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Top 10 Interesting Blockchain Project Ideas for Beginners/Students [2024]
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Summary: In this Article, you will learn top 10 interesting blockchain project Ideas for beginners. Trusted Crowdfunding Platform Using a Smart Contract Exact Shipment Location Data Peer To Peer Ridesharing A Fake Product Identification System Transparent and Genuine Charity Application Blockchain-Based Voting System A Decentralized Web Hosting System Disk Space Renting System Loyalty Points Exchange System 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. upGrad’s Exclusive Software and Tech Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   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 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 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 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 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.  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 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 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? 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
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by upGrad

18 May 2024

Blockchain vs Cloud Computing: Difference Between Blockchain and Cloud Computing
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Introduction Cloud computing and blockchain technology are the two on-demand technologies that are booming in the modern market and are being used by enterprises worldwide. One common difference between the two is that the records of the ledger databases in blockchain technology are immutable, whereas data stored in the cloud is mutable. Now, this might sound intricate. This article will guide you in-depth about the two and the difference between them. You will learn about both topics such as blockchain technology and cloud computing, and how they are changing technology. The emergence and development of cloud technology and blockchain has moved the world of software development, storage, services, and online transactions.  Cloud computing provides various online services such as infrastructure as a Service, Platform as a Service, and Software as a Service. This technology renders a well-oiled model for efficiently accessing various technological components and services for application development and integration. Check out our free courses to get an edge over the competition.  Blockchain technology provides a structural ledger database for storing transactional records known as blocks, and links them with numerous databases known as the chain. These immutable records are then signed cryptographically using a distributed consensus or validation protocol. This feature of blockchain brings in the popularity of robust transaction execution in multi-structural business environments. Before understanding the difference between blockchain and cloud computing, let us discuss each of these topics individually in detail. Learn software engineer programs from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. 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 Read: Cryptography in Blockchain: Types & Applications Blockchain Technology It is also known as Distributed Ledger Technology as it creates shared ledger databases. This technology also keeps a record of the history of the transacted digital assets that are unchangeable and transparent by decentralization and cryptographic hashing. Here, multiple parties agree on transaction specifications while guaranteeing accuracy and preventing tampering of data/records without the support of any trusted centralized authority. Check out upGrad’s Advanced Certification in Blockchain Blockchain has gained exponential popularity due to its promising and revolutionary technology. It reduces the risk of any technical transaction, casts out fraud, and delivers transparency in a scalable way for multiple uses. There are three essential concepts in blockchain: blocks, nodes, and miners. Blocks have three essential elements: ·All the data resides within the block. The system randomly generates a 32-bit whole number known as nonce as and when the block generates. A block header hash is then generated. Hash is a 256-bit cipher merged with the nonce. 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 Cloud Computing It is the delivery of computing services that includes software, storage, servers, database, networking, analytics, intelligence, etc. over the internet. All of these computing services provide flexible utilization of resources, rapid innovation, and economies of scale. Hence, enterprises and organizations are moving from traditional computing architecture to cloud-based architecture. Here, users pay for the cloud services that they are using. We can run more infrastructure through this approach without even bothering about management, maintenance, and security. Check out upGrad’s Advanced Certification in Cloud Computing 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   Let us now dig deeper into blockchain vs cloud computing. Must Read: How to Make a Successful Career in Blockchain? Everything You Need to Know Blockchain vs. Cloud Computing Since we are familiar with both the terms and their features, let us now see the significant differences between them: 1. A cloud is something that we can gain access to through the internet. It is cyberspace where we can access the data online. On the other hand, blockchain is an encrypted system that uses different styles of encryption and hash to store data in protected databases. The system distributes these data records over various nodes and forms a consensus on the position of the data they contain. Data in the form of records are immutable in blockchain, whereas data residing in the cloud are mutable. Blockchain does not provide any service as it is a magnificent technological advancement that is a decentralized, distributed ledger that keeps a record of the provenance of a digital asset. On the other hand, Cloud is a computing service that provides services in three principal formats such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Blockchain guarantees the prevention of the tempering of data without relying on any third-party trusted centralized authority, whereas the cloud does not assure complete integrity and tamper-free data. Cloud computing can push the execution of blockchain technology-based projects. But it has a centralized (as all the data remains stored in a company’s centralized set of data centers) structure of data fetching. On the other hand, blockchain has a core principle of decentralization, which means it does not store any of its information in one space. 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 Data and its existence in a cloud can be either public or private, which means it can be either visible or kept hidden from other users. In blockchain technology, transparency of data is one of the core characteristics of it. 2. Cloud computing mostly runs on a traditional database structure where the stored data resides in the machines involving participants. On the other hand, blockchain is an incorruptible and reliable online database registry of various digital transactions where participants can alter the data by taking the approval of each party involved. 3. Companies like Amazon Web Services (AWS), Alibaba Cloud, Google, IBM, and Microsoft provide cloud computing services while projects like Ethereum, Bitcoin, Hyperledger Fabric, and Quorum use blockchain technology. 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? Conclusion Both blockchain and cloud computing are playing a vital role in changing enterprises’ work environments and the way traditional computing works. Their emergence has not only gained momentum in the existing business infrastructure but has also changed the way the world of application development, storage, online transaction, and other services functions. Although cloud is a well-oiled model that can accelerate blockchain projects, their merger and blockchain cloud services are still in infancy. This blog has hopefully helped you understand how blockchain works. To know more about the technology and take on a career path as a blockchain developer, you can enroll for upGrad’s Advanced certificate program in blockchain technology. It provides one-on-one mentorship and 200+ hours of learning content with zero-percent EMI options.
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by Mayank Sahu

25 Feb 2024

Top 12 Highest Paying Blockchain Jobs in India [A Complete Report]
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Blockchain is an emerging job skill in the IT industry. Technological advancements are gradually bringing this distributed ledger technology to the mainstream. Things like the decentralized web, popularly called Web 3.0, are coming up to make people-powered internet a reality.  Blockchain platforms have the potential to support trusted private transactions with data confidentiality. According to Gartner, these platforms would be scalable, interoperable by 2023, enabling smart contracts and cross-chain functionality across industries. Blockchain-based jobs are obtaining great fame in the digital world. There are ample blockchain jobs in India that offer decent salaries to skilled blockchain developers. Since blockchain expertise is becoming one of the robust skills, many people are searching for suitable blockchain developer courses to effectively learn blockchain online. Check out our free courses to get an edge over the competition. 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 blockchain online courses If you are aspiring for one of the best blockchain jobs in India, the salary package is not the only factor. Career growth, job security, and reputation make a career attractive. Read on to know about the highest paying jobs in blockchain technology. If you want to know about the highest paying blockchain jobs, this article may help you. We listed the top 12 highest paying blockchain jobs in India. This list is updated and irrespective of your work level, beginner/entry-level or middle level, these will help you decide the direction you want to go in next. Check out upGrad’s Advanced Certification in Blockchain Learn Online Software Programs from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Laying the foundation Before we delve into the different types of occupations, let us first describe blockchain technology. The pointers below break down the concept in simple terms.  It is a series of immutable records, which are time-stamped and shareable. The data is not owned by a single entity but managed by a cluster of computers.  Each data block is bound to other blocks with cryptographic principles, i.e., chains. The ledger is open, and everyone is accountable for their actions. Although an infrastructure cost may be involved, there is no transaction cost. Therefore, a blockchain network is a decentralized, secure, and democratic system. It allows you to create accounts, transact, transfer, check balances, pass information, etc.  Check out upGrad’s Java Bootcamp Our Learners also read: Career in Blockchain! Highest Paying Blockchain Jobs in India 1. Software Engineer These professionals are programming specialists having a background in computer science, software design, or similar technical education in the sciences. Blockchain software engineers are generally employed in areas like smart contracts and banking. To enter the workforce, you would require a working knowledge of Solidity, cloud technologies, and database management. In addition to being one of the highest paying blockchain jobs in India, it is also a fast-paced one. Salary: Average software engineer salary in India is ₹517,126. Top employers hiring software engineers in India: Source 2. Product Manager As a product manager, you are employed in development, coding, and distribution roles. And your two primary duties are to lead time-sensitive projects and to manage the development budget. You need not have a programming background, but basic knowledge of coding languages and software would be helpful. The excessive & growing demand makes product managers land on one of the highest salary blockchain jobs in India Besides, coordination tasks would lie at the heart of guaranteeing product release within the schedule and budget. So, management skills are also necessary. Typically, employers prefer engineering graduates with an MBA degree who have prior exposure to the relevant industry (media and advertising, finance, digital currencies, and so on). It has always been one of the best blockchain jobs in India, and dealing with money – yours and others – is the stuff of dreams. Salary: Average product manager salary in India is ₹1,677,971. Top employers hiring product managers in India: Source 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 upGrad’s Exclusive Software and Tech Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   3. Risk Analyst One of the highest paying blockchain jobs worldwide, Risk analysts are concerned with achieving consistency with local and government laws. They usually work in the finance domain or with government enterprises. Besides assessing risks, they assist in programming, product improvement, information analytics, and project documentation. The required training differs as per the job specifications. Excel proficiency, business sense, and extensive research experience are of the desired qualifications. The demand and salary for risk analyst making it one of the highest paying blockchain jobs in India. Usually, risk analysts work in the finance domain or with government bodies. They are responsible for obtaining consistency with government and local laws. In addition to evaluating risks, they streamline tasks like product improvement, programming, project documentation, and information analytics. Their versatility is one of the key reasons behind their admirable blockchain analyst salary. Also, the demand for risk analysts makes it one of the highest-paying jobs in India, with a well-paying blockchain analyst salary. Also read, blockchain career and its future scope Salary: Average risk analyst salary in India is ₹512,950. Top employers hiring risk analysts in India: Source 4. Tech Architect As one of the highest paying blockchain jobs, you should generally possess a specialized technical aptitude to introduce blockchain products. This is a precondition for participating in discussions and coordinating project efforts. You would have to utilize your communication prowess to act as an intermediary between the organization and clients.  Now, let us move on to the training aspect. A software engineering degree can help you gain the coding knowledge required for creating applications. It can also offer you an edge in relevant spheres, such as cloud and web-based services. If you want to brush up your organizational and managerial skills, you can also consider obtaining advanced certifications, such as a specialized PG Diploma or an MBA.  Salary: Average technical architect salary in India is ₹1,842,986. Top employers hiring technical architects in India: Source 5. Analyst Relations Manager It is the job of a relations manager to establish the company’s brand image and raise awareness about its innovations in the marketplace. Such external representation can take the form of media interactions, public relations, newcasting, and so on. Moreover, the internal teams should know about the technologies and their benefits to exude a positive view of the organization. The excessive & growing demand makes analyst relations manager land on one of the highest blockchain salary jobs in India The relations manager should be well-aware of all the intricacies of the technology. Such understanding is critical to dealing with any technical questions and addressing the queries of non-tech stakeholders.  An analyst relations manager is responsible for improving a company’s brand reputation and focusing on issues that hamper development. Generally, these professionals are tasked with newscasting, public relations, and media collaborations. The operational teams working under the supervision of a relations manager should be familiar with the advancements and their benefits to impact the association positively. These professionals must be aware of various technology complexities. This knowledge helps them handle any specific inquiries and resolve non-tech partners’ concerns. It is a demanding blockchain career because analyst relations managers are offered admirable salaries based on their skills and experience. 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 6. Business Analyst This job is all about examining the viability of innovations and upgradations. A large portion of the work of business analysts is to evaluate technologies. To do this, they have to monitor market trends, discover patterns, and make several decisions regarding the brand positioning. It is one of the highest paying blockchain jobs in the market today. They figure out what kind of products would appeal to the audience and utilize their coding, statistical, and analytical know-how to facilitate effective customer-facing services.  