable transactions: This characteristic feature acts both as a boon and a bane in the crypto world, but unfortunately, the latter applies in this case. If some mistake happens while sending tokens, you will most likely lose those coins forever.  Conclusion A decade ago, no one could have imagined the extent to which Blockchain technology would change the world of finance like this. What started as an experiment in 2009 has become a self-sustaining ecosystem in itself, with a market cap of over $2 trillion. Statistics show that the global blockchain market is estimated to grow at a CAGR rate of around 67.3% from 2020-2025.  Wallets are an integral and irreplaceable part of the Blockchain circulation process, as every user needs a secure address to store their transaction details and protect their assets. However, many technical challenges are presently hovering around the concept of cryptocurrency wallets, as it is a relatively unexploited territory. This is why blockchain developers are currently in huge demand. As per reports, professionals with expertise in blockchain development earn a high salary of $140,000, with entry-level positions attracting up to $125,000 annually. Evidently, if you are eyeing a career in this direction, you are on the right track. With a coveted Advanced Certificate Program in Blockchain Technology, aspiring blockchain developers can expect to be offered high-paying jobs. The 7.5-month course by upGrad and IIIT Bangalore is designed for working professionals looking to learn how to develop contracts and chaincode and create a blockchain from scratch. Apart from 200 hours of learning material, there are 1:1 rigorous training sessions, interview preparation, and career guidance classes.  So, go ahead and apply for your seat today!
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by upGrad