A business analyst’s role is crucial in any project team. They work as the major interface between the project manager and the users. They collect information, document processes, and validate the documents with users. If you aim to embark on a blockchain career as a business analyst, you must be aware of their key responsibilities as below: Assessing business processes and requirements, discovering areas for improvement, and implementing solutions. Supervising ongoing reviews of business processes and creating optimization strategies. Staying updated on the latest process and IT developments to modernize and automate systems. Conducting presentations and meetings to share ideas and discoveries. Conducting requirements analysis. Effectively communicating plans and insights to cross-functional team members and the management team. Collecting critical information from meetings with different stakeholders and generating valuable reports. Salary: Average business analyst salary in India: ₹607,209. Top employers hiring business analysts in India: Source 7. Crypto Community Manager These professionals play a significant role in marketing and client interactions. They work as the network administrators who track and present engagement statistics over all channels, including Net and social media. Such tasks require deep comprehension of the project fundamentals, especially when it comes to handling client queries. Educational requirements for this role are typically not rigid. Nowadays, many startups hire freshers who can learn about blockchain essentials and grow with the organization. If you are looking for practical exposure, small organizations can provide a suitable environment for building your capabilities.  Crypto community managers engage and communicate with the marketing team and customers. Their key role is to present interaction statistics on the Internet, social media, and other platforms. These tasks need a deep understanding of the project fundamentals, specifically customer concerns. They work as network administrators by tracking and presenting engagement statistics. Small-scale organizations can offer a suitable environment for various blockchain job opportunities with decent salaries. Usually, the educational requirements are not so rigid for this job role. Currently, several start-ups recruit freshers who can know blockchain essentials. Small-scale organizations can offer a suitable environment to expand your capabilities if you are hunting for practical exposure. 8. Front End Engineer It is the front-end of any website or application that appeals to your customer or clients. Whether it is an established multinational or a startup, the User Interface or UI should facilitate excellent interaction. A diverse range of options is available in terms of sector preference for blockchain web designers, from medical services to credit and finance.  As a blockchain front-end engineer or designer, your job would be to conceive and develop original UI ideas for mobile and web applications. You would use software like Sketch, Figma, and PS to perform your job duties. Besides being proficient in UX/UI design, good communication skills are central to working with content, marketing, and operational teams for front-end development. Front-end engineers design, build and execute the user interface systems of software programs, websites, and web-based applications. One of their key objectives is to offer a pleasing user experience with zero errors, downtime, and issues. In addition to creating and optimizing systems, they test and troubleshoot too. Moreover, they can resolve issues related to browser compatibility and accessibility. Usually, they serve as an intermediary between the backend developers and the users. There are great blockchain job opportunities for deserving candidates who can use relevant tools and platforms to acclimatize to real-world use cases. Source: Average front end developer salary in India is ₹488,096. Top employers hiring front end developers in India: Source 9. Legal Consultant As blockchain technology is coming under more regulatory scrutiny, companies need legal counsel in the initial stages. As a legal consultant, you would be responsible for guiding them on how to structure and govern their coin offerings. Additionally, you would oversee legal partnerships and contracts related to blockchain.  Blockchain legal consultants provide advice to bodies associated with product launches, crypto projects, etc. They handle the legal contracts by explaining to them the terms and conditions. They ensure their clients are fulfilling the regulatory guidelines of their native nation. Their job requirements include a detailed understanding of the legal infrastructure in the blockchain industry. They may work with a country’s regulatory framework related to crypto and finance. Moreover, they are knowledgeable about smart contracts. Blockchain legal consultants with these skills can access some of the best blockchain jobs in India. Web3 education is crucial because the Web3 industry continues to develop quickly. Here are the eligibility requirements to become a Blockchain legal consultant: A certified degree in law from an acknowledged institute. Deep knowledge of tokens and trading to ensure the clients’ token operations are supported through legal documents. Ability to prepare commercial agreements adhering to the country’s legislation. How to use blockchain to leverage the technology without legal implications safely. In-depth knowledge of smart contracts. Various professional courses and training are available to develop the skills required for landing a career as a blockchain legal consultant. These courses and training prepare them to handle future challenging roles in their organization. Smart contracts are excellent automation tools that can be executed on previously agreed terms. And businesses slowly realize the benefits of leveraging this emerging technology to their advantage. The excessive & growing demand makes legal consultants land on one of the highest salary blockchain jobs in India. With this perspective, an attorney may connect the crypto ecosystem with the current financial structure by providing the following services: Drafting legal agreements Conducting negotiations Performing due diligence Supporting activities of mergers, acquisitions, etc. Salary: Average legal advisor salary in India is ₹586,161. How legal advisor salary increases over experience: Source 10. Blockchain Project Manager This occupation is concerned with executing successful blockchain projects in any organization. Blockchain project managers are hired to convert the company needs into technical knowledge. They plan, supervise, and implement projects to realize specific goals. When a business is thinking about introducing blockchain, it is the in-house project manager facilitating the adaptation of the existing technology platforms to cater to the required changes.  Blockchain Project Managers oversee the Blockchain project team. They are responsible for the organization’s blockchain database systems, processing systems, and cyber currency controls. Other responsibilities include processing security, overseeing cyber currency management systems, resource monitoring, reporting, and developing specialized programs. These professionals coordinate blockchain processing software issues with other IT companies, including operations and applications. Database systems and blockchain processing are crucial in any enterprise’s systems.  These systems should offer excellent reliability and performance. The blockchain project manager role is one of the challenging blockchain jobs in India because they are tasked to supervise the blockchain processing activities and ascertain that the systems perform at peak efficiency. 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? 11. Blockchain Developer If you pursue a career in blockchain development, several industries are open to you. These include financial services, government departments, and tech companies, all seeking talented developers to offer better services. It would be best to brush up the following skills before you venture into this field: Microsoft SQL Server MySQL .NET AJAX Visual Studio Javascript JQuery Node.js REST Neural networks Regression Agile Scrum C++, C#, HTML, XML, etc. Blockchain developers facilitate safe digital transactions by developing systems to record and save blockchain data such that it avoids data hacks or modifications. They develop secure blockchain technologies, application features, and interfaces. Furthermore, they maintain client- and server-side applications. It is one of those blockchain technology jobs in India that demands great attention to detail. This is because blockchain developers need to collaborate with managers to discover blockchain technology needs and expected functionalities. Moreover, they write multi-threaded codes and use programming languages to create application features and interfaces. 12. Blockchain Quality Engineer As the title suggests, a quality engineer ensures the quality of blockchain development and maintains adequate support for web, mobile, and platform engineering. These tasks cover all areas of automation frameworks, manual testing, and dashboards. Blockchain quality engineers ensure that all blockchain spaces and their improvements are of top-notch quality. Their key roles include handling manual testing, automation systems, and dashboards. They check whether the developed application has any glitches or issues. If any bugs are detected, the blockchain quality engineers should address them to the relevant segment of the organization. Subsequently, they guarantee that the final product is devoid of any glitches. A broad understanding of blockchain platforms’ framework is essential to land one of the well-paying blockchain technology jobs in India. Moreover, critical thinking and reasoning skills are significant to further excel in a career as a blockchain quality engineer. It has always been one of the best blockchain jobs in India, and dealing with money – yours and others – is the stuff of dreams. Employers give weightage to candidates with engineering and MBA degrees. Here are the main responsibilities include of blockchain quality engineers are: Conducting research and advising on blockchain tools Developing quality assurance or QA automated test standards  Devising strategy for load performance tests Writing and implementing a test automation strategy 13. Blockchain UX/UI Designer Blockchain UX/UI Designers are among the top highest-paying jobs in blockchain technology for several reasons. Their specialized skill set is in high demand as they must navigate the complexities of blockchain technology while adhering to user experience design principles. As the blockchain industry continues to expand across various sectors, the need for skilled professionals, including UX/UI Designers, has risen significantly.  User experience is highly important as the success of blockchain applications hinges on intuitive and user-friendly interfaces. Blockchain UX/UI Designers play a crucial role in making blockchain technology easy for people to use. Their responsibilities include understanding how blockchain works, researching what users need, and designing interfaces that are simple and user-friendly. They create visual designs, test them with real users, and work closely with developers to bring their designs to life.  Security is also a priority, ensuring that users’ information stays safe. Designers stay updated on the latest trends and document their decisions to collaborate effectively with the rest of the team. Overall, their goal is to make complex blockchain applications accessible and enjoyable for everyone. Most importantly, the scarcity of talent proficient in both blockchain and UX/UI design contributes to the elevated demand and higher salaries. With blockchain technology not inherently user-friendly, companies recognize this as one of the highest paying blockchain jobs in India. 14. Blockchain Data Scientist Blockchain data scientists are responsible for analyzing and interpreting data generated by blockchain networks to derive insights and inform business decisions. This role falls under the top highest-paying blockchain technology jobs due to their unique and specialized skill set that combines expertise in data science with a deep understanding of blockchain technology.  The complexity of blockchain data, including vast amounts of transaction and smart contract data, requires advanced data science skills to analyze and extract meaningful insights. These professionals play a critical role in decision-making, providing actionable intelligence that informs strategic decisions, enhances network performance, and contributes to the success of blockchain projects. The increasing adoption of blockchain technology across various industries amplifies the demand for skilled data scientists who can optimize implementations.  Among a myriad of high-paying blockchain technology job opportunities, this role stands out especially because it makes a huge impact on risk mitigation, security enhancement, and regulatory compliance.  15. Blockchain Integration Specialist A Blockchain Integration Specialist is a professional responsible for seamlessly incorporating blockchain technology into existing systems and applications. Their role involves understanding the intricacies of blockchain and ensuring its smooth integration with various platforms, databases, and business processes. This position ranks towards the top roles that offer lucrative career opportunities in blockchain for several reasons. The expertise required to integrate blockchain with legacy systems is specialized and in demand. Companies often face challenges when incorporating this decentralized technology into their established infrastructure, requiring skilled professionals to navigate and implement solutions.  Secondly, the high demand for blockchain integration is driven by the growing adoption of blockchain across industries, including finance, supply chain, healthcare, and more. As companies strive to leverage the benefits of blockchain, the need for specialists who can seamlessly integrate this technology into existing frameworks becomes critical.  The complexity of ensuring interoperability between blockchain and legacy systems, along with the strategic importance of successful integration, makes Blockchain Integration Specialists highly valued in the job market.  Most importantly, the potential impact on organizational efficiency, security, and innovation that blockchain integration specialists make on a company makes this role one of the highest paying jobs in blockchain technology. 16. Decentralized Application (DApp) Developer A Decentralized Application (DApp) Developer specializes in creating applications that operate on blockchain networks, using the capabilities of smart contracts. Their role involves coding, testing, and deploying these decentralized applications, ensuring they interact seamlessly with the underlying blockchain infrastructure.  DApp Developers are considered among the top highest-paying blockchain developer jobs for several compelling reasons. As businesses explore blockchain solutions, the need for developers who can create innovative and efficient decentralized applications becomes paramount. More importantly, the complexity of developing on a decentralized platform, where trustless transactions and smart contract functionalities are essential, requires a specialized skill set.  DApp Developers must possess a deep understanding of blockchain protocols, smart contract languages, and security considerations, making their expertise both valuable and sought after. Thirdly, the scarcity of professionals with hands-on experience in DApp development contributes to the competitive salaries in this field.  As the industry matures, the demand for skilled developers outpaces the available talent pool, prompting companies to offer higher compensation to attract and retain top-tier DApp development talent. Moreover, the strategic importance of decentralized applications in transforming business processes, enhancing security, and providing transparency further justifies the premium associated with DApp Developer roles.  17. Cryptocurrency Analyst Cryptocurrency Analysts are among the highest-paid blockchain developer jobs for freshers because they play a crucial role in helping investors and financial institutions navigate the unpredictable cryptocurrency market. The fast-paced changes in the crypto world make their expertise valuable, as investors rely on them to interpret trends and identify opportunities. The global interest in cryptocurrencies has surged, increasing the demand for analysts who can navigate the complexities of this market beyond traditional financial analysis. The scarcity of individuals with a deep understanding of both blockchain technology and finance adds to their high pay. Cryptocurrency Analysts need unique skills to provide accurate analyses. Their decisions significantly impact investment portfolios, and as crypto adoption grows globally, their insights are vital for shaping investment strategies, justifying the premium salaries for this role. In essence, the combination of the dynamic crypto market, rising demand for specialized skills, scarcity of dual expertise, and the impactful nature of their insights contributes to Cryptocurrency Analysts being among the top highest-paying blockchain jobs in India. 18. Blockchain Compliance Officer A Blockchain Compliance Officer is considered one of the blockchain developer fresher jobs because many companies have hih demands for experts in this role. Due to the critical role they play in ensuring that blockchain projects comply with ever-evolving regulations and legal requirements. The complexity of the regulatory environment in the blockchain industry, coupled with the scarcity of individuals possessing both blockchain technology and compliance expertise, justifies the higher compensation. Their unique skill set is essential for bridging the gap between technology and legal requirements. The strategic importance of compliance for the success and reputation of blockchain projects further contributes to the elevated salaries for professionals in this role. As the blockchain industry matures, the demand for skilled Compliance Officers continues to rise, solidifying their position as one of the top highest-paying blockchain jobs in the country. 18. Smart Contract Developer A Smart Contract Developer is highly important because of their involvement in smart contracts in blockchain technology. The demand for these developers is driven by the increasing adoption of blockchain across industries, where businesses seek experts to automate complex processes through secure and efficient smart contracts. The specialized skills required, including a deep understanding of blockchain protocols and coding languages, contribute to the scarcity of qualified developers. The potential risks associated with coding errors in smart contracts enhance the value of experienced developers, justifying the higher compensation for this role in the competitive job market. 20. Blockchain Security Specialist A Blockchain Security Specialist is a professional who concentrates on ensuring the security of blockchain networks by identifying and addressing vulnerabilities while implementing security best practices. This role is considered one of the top blockchain jobs offering a high blockchain engineer salary. As blockchain technology becomes increasingly integrated into various industries, the need for robust security measures is paramount. Blockchain Security Specialists are instrumental in safeguarding sensitive data, transactions, and smart contracts from potential threats, making their expertise highly valued. More importantly, the complexity of blockchain networks, coupled with the evolving nature of cyber threats, requires a specialized skill set. Blockchain Security Specialists must possess an in-depth understanding of both blockchain technology and cybersecurity principles. This dual expertise is relatively rare, contributing to the scarcity of qualified professionals and justifying the higher compensation for their services. The critical role played by security in the success and adoption of blockchain technology further enhances the value of Blockchain Security Specialists. Security breaches can have severe consequences, including financial losses and damage to an organization’s reputation. Companies recognize the importance of having skilled specialists to proactively address security concerns, contributing to the higher salaries associated with this role. The must-have skills for a blockchain career The scope for blockchain is limitless in the current global context. So, it is no surprise that the highest paying blockchain jobs in India show inclination towards individuals who continuously update their skill sets. Your critical thinking abilities, married with awareness about the latest market trends, can set you apart from the crowd. If you are interested in blockchain technologies, you can prepare to get on the bandwagon with the essential toolkit summarized below. Solidity, Ethereum, Hyperledger, Ripple Mathematical proficiency with a basic understanding of algorithms  Knowledge of C, C++, Python, Java languages Command over blockchain development tools – for example, Geth, Mist, Parity, Remix, Solium, BaaS, Truffle, among others)  Acquaintance with DevOps tools (Jenkins, Selenium, TravisCI, etc.) Experience of cloud creation using Node.js, REST tools, web apps Interacting with stakeholders having different backgrounds and perspectives Exposure to Fintech technologies, cryptography, information science, and open source (OSS programming) Most companies hire blockchain practitioners who hold at least a bachelor’s degree in Mathematics or Computer Science. Implementation of open-source projects and a relevant postgraduate degree can set you apart in the job market. All in all, you need a technical background coupled with the curiosity to learn and explore more. Blockchain Jobs Salary As per the leading job search sites, blockchain-related openings come with an average pay package of Rs 8 lakh per annum. Blockchain developers can make anywhere from Rs 5 LPA to Rs 30 LPA. And professionals with three years of work experience can earn as high as Rs 45 LPA. For top seniority positions, the BFSI sector in India employs individuals who have demonstrated skills in security operations at salaries of Rs 4 crore a year.  Source IBM, Visa, Microsoft, and Deloitte Consulting LLP are among the top recruiters who hire blockchain experts in mid to senior-level roles. When it comes to remuneration, the geography of the job matters a lot. For instance, there is a considerable difference between what a blockchain developer or specialist makes in Asia vis-a-vis in Europe, UK, or Asia. So, let us now see how the pay range varies according to location. Asia: $87,500 p.a.  Europe: $73,300 p.a. UK: $90,000 p.a. (Startups pay between $50k and $60k a year) US: 136,000 Besides full-time jobs, the remote and freelance markets are also abuzz with blockchain prospects. Employers publish several new posts on online freelancing platforms every day. According to an Upwork report, blockchain is on track to become the cloud of the 21st century. The average rate of pay for individuals in this space can range from $65 per hour to $250 per hour, depending upon the experience level and the type of assignment.  A stepwise guide for breaking into blockchain If you are just beginning to explore blockchain technologies, you can structure your learning process in the following way: Gain essential comprehension of blockchain: Set the foundation by answering some basic questions, viz. If there is no centralized arrangement, what comprises the blocks and chains? How do you reach a consensus? Acquire knowledge of cryptocurrencies: Find out existing use cases of blockchain applications and get familiar with how cryptographic money functions. Additionally, you can delve into digital currency infographics.  Build your business acumen: Think about how blockchain can be utilized to drive business goals. Spend some time grasping how different teams and departments can work together and adapt to this new technology. If you would better social and people management skills for your job, explore learning avenues that meet those needs. Learn new programming languages: Java and HTML are the bare minimum requirements. Try your hand at some modern programming languages to become a successful professional in the blockchain space. Become an engineering expert: Perform methodical work to acquire advanced education in blockchain and application development spheres. Work out how diverse organizations adjust to different business situations and adapt via technological solutions. Understanding of blockchain applications: Do some research on how blockchain is rearranging existing business operations and how innovations are working in synergy with other technologies to achieve scaling and profitability. Augment your profile with hands-on experience: Take up a blockchain internship or an entry-level position in a startup to identify your interest areas while learning on the job. Enrol in a specialized program: If you have already completed your undergrad degree and have worked in a technical field for a few years, you can opt for a postgraduate course in blockchain technology management. If you want to remain in your job while studying, consider the online executive options on upGrad.  The key takeaways  According to a Burning Glass Technologies study, the current demand for candidates with engineering and mathematical aptitudes surpasses the supply by 17%. And when it comes to blockchain, there is again a supply gap in the tech industry. The sooner you enter this field and master new skills, the better it would be for you to advance to positions with higher responsibility and pay.  These are the top 12 highest paying blockchain jobs in India. Blockchain is shaping the industry as we know it. In this article, we described the responsibilities and salary range of some of the highest paying jobs in blockchain. Finally, we looked at some of the leading blockchain recruiters around the world and concluded with a systematic plan to help you prepare for a career in network technologies. 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 Mayank Sahu

19 Feb 2024

Skills Needed to Become a Blockchain Developer
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Blockchain development is one of the fastest-growing sectors. Companies are looking for blockchain developers to make new implementations, advance their current systems, and get ahead in the industry.  That’s why it’s the best time to become a blockchain developer. Blockchain developer skills are a combination of hard skills and soft skills from an abstract point of view. Thinking, how to become a blockchain developer, to start this journey, you should first learn the necessary blockchain developer skills you must have. In this article, we’ll discuss the same. So, let’s get started: Check out our free courses to get an edge over the competition. 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 Learn Software Courses online from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. What Is Blockchain Development? Before delving into the different skills required for being a blockchain developer, let’s first clarify all your doubts regarding what is blockchain development? Well, blockchain development refers to a unique process wherein unchangeable DLT (Distributed Ledger Technology) is created, which is responsible for securely recording transactions and tracking assets. They may be physical assets such as money or other physical assets and can also be non-physical assets such as copyrights.  Blockchain development carries several advantages for various industries worldwide. Infact, in this technology-driven world, more and more industries are turning to blockchain technology to ensure a secure, accurate mode of sharing information. Blockchain network provides their users with a transparent delivery and shortage, which might include tasks such as tracking orders, accounts, or any other data. Some of the various sectors where blockchain technology is being used vigorously are healthcare, finance, supply chain, and real estate, among others. Thus, you can well imagine that there has been a significant increase in the demand for blockchain developers all around the world.  Advantages of Implementing Blockchain Solutions There are a series of benefits a company can derive by implementing this technology in their business. Some of them include Increased Transparency- One of the biggest benefits of using blockchain solutions for your business is that it enables a transparent view of the overall history of every transaction that is stored within the distributed ledger to all the members of the network.  With blockchain, a permanent record of transactions is shared across the network and cannot be altered. This eliminates issues with record tampering and provides more confidence in the accuracy of the data. Blockchain’s transparency also enables better auditing capabilities and compliance reporting. Network members can easily verify details and track the origins of transactions. Overall, the transparency afforded by blockchain builds greater trust between network participants by removing information asymmetry and ensuring all parties have access to the same verified information. Boosts Speed And Efficiency- Outdated manual methods can cost a lot of precious time in managing transactional data. However, with the help of blockchain, you can automate and simplify the process, thus not only reducing time wastage but also ensuring that everyone is working from the same up-to-date ledger. By eliminating manual data reconciliation and record keeping, blockchain streamlines processes and allows transactions to settle much faster. Updates to the blockchain ledger are shared in near real-time across the decentralised network, meaning all parties get access to the latest validated information quickly. This acceleration of transaction speeds significantly improves business velocity and makes companies more agile. Additionally, the ability to automate transactions through smart contracts reduces friction and human error that can further bog down processes. Blockchain solutions enable faster settlement times, near real-time data sharing, automation to reduce manual efforts, and synchronised ledgers to create substantial efficiency gains. Significantly reducing the risk of fraud- With the help of blockchain, you can have direct access to a complete audit trail, which will further help you to understand the asset’s history.  The immutable and decentralised nature of blockchain makes it incredibly difficult for any single party to tamper with transaction records. This provides a high level of protection against potential fraud or data manipulation. Additionally, the consensus mechanism to validate blockchain transactions requires agreement between multiple parties, preventing one actor from unilaterally changing records. Smart contracts can encode complex business logic to reduce loopholes. The transparency of blockchain also acts as a deterrent since all parties can view transaction histories, making it easy to detect unusual activity indicative of fraud. Blockchain solutions minimise vulnerabilities that can lead to fraudulent activities, errors, and falsified transactions by cryptographically securing data and requiring consensus to update. This provides greater assurance and trust in the validity of records for auditors, regulators, and network participants. Decreased costs- You no longer need the help of third-party intermediaries since blockchain takes care of all the tasks. It results in a significant reduction of unnecessary spending and enables faster growth.  By allowing parties to transact directly with each other through a shared ledger, blockchain removes overhead costs associated with intermediaries that provide centralised verification, clearing, and record-keeping services. Transactions can settle faster without intermediaries, lowering fees. Smart contracts automate complex processes that previously required extensive manual work, legal expenses, and outsourcing costs. The decentralised blockchain structure also eliminates single points of failure risk that can lead to very high costs. Additionally, the ability to detect fraud earlier based on the transparency of blockchain systems reduces expenses related to reconciling bad data, audits, and potential reputational damage. The streamlined processes and redundancy blockchain drives cost savings through automation, shared infrastructure, improved security, lower counterparty risk, and enhanced operational efficiency. The cost benefits ultimately accelerate growth by freeing up resources that can be invested in core business priorities. With that said, let’s take a look at the various roles and responsibilities of blockchain developers, and the skills required to be a blockchain developer.  A Brief Look at Blockchain Developers Today blockchain applications transforming the world of technology. Blockchain developers handle the entire life cycle of a blockchain application. This means you’ll be responsible for the research as well as the execution of the application.  They create the architecture of the system, make smart contracts, and optimize the protocols. As you must’ve guessed by now, they handle a lot of responsibilities, and that’s why they need to learn many blockchain skills to answer all the challenges in blockchain development.  There are other professionals, too, who help a blockchain developer in their tasks, such as a blockchain engineer.  Learn blockchain for free at upGrad. Types of Blockchain Developers Blockchain developers are of two kinds: Blockchain software developer Core blockchain developer They both are involved in blockchain development but have different responsibilities. We’ll take a look at them to get a brief idea of what they do. 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 Blockchain Software Blockchain software developers build applications based on blockchain architecture and protocol. Their apps run on the blockchain too. You can compare them with web developers, who use the products of a web architect (protocol and design) to develop web applications.  Blockchain software developers create Dapps or decentralized applications. They are responsible for the front-end as well as back-end development of Dapps. They also supervise the stack that runs the Dapps.  