13 Aug 2022

What Are Decentralized Applications (dApps)
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What Is A Decentralized App? dApps meaning Decentralized applications, are distributed open-source software applications running on a P2P or peer-to-peer blockchain network rather than on one system. DApps are quite similar to many software applications that P2P-supported websites and mobile devices support. As the very name suggests, dApps are decentralized, enabling anyone to build on top of what a developer releases in a dApp’s codebase and do not require single control and authority over it. A dApp is used to create multiple applications, including decentralized web browsing, finance, social media, and gaming. Developed on a decentralized network with the support of a blockchain distributed ledger, a dApp can easily perform data processing via distributed networks and safely execute transactions. These apps are, therefore, quite commonly built with the help of the Ethereum platform. The Ethereum blockchain and other distributed ledger technologies have helped dApps gain considerable popularity. dApps are always accessible and foolproof, making them one of the most used applications amongst developers.  Learn: What is a Blockchain Wallet? Types, Functions, Safety, Pros & Cons Understanding dApps Standard web applications like Twitter or Uber run on systems operated and owned by a particular organization with complete authority over the app’s workings. Even though it might allow more than one user on the front end, the organization fully controls the backend. DApps are usually made to run on a blockchain network or P2P network. If we take applications like BitTorrent, Popcorn Time, and Tor, for instance, we can say that these applications running on systems belonging to a P2P network allow more than one participant to consume, feed, or seed content or even perform both functions at the same time. Regarding cryptocurrencies, dApps strictly run on a blockchain network in an open-source, decentralized environment that is made public and free of any control and by one particular authority. For instance, to create a dApp similar to Twitter, developers can put it on a public blockchain, and every user can publish messages.  How Do dApps Function? Decentralized apps have three common attributes and characteristics:- Open source: dApps are open sources and depend on the decisions made by most users for every change required. The codebase of these applications is usually available to every user for evaluation. Decentralized storage: dApps provide decentralized storage that enables data to be stored on decentralized blocks. Cryptographic: This enables decentralized data blocks to be validated and proven true. DApps commonly use Ethereum for both storing and executing on a blockchain system. Validation is carried out with the help of cryptographic tokens required for application access. These applications are similar to conventional apps because they use the same front-end code for rendering a web page. The back-end code of dApps is different because it runs on a decentralized P2P network. This enables dApps to be free from a single authority.  Unlike traditional applications with centralized servers and database support, dApps are supported by smart contracts stored on a blockchain. Most developers use Ethereum to run smart contracts with coded rules and help mediate transactions. They are often only a part of the whole dApp and have only back-end operations. To develop decentralized applications on the smart contract system, you must combine multiple smart contracts and use third-party systems for front-end development. Blockchains run by smart contracts have a ledger of data records stored within dispersed blocks instead of a specific central location. Every block of data is linked and governed by cryptographic validation. It is also important to note that not all dApps run on standard web browsers. Some may only work on websites having customized code for running or opening a specific application. Advantages of Using Decentralized Applications dApps are highly advantageous due to being about to safeguard the privacy of a user. Users are not required to submit their private information for using the in-app functions with decentralized apps. They make use of smart contracts for making a transaction between two unknown parties without depending on a single authority. There are many more benefits provided by decentralized applications. They are as follows:- Fault tolerance: Decentralized networks can still be available, even if just a single node is working. Due to not being dependent on a single centralized network, it is not susceptible to hacking. Security: Data storage in blockchain is considered to be the most secure due to blockchain consensus algorithms that make sure that data stored in blockchain is not susceptible to change. Flexibility: The Ethereum blockchain is flexible and makes room for rapid development of dApps for various industries. Disadvantages of Using Decentralized Applications Development of dApps is still going through an experimental stage that can bring about various problems and unknowns. Many people question the effective scalability of the applications, especially during computation overloading on a network leading to network congestion. Some of the major disadvantages of decentralized applications are as follows:- Maintenance: Maintaining, debugging, and updating DApps can be challenging because it requires a cumulative decision made by all the peers in the blockchain network. Challenging to scale: Decentralized networks are somewhat harder to scale, unlike centralized networks. Network congestion: Using quite a few resources in a dApp will back up the entire network leading to network congestion. User experience: dApps do not operate the same way as centralized apps, and many users say it is challenging for developers to give the end-users a user-friendly experience. Difference Between Decentralized and Centralized Apps There are two points of difference between centralized and decentralized applications. They are as follows:- Centralized Applications Decentralized Applications A centralized app is owned by a single company that controls every server it resides on.  A decentralized app runs on a peer-to-peer network of systems or on a blockchain that allows users to make transactions directly without depending on a central authority. Users of centralized apps interact with the in-app features by downloading an app copy and then by sending and getting data back and forth from the company’s server.  dApp users pay the developer in cryptocurrency for downloading and using the source code (smart contract) of the program.  Some Good Examples of Decentralized Applications Countless dApps are currently being developed, used, and sold. Some major examples of dApps are as follows:- Chainlink: It is a middleware software created for providing foolproof computations, inputs, and outputs dedicated to Oracle networks.  TraceDonate: It is a service linking donors and charities to beneficiaries to develop a strong bond of trust, ensuring that the donations given reach those in need. The funds are stored in a digital wallet where the donor can track how and where the donation is used for. Minds: This dApp-based social media platform runs on open-source code that allows users to encrypt their personal data. Ethereum dApps Most of the popular dApps are developed on Ethereum, which is a smart contract blockchain. Some of the best Ethereum dApps are – Compound: Provides a DeFi lending protocol. Uniswap: Users can swap tokens peer-to-peer via this decentralized exchange system. PoolTogether is a crypto lottery promising no loss. Decentraland is a metaverse platform where users can create their avatars, interact with each other, and purchase NFTs representing virtual objects or virtual land. Audius is a decentralized platform specializing in music streaming. Gods Unchained is a card game that is NFT-powered. LooksRare is an NFT marketplace known for rewarding users for their participation. Conclusion dApps are still in the early stage of development, and there is still room for growth and betterment. Even though there is a long way to go, it is rapidly gaining popularity. Once it is perfected, nothing can stop dApps from becoming the next popularly used app in the world. Learning about new things can be fun. If you want to learn more about blockchain to begin a lucrative career in it, you can enroll yourself in the  Advanced Certificate Program in Blockchain Technology from upGrad.
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by upGrad

15 Jun 2022

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