What is blockchain developer and how to become blockchain developer? In addition to building the UI/UX and integrating the application with the blockchain network, blockchain developer must handle complex cryptography, consensus algorithms, and peer-to-peer networking logic involved in decentralised apps. The skills for blockchain developer are knowledge of languages like Solidity and Vyper and blockchain platforms like Ethereum, Hyperledger Fabric, and Corda. Testing and debugging smart contracts running on the blockchain is also critical. Besides development, blockchain engineers must consider factors like transaction fees, gas optimisation, and scalability when designing Dapps. Overall, blockchain developer leverages their specialised expertise in decentralised systems to build innovative applications that utilise the advantages of blockchain technology, like transparency, security, and autonomy. Testing and debugging smart contracts running on the blockchain is also critical. Besides development, blockchain engineers must consider factors like transaction fees, gas optimisation, and scalability when designing Dapps. Overall, blockchain developers leverage their specialised expertise in decentralised systems to build innovative applications that utilise the advantages of blockchain technology, like transparency, security, and autonomy. Our Learners also read: Blockchain Career! Core Blockchain These developers focus on the architecture development of a blockchain system. They design their consensus protocol and make most of the vital decisions related to blockchain. They supervise the network and design the architecture of the same. Core blockchain developers are responsible for the security of their blockchain network as well.  How to become a blockchain developer? Core blockchain developers are the architects of the foundational layers of blockchain platforms. They design and implement the core protocol, including aspects like the consensus algorithm, incentive structures, cryptographic primitives, and network stack. Core developers contribute heavily to open-source blockchain codebases that are the backbone of decentralised applications. They possess deep expertise in distributed systems, cryptography and advanced protocols like Byzantine fault tolerance. Core blockchain developers make technical decisions related to hard forks, upgrades, node incentives and governance mechanisms that steer the evolution of blockchain networks. They continuously analyse network security and performance to identify vulnerabilities and make improvements. Given their critical role, core blockchain developers significantly influence the roadmap, features and trajectory of blockchain platforms through their contributions. Roles And Responsibilities Of Block Chain Developers Below are some of the basic roles and responsibilities of a block chain developer.  Optimizing blockchain applications with the help of the latest technologies and tools. Cooperating with managers to find out the actual need for blockchain technology and envisaged functionalities. Staying up to date with the latest innovations in blockchain technology and cryptography methods. Sharing the various use of blockchain technology with sales personnel for a digitized and secure mode of payment. Protecting digital transaction data against threats such as information hacks or cyber attacks with the help of cryptology techniques. Using programming languages to create application features and interfaces.  Designing and implementing blockchain network architecture and infrastructure components like nodes, peer-to-peer layers, consensus protocols, etc. Developing and deploying smart contracts and ensuring they are safe, efficient and meet business requirements. Creating APIs for blockchain integration and building interfaces for applications interacting with blockchain networks. Testing blockchain applications thoroughly including writing unit and integration tests for code. Troubleshooting issues in blockchain networks and applications and identifying bug fixes and optimisations. Maintaining detailed documentation for blockchain systems and protocols to assist other developers. Participating in the blockchain open source community by contributing code to repositories and sharing knowledge. Advising stakeholders on strategies for decentralised data storage, tokenisation models, and compliance considerations. Tracking emerging blockchain standards, protocols and frameworks to incorporate into application development. Mentoring junior developers on blockchain architectures, cryptographic principles, consensus rules, and programming languages used. Top Blockchain Developer Skills  As you must’ve noticed, blockchain developers have many responsibilities. To handle those responsibilities well, they need to possess a few skills as well. There are certain blockchain developer skills one need to develop and master in order to become a successful. Here are the primary blockchain developer skills you should have to face and manage blockchain development.  Cryptography Cryptography is the study of protocols that prevent unwanted parties from accessing your data. There are many essential concepts in cryptography you should be familiar with as you’ll need them during blockchain development. For example, public-key cryptography is a crucial topic of blockchain. It forms the basis for the transactions we make through cryptocurrencies. To make transactions of cryptocurrencies, you’ll need to have a wallet and the key to that wallet. That key proves your ownership of the wallet, that’s why it’s essential. Save transactions of cryptocurrencies take place through encryption and decryption of public and private keys.  Another essential concept of Cryptography is cryptographic hashing. Hashing refers to producing an output of a specific length from an input of any length. The hash function could have information with 20 characters or 200 characters, but its output would only be of the length you’ve chosen.  Certainly, cryptography is vital for the proper workings of blockchain technology. You should learn about it and its various aspects, including the topics we’ve discussed here. With its knowledge, you’ll be able to keep your blockchain data safe.  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 upGrad’s Exclusive Software and Tech Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   Smart Contracts Since the day Ethereum entered the market, smart contracts have become a popular term in the blockchain industry. Almost every blockchain solution wants to use smart contracts for their benefit. So you can see how powerful this technology is.  Smart contracts let two parties exchange goods or services without needing an intermediary. You can compare smart contracts with a vending machine. You put in the payment, choose the product you want, get the product along with the remaining change. There isn’t a third party involved in this transaction as it’s just you and the vending machine.  Smart contracts finish only when the involved parties fulfill both of their conditions. It’s so effective because blockchain is decentralized. This means hundreds of users monitor your smart contract, and because they work on an IF-Then basis, there’s a possibility of error.  You can use smart contracts in many areas of different industries, such as law, construction, and many others. It can remove the middlemen from contracts and help in saving money and resources.  To become a blockchain developer, you should make yourself familiar with smart contracts. It is one of the essential blockchain developer skills. Multiple languages specifically focus on smart contract development, such as Chaincode and Viper.  Data Structures You’ll need to have extensive knowledge of data structures to become a blockchain developer. That’s because blockchain developers work with various data structures regularly as they have to build networks and implement them.  The entire blockchain network is made up of data structures, as even a block is a type of data structure. A block clusters transactions for the public ledger because so it is a container data structure, whereas the public ledger is the blockchain.  A block also contains a header, and the former is around 10,000x larger than the latter. As you can see, data structures are the fundamental concept of blockchain. You’ll need to master this topic to understand blockchain technology effectively.  Learning about data structures will ensure that you know the basics of blockchain. Having a strong foundation helps you in understanding the advanced concepts more quickly. We’ve already mentioned cryptography; you’ll be using both of these technologies to build reliable, useful, and secure solutions.  Also read, Blockchain career and its future growth  Blockchain Architecture To become a blockchain developer, you should be familiar with blockchain architecture. You should know what a ledger means in blockchain, what is consensus, and how smart contracts work.  Blockchain architecture has three kinds; they are: Consortium architecture The consortium architecture isn’t wholly decentralized. Here, the members of a group have full authority. In these cases, the group is made up of multiple organizations. The Energy Web Foundation is a stellar example of such blockchain architecture types. Consortium blockchains operate under the control of a group of predetermined organisations or entities rather than being fully decentralised. Participants must be granted admission to join the network. This architecture keeps the decision-making power in the hands of a select group while still taking advantage of blockchain’s benefits. It maintains privacy and allows for efficient transactions between the known group of participants, unlike public blockchains where anonymity prevails. Consortium blockchains are well suited to specific use cases like cross-border payments between a fixed group of banks or supply chain tracking between business partners. By limiting decentralised control to a curated set of verified nodes, consortium blockchains can balance the decentralisation of public networks with the centralisation of private networks. Private architecture In a private blockchain architecture, only a few people are part of the system. It’s a popular application within organizations. Sawtooth and Fabric are famous examples of such architecture. Another essential quality of such architecture is that they are not decentralized. Private blockchains operate within a single organisation where network participation and consensus are controlled by one entity. They differ from public blockchains, which have open, permissionless networks. The central authority restricts user access and mining/validation abilities. Private blockchains provide organisations with the benefits of blockchain technology, like immutability and cryptographic security, while retaining greater control over network rules. They are well-suited for regulated environments or use cases involving sensitive data. Private crypto wallet development can execute transactions faster without needing distributed consensus since a central authority approves all blockchain updates. However, they are less resistant to tampering or manipulation since their decentralised nature provides robust protection on public blockchains. Private blockchains allow centralised entities to reap blockchain advantages in a closed ecosystem with trade offs around full decentralisation. Public architecture Public architecture is the most decentralized type of blockchain architecture. Here, you can become a part of the network by mining or by making transactions. The most famous example of public blockchain architecture is Bitcoin, which you must’ve heard of by now.  You should read the whitepaper of bitcoin on blockchain to become familiar with this topic. It requires a little effort, but be sure that it’s worth it because you’ll get familiar with all the fundamentals and the advanced concepts altogether.  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? Web Development As a blockchain developer, you’ll be developing web apps in most cases. Learning web development will make you acquainted with all of its aspects, and you can use this knowledge to create robust web apps that use blockchain technology. You’ll have to learn web design, development, and programming of apps, all of which will help you in developing better Dapps. Web development is crucial because most organizations require blockchain developers to create apps that people with no or minimal knowledge of blockchain could use. Having a vast experience of design will help you considerably in this purpose. Strong web development or blockchain developer skills are indispensable for blockchain developers building user-friendly decentralised applications. Frontend web development using HTML, CSS, and JavaScript enables crafting intuitive web interfaces that abstract the complexities of blockchain interactions. Familiarity with web programming languages like JavaScript and TypeScript allows integrating web apps with blockchain platforms through RPC APIs and client libraries. Knowledge of backend web development and frameworks like Node.js facilitates the development of performant web services for blockchain applications. Following web design principles creates more accessible DApps for all users. Since DApps rely on web technologies for the front and back end, proficient web development capabilities are vital for blockchain programmers to deliver complete solutions. Blending blockchain mechanisms with appealing and functional web apps is key.   Languages You Must Know Blockchain development is vast. Apart from the topics we’ve discussed, you should also consider learning a few programming languages. A common question among beginners is, ‘What languages should I learn to become a blockchain developer?’  The following are the main languages you should learn as a part of your blockchain skills: Java Java is popular among blockchain developers because of many qualities. It’s easy to learn, but it’s capable of developing many complex solutions. NEM, a popular cryptocurrency is based on Java. Java has more than 9 million developers as a part of its community. Moreover, it’s been present in the industry since 1995. Even though Java is old, it is still crucial so mastering data is important for blockchain development. Java is a foundational language for many blockchain platforms and applications due to its versatility, object-oriented nature, and vibrant development community. The capacity to write portable code that can run on any Java Virtual Machine makes it a practical choice for cross-platform blockchain solutions. Java enables complex cryptographic implementations required for blockchain, such as public/private key encryption and digital signatures. Smart contract languages like Solidity have a syntax similar to Java, easing the learning curve. Java skills allow developers to contribute to blockchain frameworks like Hyperledger, build decentralised applications, create APIs, and handle back-end operations. Given Java’s maturity, stability and wide adoption, it will likely remain a mainstay language for blockchain development for the foreseeable future. C++ C++ is a popular language among blockchain developers. You can perform a lot of tasks related to the blockchain with its help. The creators used C++ to create bitcoin core, so it’s certainly a must-have for any aspiring blockchain developer. C++ is critical for blockchain development due to its speed, efficiency, and ability to interact with system resources directly. As an object-oriented language with low-level memory access, C++ enables performance-intensive blockchain capabilities like cryptographic functions, consensus algorithms, and peer-to-peer networking. Developers rely on C++ to implement the core nodes and mining software that underpin blockchain networks due to its processing power and minimal runtime overhead. Projects like Bitcoin, Ethereum clients, Ripple, Stellar, IoTA, etc use C++ for the protocol implementations. C++ is also ubiquitous in building cross-platform blockchain applications and tools. Given its legacy usage for systems programming and in financial applications, mastering C++ unlocks the ability to contribute to core blockchain infrastructure and scale decentralised systems. Python Python is among the most popular programming languages on the planet. It’s versatile, and its various libraries enable you to use it for both front-end as well as back-end development. That’s why you should make yourself familiar with Python as well.  Python has a significant community of more than 4 million developers. Such a thriving and supportive community can help you out with many problems and doubts. Python is a critical language for blockchain development due to its readability, flexibility, and extensive libraries. As a high-level language, Python allows developers to prototype and iterate on blockchain applications rapidly. Python has libraries for essential blockchain capabilities like cryptocurrency APIs, smart contract deployment, and cryptographic key creation. The simplicity of Python enables developers to build user-friendly interfaces and abstract complex blockchain interactions. Many developers leverage Python for back-end services and DevOps tasks as well. Python is commonly used in major blockchain platforms like Hyperledger and Ethereum. Python’s versatility, scalability and concise nature make it a pragmatic choice for all blockchain application development and tooling aspects. You can also learn JavaScript, Ruby, and C#, along with the languages we’ve mentioned above. Ability to learn and work on multiple languages is one of the important blockchain developer skills.  Learn Blockchain Developer Skills Becoming a blockchain developer and get into blockchain development is quite easy. If you want to learn more about this topic, you can browse through our blog.  We hope you liked our article on top blockchain developer skills. What do you think of blockchain skills? Out of the skills we’ve mentioned above, which one would you learn first? There is a rise in careers in blockchain development 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 Programme in Blockchain.
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by Mayank Sahu

Prerequisites to Learn Blockchain Technology: It’s Not What You Think It Is
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There has been a massive development in the field of Blockchain technology in the last decade. Many people and companies came to know about Blockchain Technology and witnessed the growth of blockchain demand, Thanks to Bitcoin. It is a technology to keep the records that are safest, secured, fast and without any central governing authority. It has completely revolutionized how the industry works and keep track of transactions and records.  Due to its many benefits, many companies and startups became interested in blockchain technology. This further gave rise to soaring demand for blockchain developers in the market. Blockchain tops the list of emerging jobs according to a report shared by LinkedIn. It is one of the most sought after skills by large companies. Blockchain is an upcoming field and market which is growing rapidly in the coming years the market size is expected to reach 163.83 billion by 2029. There are many reasons contributing to blockchain’s popularity in today’s time, and the security that it provides in transactions is one of those. Another very important reason is the traceability of the data blockchain provides. Check out our free courses to get an edge over the competition. 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 has a very unique way of operating. The term blockchain is a process of recording information in a format that is not comprehendible by anyone easily. This format of recording the information allows the scope of secure transactions, that cannot be hacked or changed. 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. What is Blockchain technology?  Before we talk about the prerequisite for Blockchain, let us understand what blockchain is. Blockchain can be defined as a digital ledger of all the cryptocurrency transactions across all the peer-to-peer networks. This advanced database mechanism allows transparent information sharing within a business network. A Blockchain database is used for storing data in blocks that are linked together like a chain.  The data cannot be deleted or modified without consensus from the network as the data is chronologically consistent. This is because, Blockchain can be used to create an immutable or unaltered ledger for tracking payments, orders, accounts, and various other transactions.  This technology has a built-in mechanism that helps prevent unauthorized transaction entries and builds consistency in the transactions’ shared view.  Why is Blockchain important?  Since you are interested in studying Blockchain technology, you must be aware of why it is so important and popular in today’s world. There are many challenges when it comes to recording financial transactions. Blockchain technology helps mitigate any legal issues that may arise due to unsupervised transactions.  This technology is used for developing a tamper-proof, decentralized system for recording transactions. All transactions made using Blockchain need to be approved by both parties and it is automatically going to be reflected on both their ledgers.  If you are wondering who can learn Blockchain? Any individual who has a basic technical understanding can learn Blockchain.  What are the characteristics of Blockchain technology?  For anybody wondering ‘is blockchain easy to learn?’ the answer is yes, as long as you have a brief idea about the prerequisites listed below. The following are some of the key features of Blockchain technology:  Decentralization  In Blockchain, decentralization refers to transferring decision-making control from a centralized entity (organization, individual, or group) to a distributed network. Transparency is used by decentralized Blockchain networks to reduce the need for trust among members. These networks also discourage members from exerting control or authority over each other in ways that degrade the network functionality.  Consensus  For recording transactions, a Blockchain system establishes rules about member’s consent.new transactions can be recorded only when a majority of the members in the network are giving consent.  Immutability  Anything that cannot be altered or changed is known as immutability. No participant will be able to tamper with any transaction once it has been recorded in the shared ledger. If there is an error in any of the transaction records, you will have to add a new transaction to correct the mistake, and both these transactions will be visible to the network.  If you want to build a successful and fulfilling career in technology, Blockchain is perfect for you. There is a lot of scope for growth in the field along with a lucrative Blockchain developer salary per month.  Prerequisite Skills Required to be a Blockchain Developer Check out our Advanced Certification in Blockchain 1. Fundamental skill and Knowledge in Technical Field There are a few skills that one should learn to become a blockchain developer. An individual should have a good knowledge of Information technologies, Information security, and computer science. The basic understanding of an aspiring blockchain developer should be clear in distributed systems, networking, cryptography and data structures. Check out our free blockchain online courses Distributed systems and Networking Blockchain is a distributed ledger that works across the network, and an individual should know how the network and distributed system works. A good understanding of how peer to peer networks work is a must. It helps in creating a good foundation in the network of computers which can range from routing to topologies of the network. All the connected computers are used for processing in the Blockchain. Byzantine fault-tolerant consensus is an essential key feature in the security of the Blockchain that one should understand. Just a basic understanding of the working and the basic concept will be enough for a beginner to start. Check out our Advanced Certification in Cyber Security Distributed systems collect the data in a decentralised manner where the data is collected and distributed among the connected users. The distributed system allows the data to be shared across the networks that are concerned with the data. The major importance of a distributed system would be that it enhances the real-time update of the data, as the data is shared across nodes that has a copy of the blockchain. Our Learners also read: Career in Blockchain! Cryptography The foundation of Blockchain is cryptography and from where the name of the cryptocurrency originated. Hash functions and digital signatures are created by using the public-key cryptography in the Bitcoin blockchain. A good background in mathematics skills can also help in the field of Blockchain for a developer. Block Ciphers, Message Integrity, and Authenticated Encryption are few concepts that one should have a clear understanding. Payments are secured on e-commerce sites by Hash Function. Cryptography is a very important feature of blockchain technology. It helps the blockchain developer to protect the data from any unauthorized access. This is carried forward using two levels namely, the key-encryotion method and another one is hashing. The function of cryptography protects the data from potential hackers. Once the data enters the systems, it gets stored in a block and gets encrypted and all of these blocks get chained together to build a network.  In order to secure the data, cryptography uses an algorithm and key that protects the data from the attacker. The encryption practice is to transform the input (plaintext) into the output that is encrypted (ciphertext). The attacker should not be able to decipher the input (plaintext) for the data to remain protected. 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 upGrad’s Exclusive Software and Tech Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   Data Structures One should also understand the data structure to learn about the complex nature of Blockchain. In the Blockchain, the data is stored in the form of blocks and not in the form of tables. Databases are replicated across the whole network, which is called distributed ledger. The integrity of data in the blocks is maintained by using cryptography. A blockchain developer should know how Data Structures work such as linked lists, graphs, hash maps, search trees and many more. The skill of building the data structure from scratch is also essential for the blockchain developer. Knowledge of programming languages like C++, C-Sharp, C, Scala, Java, Python is also required. An individual can learn all the necessary knowledge about algorithms and data structures from the repository on GitHub. The data structures facilitate the storage and access of data in a manner that is productive and efficient in its approach. The data structure is a broader term, it basically consists of organised data, data that has a relationship with each other, etc. The data structure can also be understood in terms of linked lists and stacks. As the name implies the linked lists consist of linear data stored that is connected. These nodes represent a sequence and each node has a sequence for the next code. Cryptonomic Understanding A good blockchain developer should have a good understanding of the fundamentals of Blockchain. Cryptonomic is a word that is a mix of Cryptocurrency and Economics. Cryptocurrencies are affected by the valuation of currency and many monetary policies. One can also learn about the game theory to be more explicit about the working of cryptocurrency in the market and its valuation. It will help one to understand how cryptocurrencies are kept in check without being monitored by any central bank. An individual should learn how the economic structure is working around the cryptocurrency. In order to learn blockchain knowledge of cryptonomics becomes very important. The concept of cryptonomics is a unique innovation as it removes third-party involvement while receiving the payment.  Thai brings more decentralization in the money management, fund management, or investment management systems as it removes the middlemen. 2. Smart Contracts The smart contracts are the programs which help in automating the transactions. It helps in increasing the capabilities of Blockchain without any need of middlemen or lawyers to settle the deal. The smarts contracts are made with specific conditions or in particular situations. When these particular situations or conditions are met, then the transaction will be automatically processed when required. Currently, Auditing and optimizing of smart contracts cannot be done by many developers. A developer should be very well aware of all possibilities of execution of a smart contract. He should be able to ensure that smart contracts are only executed when it is expected. Smart contracts bring more automation and transparency to the processes. It makes sure that once the pre-determined conditions are met it executes the actions. In a smart contract, the details are put in the form of a code and these codes are not arranged randomly rather there is a method or a sequence to this arrangement. So as and when these arrangements meet the requirements get fulfilled and the contract gets executed. Just like any traditional contract, there is a feature of deadline in these digital contracts as well. The smart contract enhances the security, transparency, and accuracy of blockchain technology. The feature is advantageous and allows record-keeping, reduction of middlemen, reduction of fraudulent transactions, and many more. 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 3. Decentralized Applications There are some decentralized applications (DApp) that are built on blockchains. There are various platforms for a blockchain developer to build a DApp. Here are some of the popular Decentralized Applications: Hyperledger The main goal of Hyperledger is to develop technologies in the cross-industry Blockchain using an open-source collaborative platform. It was created by the Linux Foundation in the year 2016. The aim was to increase collaboration between entities across the network. It uses a ledger-based technology framework and blockchain to carry out the needful tasks. Hyperledger is not to be confused with crytptocurrency,  blockchain, or an organization rather it facilitates the building of the ecosystem, environment, or infrastructure for a successful blockchain system, etc. There are various layers that hyperledger uses, such as- Consensus layer Communication layer Smart layer EOS EOS stands for Electro-Optical System. The main goal of the EOS blockchain is to support industrial-scale applications. It is a decentralized operating system that has more scalability and higher transaction speed such as Ethereum. EOS is a platform based on blockchain that facilitates to development, building, or running the business applications. EOS provides secure and authorized access between the DApps. EOS also allows business applications to build secure, authorized applications similar to web-based applications.  EOS.IO and EOS tokens are the other two elements of EOS. The EOS.IO software controls and manages the blockchain software. Whereas, the EOS tokens as the name suggests are the cryptocurrency of the EOS. EOS has certain features that make the work easier for the developer such as self-describing interfaces, interface development, etc. These features make the application development and management smoother. NEO Da Hongfei and Erik Zhang founded Antshares in 2014, which was renamed NEO in 2017. NEO is not limited to one language, unlike Ethereum. A beginner can use Various programming languages such as Java and C# can be used to build DApps on NEO. It will work as a platform for digital businesses in the future. NEO is used to fully digitise the assets available on a platform to achieve the goal of a smart economy. In order for this to happen, smart contracts play a big role in the process. A digital asset is a term that holds a broader perspective. It is not only used for the digital assets buts also for the physical assets that have been tokenized on the blockchain during transfer. NEO supports transparency and security for digital assets. The assets enjoy protection validated by the digital identity and protection given to them. It has two tokens and NEO gas is used to pay for the transactions happening on the blockchain. Ethereum In 2015, Vitalik Buterin created Ethereum, which is currently the most popular platform for development. The Ethereum is fueled by the cryptocurrency called Ether. The language used in the Ethereum is called Solidity. Solidity is a smart-contract oriented language. Robustness is similar to a programming language like JavaScript and C++. Ethereum is used to create digital and secure technology. It has tokens that can be used on the blockchain technology platform. It allows the functions to be decentralised that are secure to be used. It is one of the reasons why Ethereum is used by blockchain developers. The platform of Ethereum has a native cryptocurrency that is ETH or ether. Ethereum is a blockchain technology-powered platform where ether is the currency of Ethereum. Also read, Blockchain career and its future growth  4. Learn to Simplify A blockchain developer should be able to innovate using the design thinking methodology. Blockchain is used to simplify the processes in the business, which helps in driving outcomes of companies. 5. Understand Blockchain Security A developer in Blockchain should have security skills like elliptic curve digital signatures, Merkle proofs, cryptographic hashing, private key, and public-key cryptography and many more. Frameworks in security are getting evolved for regulatory needs, legal needs, and compliance needs. The blockchain contains data that is huge in amount and should not be compromised. The blockchain has an inherent feature that is secure, decentralized, and transparent.   There are various types of blockchain that are private, public, permissioned, or permissionless. A blockchain engineer needs to be aware of various types of existing blockchains and the potential threats to them. There are various types of attacks that blockchain technology is prone to. The following are potential threats to blockchain technology- Phishing attack Sybil attacks Routing attacks 51% attacks 6. Know the Platforms There are multiple frameworks in Blockchain and learning all of them can create confusion. One should know how to select the right blockchain platform for particular cases. Different blockchain platforms such as XDC Network, Stellar, Quorum, OpenChain, R3 Corda, Ripple, Ethereum, and Hyperledger Fabric are some of the excellent blockchain platforms that a beginner can start to learn about. The companies choose which type of blockchain platform they require depending upon various factors such as the development platform, the type of platform that is required, languages required to develop the platform, scalability solution required, smart contracts usability, etc. 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? 7. Distributed ledger expertise A developer should be an expert to build distributed ledger technology. It will help in accelerating the development of smart contracts. 8. Master of Interoperability The mindset of blockchain developers should be open source because there is a risk of deployment in various technology platforms of interconnecting ledgers. Business outcomes can be driven, and latency is reduced by integrating with systems of an enterprise. 9. Embracing Blockchain Expertise as a Service During the formation of the consortium, skills of negotiation and collaboration are critical. Blockchain as a Service is a new latest thing in the market that a blockchain developer should be able to take benefits from. 10. Learning to Drive Business Outcomes A developer needs to understand the result expected by a business. One should build direct connections and explore data flow between customers, suppliers and trading partners across the ecosystem. 11. Blockchain architecture  This is another prerequisite for Blockchain technology, ideal for individuals who want to build a character as a Blockchain architect. Blockchain developers are expected to have a complete and thorough understanding of Blockchain, including its working and how the architecture of the network supports the functionality.  They should be familiar with the different kinds of consensus algorithms like proof of stake or proof of work. They are also expected to know about the four types of architecture in Blockchain – private, public, consortium, and hybrid. This is an important prerequisite for learning Blockchain technology. 12. Web Development  Here is another prerequisite to learn Blockchain. With Blockchain’s emphasis on decentralized networks, web development has become an integral part of Blockchain technology. Blockchain professionals should know about web development.  They need to have a comprehensive understanding of the technologies that support web applications. They should also be aware of what it takes to design, develop, and secure those applications. Blockchain web applications need to be user-friendly and efficient, without causing any adverse effects on the Blockchain network.  Blockchain can impact businesses’ growth by providing more secure, transparent, and traceable data. Blockchain technology cuts the cost by removing the intermediaries. In today’s times, blockchain technology is rising and giving opportunities to professionals to grow. Due to the demand for technology, there are many resources to get oneself educated, so the age-old question of how to learn blockchain technology seems to be fazing away.  The professionals are paid very high in this field for the skills, expertise, and scientific mind they bring. The blockchain developer salary ranges from 2.4 LPA to 20.7 LPA and the average salary is 6.5LPA (Source). The figures may vary depending on the skills, experience, and upskilling history. Real-world applications of Blockchain  If you have worked on the prerequisites to learn Blockchain technology, you’re in luck. Blockchain has the potential to change almost every working industry today. If you looking forward to building a career in Blockchain technology, there are many promising options for you to choose from. Here are some of the industries where Blockchain technology has made an impact:  Finance  Finance was one of the first industries to recognize the potential of Blockchain technology. Blockchain is used for making efficient and secure payments. Several banking institutes have also started to employ Blockchain solutions to speed up cross-border payments and reduce transactional costs.  Energy  It is used in the energy industry for facilitating peer-to-peer energy trading. With this technology, energy producers will be able to sell directly the excess energy to consumers without any intermediaries.  Real estate  Blockchain can change the entire real estate domain by offering transparent and secure platforms for property transactions. This technology can help in reducing risks of fraud, lower costs, and speed up transactions.  Healthcare  In the healthcare industry, Blockchain technology can help in improving tasks like data sharing and record keeping. Any medical record stored in Blockchain can be accessed safely by both healthcare providers and patients. This leads to better patient care. It can help in preventing medical fraud, ensuring that the sensitive data is accessed by only authorized personnel.  There are various career opportunities available in the blockchain field, such as- Blockchain Developer Blockchain Solutions Architect Blockchain Project Manager Blockchain Legal Consultant Blockchain Quality Engineer Career opportunities in Blockchain  Blockchain is used in almost every sector as we just saw. There are several job roles that you can explore in Blockchain technology. Here are some of them: Blockchain developer Blockchain developers are high in demand as they help organizations expand their businesses to Blockchain platforms. This is probably one of the most marketable career paths in the Blockchain. These are high-ranking positions, hence Blockchain developers need to pay absolute attention to detail. A Blockchain developer salary is a lumpsome amount because of how demanding the job role is. These are professionals who have expertise in programming (such as C++, Python, and Javascript) and they build Blockchain applications. So for anyone wondering ‘does Blockchain require coding?’, the answer is yes it does. Average Blockchain developer salary: 8.5 LPA Blockchain engineer The experts behind the development of any top company’s computer network, data structures, cryptography, and algorithm are Blockchain engineers. These engineers are responsible for developing the infrastructure and software needed to run Blockchain networks. Blockchain engineers examine and optimize the nitty-gritty features of Blockchain technology. A Blockchain engineer salary in comparison to a Blockchain developer salary per month is almost the same. Average Blockchain engineer salary: 8.3 LPA Blockchain solution architect These professionals are responsible for designing, assigning, and connecting Blockchain solutions with team experts like network administrators, developers, IT operations, and UX designers. This helps in developing the complete Blockchain solution. Average Blockchain solution architect salary: 21.0 LPA Blockchain solutions quality engineer A Blockchain solutions quality engineer is responsible for checking and assuring that all operations are up to the mark according to the Blockchain development environment. These professionals conduct testing and automation of Blockchain frameworks. An important skill for these professionals is attention to detail which will help them spot any anomalies. Having good communication skills can go a long way for these individuals as it helps in maintaining good work relationships. Average Blockchain quality engineer salary: 13.3 LPA Blockchain consultant These individuals help new crypto firms develop growth strategies. They analyze the impact of Blockchain technology on a business and develop and implement strategies for increasing business efficiency. These professionals must have a proper understanding of Blockchain and the current market trends. Average Blockchain consultant salary: 15.4 LPA Why should you pursue a career in blockchain?  Blockchain technology is a skill that is high in demand but not many candidates are experts in it. Blockchain experts are needed in multiple fields. With the emergence of Blockchain technology, many industries have been revolutionized. The applications of Blockchain are seen in a wide number of industries (as mentioned above). It is a universal infrastructure that stores or transfers information across the globe in a secure manner. With a proper understanding of the technology, you will not only be able to advance to senior job roles but also become a decision-maker during business collaborations. With the application of Blockchain, industries can build decentralized secure databases, that are safe from manipulation and tampering. It helps increase data safety, transparency, and efficiency in making business transactions. Also, the cost of various business processes is reduced because of Blockchain solutions. Conclusion As we can see how the Blockchain has grown so much in just a few years, no one can deny that the Blockchain is the best technology that many industries will be based on in the future. The skills required to become a blockchain developer ranges from understanding technical knowledge to study fundamentals of working of cryptocurrency and blockchain structures. Many large companies have already started using the applications of Blockchain in their businesses and reaping its benefits. After almost a decade later, many products and services will be based on blockchain technology only, and it is the right time for anyone to begin their career as a blockchain developer. If you are interested in building a career in computer applications, making a career in Blockchain technology can help you reach the heights of your career. A study showed that between 2021 and 2030 the Blockchain technology market is estimated to grow at a rate of 82.8%. So you must be well-versed with the prerequisite for Blockchain listed above. 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.
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by Mayank Sahu

16 Feb 2024

Blockchain Developer Salary in India 2024 [For Freshers & Experienced]
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The Blockchain Era is has arrived, and it is now. Enterprises across various sectors of the industry are warming up to the concept of the decentralized ledger. There’s a global wave of Blockchain adoption among companies and businesses to address fundamental business problems. In fact, the adoption of Blockchain technology is occurring at such a rapid scale that Gartner predicts the business value of Blockchain tech will exceed $3 trillion by 2030. Blockchain technology has a number of applications usable across many industries. The most popular uses are reflective in identity management, supply chain analysis, and smart contracts. This technology’s complete range of benefits is set to see further discovery in the future. According to a 2018 PwC survey conducted on 600 executives hailing from 15 different regions, nearly 84% of the respondents claimed to be leveraging Blockchain in some way of the other. India is also catching up with the rising trend in Blockchain Adoption. With both the government and private companies showing increasing interest in Blockchain, the job market in this domain is booming at present. Check out our free courses to get an edge over the competition. 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 A common search query online remains, blockchain developer salary and blockchain engineer salary in India, implying its emergence and growing interest among young aspirants. 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. Check out our Advanced Certification in Blockchain Who Is a Blockchain Developer? Developing blockchain protocols, including developing a network that can be used for both data centralisation and decentralization, is the responsibility of a blockchain developer. Moreover, companies offer a good Blockchain developer salary to ask these professionals to be in charge of producing smart contracts.  To put it another way, the Core Blockchain Developer creates the foundation upon which others can develop. He utilizes web-based solutions built on the blockchain. Anyone who earns a reasonable blockchain developer salary in India is responsible for the company’s advancement in blockchain technology. The growing demand for Blockchain Developers in India Being an emerging technology that has just started gaining traction in the past few years, Blockchain talent is challenging to find. Today, Blockchain is one of the fastest-growing skill sets with jobs in this domain growing at a mindblowing rate of 2,000-6,000% and the salaries of Blockchain Developers being 50-100% higher than conventional developer jobs. No wonder there are lots of questions around blockchain developer salary and blockchain engineer salary. While the employment opportunities in Blockchain are many, there’s a limited talent pool in this domain. The demand for Blockchain techies, particularly Blockchain Developers in India is not only being created by the BFSI sector, but also by healthcare, education, supply chain management, cloud computing, stock trading, real estate, and even government agencies.  Check out our Advanced Certification in DevOps The job landscape in India is currently seeing a heightened demand for blockchain developers, making it one of the most sustained and fast-growing skills to flaunt. Average Blockchain Developer pay scales are at least 50 to 100 percent higher than that of a traditional developer.  The most in-demand Blockchain skills right now are Hyperledger, Solidity, Ripple, and Ethereum. However, since this space is relatively new, companies often settle for professionals with a specific skill set. For instance, Blockchain Developers must have a basic knowledge of mathematics and algorithms. They must be well-versed in C, C++, Java, and Python since a majority of Blockchain projects are written in these languages. The solidity developer salary India is high in those companies that are looking for Blockchain developers with Solidity as one of the key skills. Also, Blockchain Developers must be aware of at least a few tools required for Blockchain development such as Geth, Remix, Mist, Solium, Parity, BaaS, and Truffle, to name a few. Also, they should have some experience of working on open-source projects. Usually, most companies hire Blockchain Developers having at least a bachelor’s degree in Mathematics or Computer Science. All data in Blockchain gets stored in the form of blocks instead of tables. This ability to create such a data structure from the basics is part of the skill sets of a blockchain developer. Knowledge of languages for programming such as C-Sharp, C++, C, Java, Scala, and Python are also required. Most Blockchain certificates that the Blockchain Council offers are designed or intended for completion in the form of self-paced instruction. Generally, the course span ranges around 6-8 hours. Once you obtain certification, you get to gain a thorough understanding of the concepts of Blockchain and related implementation. You also get to demonstrate the knowledge and abilities in Blockchain you developed. In the last few years, using blockchain technology for exchanging loans, cryptocurrencies, assets, and other things has proved to be a massive success. The versatility of Blockchain implies the soaring blockchain developer salary. In addition to the fintech industry, other industries like Agtech, EdTech, healthcare, etc., have started to include Blockchain in their financial services. Though India is not in a steady or legal position to manage cryptocurrency, a few industries have started implementing Blockchain technology. Indian blockchain developers are demanding that domestic businesses prepare a digital transaction book that can’t be modified or hacked. Companies use this advanced technology to offer supreme security for sensitive and confidential data against cyber criminals. Also, this technology avoids Cyber-attacks on computer systems. The blockchain jobs salary India is admirable because the Indian companies have acknowledged Blockchain as the forthcoming big generation of cutting-edge technology. It will modernise the entire process of business operation. Blockchain developers are experts at developing and enhancing Blockchain technology protocols, building a network via Blockchain architecture for decentralised systems, and building Blockchain-focused online applications. Owing to these outstanding skills, these developers earn praiseworthy blockchain jobs salary. Two types of demanding Blockchain developers in India are Blockchain software developers and Core blockchain developers. Moreover, Blockchain engineers are familiar with programming languages like Javascript and Python and other technologies like hyper ledger fabric, smart contracts, Bitcoin, Ethereum, Solium, Mist, etc. The blockchain engineer salary is decent enough for those Blockchain engineers experts in all these programming languages and technologies. 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 upGrad’s Exclusive Software and Tech Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4   Blockchain professionals are demanding in several sectors, including the supply chain, healthcare, BFSI sector (Banking, financial services, and insurance). The key requisites for becoming a Blockchain developer are a powerful base in algorithms and mathematics, detailed knowledge of programming, and an understanding of Blockchain technology fundamentals. Candidates aspiring to become Blockchain developers must focus on learning foundational skills by pursuing a certificate program in fintech and financial blockchain. For blockchain developers aiming to enter the finance industry and earn decent blockchain jobs salary India, the fintech certification courses can help build a strong foundation. The digital revolution has significantly influenced the finance industry. The growing technological advancements have generated a market gap between the demand and supply for skilled Blockchain professionals. Upskilling via certification programs in Fintech and Financial Blockchain not only offers a competitive edge to the learners but also guarantees decent blockchain jobs salary. Our Learners also read: Career opportunities in Blockchain! On the whole, a Blockchain Developer must have a solid technical background and be ever-curious in learning about new technologies.  The Salary of Blockchain Developers in India Owing to the shortage of talent and skills in this domain, employers are always willing to pay high remuneration to Blockchain professionals if they are worthy. In fact, the salary of a Blockchain techie is way higher than an average IT professional. If you have the right Blockchain skills, you can make double, even three times the salary of what a Software Engineer makes in a year.   As more Indian companies and organizations are joining the Blockchain bandwagon, the average annual salary of a Blockchain Developer in India has a broad spectrum. Usually, the salary of a Blockchain Developer in India ranges anywhere between Rs. 5,00,000-30,00,000 LPA. According to estimates based on data with GlassDoor, the average national salary for Blockchain Developers in India stands at around Rs. 7,14,775 every year. As is visible, the higher your experience and the more profound your skillset, the higher will be your yearly compensation. Also, the salary package depends on whether or not a candidate has advanced certifications and the job position as well (entry-level, mid-level, senior-level). Furthermore, the salary packages of Blockchain jobs are highly dynamic. For instance, if a professional has around three years of Blockchain experience, the annual remuneration can be as high as Rs 45,00,000 or even more. This happens to be more than double of what a professional with five years of work experience (however, with no experience in Blockchain tech) would get.  Skillset is an important determining factor for blockchain developer salary. A strong foundation of distributed systems and networking is advantageous. Their salary varies based on one’s knowledge of various decentralised applications, including Ethereum, HyperLedger, EOS, and NEO. Apart from all these factors, having a certification is another key element contributing to admirable salaries. These certification courses help them demonstrate their abilities leading to increased scope of blockchain developer, ample career opportunities, and industry recognition. After gaining one of these certifications, the blockchain developer salary Chennai and other megacities of India can range from 5 LPA to 30 LPA. In fact, one thing to take note of here is that the average salary in the domain, even for a fresher, is significantly higher compared to other job profiles. According to Paul Dupuis, the MD of Randstad, India,  “Salaries for ready-to-be deployed techies with blockchain experience are twice that of a techie without blockchain expertise.”  Reinstating this fact, Lohit Bhatia, the Chief Executive (Staffing) of IKYA Human Capital Solutions, states, “Salary offered to a blockchain techie with just five years of experience is almost at par with that of a general manager in a bank with three decades of experience.” As for senior-level salaries for technology roles (without Blockchain expertise) was around Rs 1.5-2.5 crore in 2018. However, as the need for security has increased considerably across various sectors, particularly the BFSI sector, companies are willing to pay over Rs. 4 crores to senior-level Security professionals and Blockchain techies. Source: Payscale, Glassdoor There is a significant gap in the demand and supply of Blockchain professionals in India. Out of the 2 million Software Developers in India, only 5,000 professionals possess Blockchain skills. At present, public sector banks are leading the game by creating the highest demand for Blockchain Developers with about 4,000 specialists in this domain (as of 2018) compared to 2,300 experts in 2017. This depicts a 75% increase in the demand for Blockchain specialists. According to TeamLease research, there are about 2,000 Blockchain professionals in NBFCs and 2,400 in public sector companies. Also read, Blockchain career and its future growth  Among the top blockchain jobs available in India, we have compiled a list of the most in-demand, as per rankings- Blockchain Developers: Of course, this is the topper on the list, with salaries touching even a whooping Rs 82 lakh per year for highly experienced or skilled people. Blockchain developers help design the best solutions for establishing the new technologies to utilize superior expertise. In terms of being a developer, you can pick from becoming a core blockchain developer or even a software blockchain developer. The top skills relevant to such profiles are clarity on blockchain architecture, understanding of cryptography, awareness of data structures, web development knowledge, and expertise in main programming languages including Java, Solidity, C++, and Python. The solidity developer salary India highlights the Blockchain developers’ versatility. Blockchain Architects: With such a profile, candidates can plan, oversee, and integrate multiple components in a blockchain system. A blockchain developer should have an in-depth understanding of what blockchain is. They are later introduced with concepts like cryptographic hash functions and ledger technology. After learning all fundamental concepts, the scope of blockchain developer for a job in leading firms significantly increases. One of the excellent methods to learn Blockchain fundamental concepts is reading the Bitcoin blockchain whitepaper. Adopting this method can unlock opportunities for admirable blockchain developer salary Chennai. Blockchain developers should be able to apply data structures whenever required. Being a blockchain engineer, you would have to deal with various data structures and complex cryptography throughout your career. The ability to manage all these accounts for a decent blockchain engineer salary. Blockchain Security Engineers: The profile with shining high with a scope of blockchain developer has steadily become prominent over the years in the IT business. Blockchain Security Engineers occupy a crucial role in building robust decentralised networks making blockchain future scope in India rising. They harden blockchain platforms against vulnerabilities like data tampering, DDoS attacks or theft of encryption keys making this profile a high blockchain package, with a decent blockchain developer salary in India. Daily responsibilities include analysing test cases for failure points and optimising cryptographic security protocols. These specialised engineers ensure attributes that make blockchain valuable for business – transparency, integrity and auditability – remain intact through proactive threat modelling. Their niche skillset with deep knowledge of encryption, cryptography and networking allows companies to safely develop blockchain applications, executing smart contracts or digital asset transfers without compromise. Top-notch security engineers can earn over ₹20 lakh annually in India, with providing blockchain developer fresher salary in India to newbie. This blockchain technology and profile in this is no less than an opportunity to ,make a good money with blockchain developer salary, or blockchain salary in India, on a constant rise especially for blockchain developers in India Blockchain Product Managers: As blockchain project managers, you get to oversee projects and also help maintain contact between a company and the blockchain experts and gain a handsome blockchain developer salary in India, beataing blockchain developer salary for freshers in India. Blockchain Product Managers act as the bridge between business needs and technical development. They conceptualise and oversee building end-to-end blockchain solutions tailored to market demands. Conducting research, framing requirements based on industry insights and coordinating engineering teams are core responsibilities of the developer and gaining a good blockchain developer salary per month in India . Excellent communication coupled with functional knowledge of blockchain enables collaboration across functions. They govern the product lifecycle – from ideation to launch, including prototyping and testing blockchain apps or platforms. Their balance of project management skills, commercial awareness and technical grasp of decentralised systems warrants annual salaries exceeding ₹15 lakh in India, this is no less than an average salary of blockchain developers in India. Blockchain UX Designers: UX designers work on creating distinctive as well as user-friendly interfaces, which is a friedly space with ample opportunities for having a good blockchain technology salary. Blockchain UX Designers specialise in crafting intuitive user experiences that drive mass adoption of decentralised applications. Their speciality is understanding complex blockchain technology and translating that into simple, elegant interfaces for the average consumer. Conceptualising wireframes, building prototypes and implementing slick front-end designs are day-to-day activities. Their vision to make blockchain solutions extremely user-friendly and front-end development skills warrant salaries above ₹10 lakh yearly in India, which is considered handsome blockchian developer salary in India. As blockchain permeates industries, UX Designers will grow more pivotal in boosting accessibility and ease of use for decentralised apps across domains. Blockchain Quality Engineers:  Such engineers look at all testing-related stuff around apps for performance evaluation. Blockchain Quality Engineers, get a good blockchain engineer salary in India ensure decentralised applications reliably function as intended. They create test cases to validate software across security, functionality, stability and scalability parameters. Rigorously running tests to identify bugs and then debugging and optimising blockchain codebases is their speciality. Strong analytical abilities allow for recognising issues before product launch. Adhering to quality standards, they guarantee blockchain apps or platforms meet specifications in production environments. With acute attention to detail, Blockchain Quality Engineers in India earn approximately ₹8-12 lakhs yearly, wich is not even a blockchain package, Their work is vital for building trust in blockchain technology across industries. It is a rising industry, with a high blockchain future scope in India. 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 Blockchain Developer Salary In India: Based on Job Location The amount of experience a developer has in the field of blockchain also affects their Blockchain salary in India. The likelihood of making more money increases with a city’s technical sophistication. You will have more chances to prove your qualifications if you are prepared to move to a more senior position. Here is a table representing the average salary of a Blockchain Developer in India based on their job location:  Job Location Blockchain Developer Salary Per Annum Mumbai INR 707,000 Delhi INR 599,000 Chennai INR 729,228 Bangalore INR 619,000 Pune INR 883,000 Hyderabad INR 500,000 Blockchain Developer Salary In India: Based on Job Role The two criteria that determine job roles are. The candidate’s background and the tech stack they are most familiar with. The pay based on experience has been discussed. Here is a table representing the Blockchain developer salary in India based on the various work roles:  Job Role Blockchain Developer Salary Per Annum Integrations Engineer INR 672,449 Smart Contract Developer INR 550,000 Core Engineer INR 450,000 Smart Contract Engineer INR 722,698 Blockchain Developer Salary In India: Based on Job Experience Level It is a common belief in the sector that a developer’s pay is based on the amount of experience he or she has. Depending on their level of domain experience, employees are divided into various categories. Let’s examine the blockchain developer salary india for the various groups.  Blockchain Developer Salary For Freshers Workers with no prior software experience and 0–1 year of blockchain technology experience are considered full beginners. In this instance, the blockchain developer salary in India for freshers may be roughly INR 600,000 annually.  Blockchain Developer Salary For Developers With 1-2 Yrs Experience Workers with 1-2 years of software experience and 0–1 years of familiarity with blockchain technology are considered new developers. In this instance, the pay might be roughly INR 700,000 per year. Blockchain Developer Salary With 2-4 yrs of Experience Workers with 2-4 years of software experience and 0–1 year of familiarity with blockchain technology are regarded as experienced developers. In this instance, the pay may be roughly around INR 7,50,000 and INR 8,50,000.  Blockchain Developer Salary For Blockchain Master Blockchain technology salary in india are considered according to the experience they have. 2-4 years of software experience and 0–1 year of exposure to blockchain technology. In this case, the salary might be around INR 800,000 and INR 900,000. Blockchain Engineer Salary Based on Company Here is a table representing the top companies hiring Blockchain developers and the average blockchain engineer salary each offer:   Company  Blockchain Developer Salary Per Annum Accenture INR 10,00,000 Bosch India INR 11,00,000 TCS INR 6,00,000 Tech Mahindra INR 7,50,000 HCL Technologies INR 20,00,000 Skills Required For Becoming a Blockchain Developer 1. Blockchain Design/ Blockchain Architecture Design: Firstly, Blockchain developers should have a strong understanding of Blockchain, its working, and how it’s built. Without learning the design of Blockchain/Blockchain Architecture, these developers can’t get a decent blockchain salary. Studying the same from courses/blogs is beneficial and time-saving. Experimenting with building basic DApps, minting NFTs or writing Solidity contracts allows developers to confront real-world limitations and considerations when designing robust decentralized platforms and applications, ensuring nft developer salary for work which is no less than a blockchain developer salary per month The space progresses rapidly, so keeping up with latest innovations also ensures competitive relevancy. For example, understanding differences between chains like Bitcoin vs Ethereum or NFT trends brings practical insights reflecting where industry opportunities for developers and professionals lie.  2. Data Structures: Blockchain developers should be able to use the data structures when they are needed. Many Blockchain developers are constantly experimenting with existing data structures, for example, Merkle trees, to fulfil their network requirements. Learning Blockchain data structures can increase the odds of getting a blockchain developer salary Hyderabad. They can work with a wide range of data structures and complex cryptography to construct a safe system. Experimenting with data structures by building prototypes allows understanding nuanced considerations in using options like Patricia tries instead of binary tries for use cases like Ethereum. Factors like optimizations in data access, traversal, lookups and migrations make data structuring choices pivotal. Evaluation skills assist in selecting ideal options and balancing scalability and efficiency for target network requirements. Beyond foundational data structure knowledge, keeping current with innovations equally helps as the field constantly evolves.  3. Cryptography: Data architectures and cryptography are equally important. During blockchain development, several algorithms and hash functions like KECCAK256, SHA256, and others are used. Blockchain developers should be familiar with essential Cryptography related aspects required in their job profiles. Testing implementations by creating small experimental public-private key encryption workflows or consensus models allows a grasp of considerations like computational tradeoffs, randomness and security proofs. A hands-on understanding of the latest innovations like zero-knowledge proofs, trusted execution environments, and homomorphic encryption keeps skillsets relevant as the space pushes boundaries of what securely decentralized systems can achieve a blockchain developer fresher salary in India. 4. Smart Contract Development: Smart contracts are programs that execute when determining criteria are fulfilled. Usually, they help automate an agreement’s implementation to ensure all the parties can be immediately assured of the conclusion without any intermediaries. In recent years, smart contracts have become increasingly crucial. Since business logic can be easily employed with Blockchain technology, the majority of Blockchain developers aim to incorporate it into their services. So, being an expert at Smart Contract Development can help you get a promising blockchain salary. 5. Web-Development: One of the critical elements of becoming a Blockchain developer is developing and designing decentralised applications. Therefore, learning both the front-end and back-end web developments are critical.Server-side fluency in JavaScript/TypeScript/Go empowers crafting high-performance smart contracts and distributed business logic. On the client side, React’s expertise in building responsive cross-platform UIs, using Web3 wallets or integrating NFT functionality creates holistic DApps aligned with ecosystem growth into crypto payments, social, gaming and metaverses. Practice creating intuitive interfaces masking blockchain complexities enables mainstream accessibility.  6. Understanding of Enterprise Business Processes Understanding enterprise business processes increase the odds of cracking Blockchain coding interview. The corresponding skills are essential for thinking and employing a plan for the solution. Procurement, logistics, supply chain, distribution, treasury operations, and other associated areas demand a fundamental understanding. It helps impress an HR manager during an interview and finally land a job with a decent blockchain developer salary Hyderabad.  Topmost companies hiring Blockchain Developers in India Hyperlink InfoSystem Tata Consultancy Services Infosys Capgemini India Pvt ltd Accenture Tech Mahindra WillowTree Apps Zensar Technologies HData Systems Fueled 7.DApp Development Skills As blockchain technology redefines how to build secure, transparent and decentralized applications with capabilities like digital asset creation, exchange and programmability, expertise in decentralized app (DApp) development becomes pivotal for blockchain developers to drive adoption. Designing intuitive user interfaces, integrating Web3 wallet connectivity for seamless crypto transactions, and ensuring gas-optimized smart contract logic comes together to shape positive user experiences across industries. Practical DApp development skills bridging blockchain protocols to an application layer accessible for end-users provides the last mile that unlocks embracing decentralisation at scale. 8. Network Security Skills Robust security abilities enable blockchain developers to architect the sophisticated mechanisms underpinning trust minimisation in decentralised ecosystems. Capabilities like multi-party computation for privacy or formal verification of contract code promote resilience against risks like data tampering or wallet hacks. Testing implementations against attack scenarios through red teaming uncovers vulnerabilities early, especially vital as decentralised apps manage high-value assets. Staying updated on innovations around zero-knowledge proofs, trusted execution environments, and consensus optimisations allows matching security assurances with enterprise-grade-level performance. 9. Distributed Ledger Technology Fluency in distributed systems architecture allows the crafting of decentralised applications optimised for attributes like fault tolerance, accountability and transparency by spreading control across participant nodes. Developer familiarity with consensus protocols (PoW, PoS etc), peer-to-peer data transmission, cryptographic identities and other building blocks enable reliably recording state without central intermediaries. As solutions scale managing heavier transaction loads, a deep grasp of sharding approaches, off-chain computation and sidechains promise greater throughput and interoperability, unlocking decentralisation for complex data scenarios. 10. Financial Principles As blockchain redefines digital ownership, exchange and programmability of assets, deep familiarity with financial contexts sharpens dApp designs to reimagine processes across banking, capital markets, insurance and more. For instance, structuring parametric policies as smart contracts instead of paperwork streamlines payouts in insurance. Expertise of domains combined with fluency of representing asset logic digitally as tokenised securities or synthetic derivatives under decentralisation paradigms allows market reach and access unhindered by conventional intermediaries. The Future Potential of Blockchain Technology Blockchain technology has captured the imagination of industries worldwide, promising to revolutionize how businesses operate and interact. While its current applications in identity management, supply chain analysis, and smart contracts have shown immense promise, the future potential of blockchain technology is even more intriguing. 1. Decentralized Finance (DeFi) DeFi has gained significant attention, offering decentralized financial services such as lending, borrowing, trading, and yield farming without intermediaries. This trend can reshape traditional financial systems, making them more accessible, transparent, and inclusive. Allowing crypto collateral to unlock everything from easy cross-border payments to transparent derivative exposures managed by smart contracts instead of paperwork streamlines processes to boost efficiency. As composable DeFi protocols unlock programmable money stacks together into an open financial system rather than siloed services, the possibilities span instant cross-asset swaps to large-scale crypto-backed loans with algorithmically determined interest rates. 2. Tokenization of Assets Blockchain enables the fractional ownership of real-world assets through tokenization. This could transform how we invest in real estate, art, commodities, and intellectual property. Tokenizing assets can provide liquidity, reduce barriers to entry, and increase market efficiency. Providing 24/7 markets with settlement finality in seconds rather than days can boost previously illiquid market efficiency. As asset tokenisation standards and regulations evolve across jurisdictions to manage considerations like compliance, blockchain-based digitisation unlocks capital access and exposure to new asset classes for regular investors by simply transacting programmable digital tokens. 3. Supply Chain Traceability While Blockchain has already been used for supply chain transparency, the technology’s future potential lies in creating end-to-end traceability. Consumers could scan a product’s QR code to access its entire journey from raw materials to the store shelf, ensuring authenticity, ethical sourcing, and quality control. Bringing end-to-end life cycle traceability to categories like food or pharmaceuticals enables authenticity while minimising counterfeits – high priorities for consumer trust. 4. Healthcare and Medical Records Blockchain could revolutionize healthcare by securely storing and sharing patient data across healthcare providers. This would give patients control over their medical records while ensuring privacy, data accuracy, and interoperability between healthcare systems. As healthcare interoperability matures across global regions, standardised health records on blockchain usher portability, empowering patient ownership instead of opaque systems holding data. With appropriate consent mechanisms for sharing sensitive personal information, blockchain offers a bridge to patient-centric healthcare through distributed yet unified data. 5. Renewable Energy and Carbon Credits Blockchain could play a vital role in creating transparent systems for tracking and trading renewable energy and carbon credits. This could incentivize sustainable practices and contribute to combating climate change. Tokenising carbon mitigation into freely tradable units on a transparent ledger promises more accessible offset marketplaces connecting emission producers and offset buyers. 6. Digital Identity and Authentication Blockchain has the potential to create secure and verifiable digital identities, reducing the risk of identity theft and providing individuals with control over their personal information. This is particularly valuable in a world where digital interactions are increasingly common. Allowing respondents to disclose attributes to service providers via cryptographic zero-knowledge proofs selectively upholds privacy while proving authenticity. As standards converge across regions, blockchain digital IDs can enable seamless international banking and healthcare transactions by always putting individuals owning their identity data first yet facilitating qualified disclosure as required. 7. Voting Systems Blockchain-based voting systems could enhance election transparency, security, and accessibility. This technology could help eliminate voter fraud and ensure tamper-proof election results.Option for multi-party oversight over tallying using smart contracts rather than opaque processes uplifts accountability. As adoption accelerates globally, standardised blockchain voting systems could enable enforcement of identity verification coupled with the distribution of digital access passkeys, unlocking the ballot box conveniently from any location. While exploratory today with small-scale trials, blockchain voting offers a pathway to fortifying the very heart of democracy as countries increasingly embrace digital governance. 8. Cross-Border Payments and Remittances Blockchain’s ability to facilitate near-instant cross-border payments could revolutionize international trade and remittances, reducing fees, transaction times, and reliance on intermediaries. Service reach even to remote areas leaps forward by only requiring internet access for accessing wallets. As specialised blockchain payment systems and stablecoin-focused initiatives gain maturity, interconnecting with localised payment partners globally, the next decades promise a reinvented architecture for authorised payments, unlocking trillions in latent economic upside through open, connected and borderless value transfer underpinned by cryptography. Blockchain Development Challenges While offering numerous benefits, blockchain development also comes with its fair share of challenges and considerations. Here are some of the key challenges and considerations in blockchain development: 1. Scalability Traditional blockchains like Bitcoin and Ethereum often face scalability issues due to their limited transaction processing capabilities. As more users join the network, the time and cost of transactions can increase significantly. Blockchain developers must explore solutions such as sharding, layer 2 protocols, and optimized consensus mechanisms to address scalability concerns. 2. Interoperability The blockchain ecosystem is highly fragmented, with multiple platforms and protocols existing independently. Ensuring interoperability between different blockchains is essential to facilitate seamless communication and data exchange across networks. Projects like Polkadot and Cosmos aim to address this challenge by enabling cross-chain interoperability. 3. Security Blockchains are considered secure due to their cryptographic principles, but they are not immune to vulnerabilities. Smart contract bugs, 51% attacks, and vulnerabilities in consensus algorithms can compromise the integrity of the Blockchain. Thorough security audits, code reviews, and continuous monitoring are essential to mitigate these risks. 4. Regulatory Compliance Blockchain technology often operates in a regulatory grey area, especially regarding data privacy, ownership, and legal frameworks. Blockchain developers and businesses must navigate evolving regulatory landscapes to ensure compliance with laws while maintaining the core principles of decentralization and immutability. 5. User Experience The user experience on many blockchain applications can be challenging for non-technical users. Wallet management, private key security, and transaction confirmation times can deter mainstream adoption. Improving user interfaces and simplifying onboarding processes are critical to making blockchain applications more user-friendly. 6. Energy Consumption Proof-of-work (PoW) consensus mechanisms, as used in Bitcoin, consume substantial amounts of energy, leading to concerns about environmental impact. Transitioning to more energy-efficient consensus mechanisms like proof-of-stake (PoS) or delegated proof-of-stake (DPoS) is a consideration for blockchain developers to minimize carbon footprints. 7. Lack of Standards The lack of universally accepted standards in blockchain development can lead to fragmentation and compatibility issues. Establishing common protocols, data formats, and development practices is crucial to fostering a cohesive blockchain ecosystem. 8. Data Privacy Public blockchains store data in a transparent and immutable manner, which may conflict with privacy requirements in certain use cases. Developing solutions that allow for private transactions, data encryption, and permission access to certain information is essential for applications that deal with sensitive data. 9. Legal and Ethical Challenges Decentralized autonomous organizations (DAOs) and smart contracts can raise legal and ethical questions. Determining liability, resolving disputes, and managing unintended consequences of automated code execution need careful consideration. 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? Wrapping up… However, since Blockchain skills are mainly being developed and encouraged in-house by employers, hopefully, there’ll be more talented Blockchain professionals in the near future.  If you are interested to learn blockchain and take your career to the next level, check out IIIT-B & upGrad’s Executive PG Programme in Software Development- Specialisation in Blockchain.
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by upGrad

11 Feb 2024

Blockchain Applications in Supply Chain
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The distributed-nature technology of Blockchain has disrupted many industries, with its uses and blockchain applications in supply chain leading to innovations everywhere. Bitcoin and other cryptocurrencies are just the initial use cases of the blockchain. The truth is that blockchain technology can be applied to far more sectors than was initially imagined. More security, decentralized nature, easy verification, and protected identities are just some of the many features that make the blockchain truly transformational. One area where this technology can be efficiently exploited is the supply chain sector. Learn Software Courses online 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. Blockchain essentially is a distributed ledger that is updated in real time with each network participant making a transaction. This specific feature can be put to good use when it comes to the supply chain management. Logistics demand transparency and traceability. It is clear that customers want their meat or grains to be exactly as has been promised on the packaging. Incorporating blockchain into supply chain management can certainly be a step towards ensuring that. With the potential to almost eliminate fatal errors, and minimizing courier costs, blockchain can be viewed as the next big step in supply chain management. Some companies have gone ahead and taken this step, with Walmart partnering with IBM for a project in order to trace their products much faster than traditional methods.   Here are a few use cases of blockchain which are certain to revolutionize the supply chain sector in the near future: Seafood tracing and verification News about mislabelled and ‘not-fit-for-consumption’ seafood have been floating around since 2016. The seafood industry faces a lot of problems due to difficulty in tracking produce from ocean to plate. In the event of a disease breakout due to seafood consumption, with the current supply chain logistics, it becomes tough to track and single out the source of the malicious activities. With blockchain, however, it can become a completely different story. With projects such as the Pacific Tuna project, which aims at putting a label on every tuna that makes it from the ocean to the market, blockchain applications in seafood tracing and verification is something we all can get behind. Seafood is physically tagged and the data is then stored on the blockchain to enable easy access at any time and place. The food supply chain, in general, can benefit from blockchain uses, and seafood is a particular use case that is particularly problematic and could use the extra help. 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 upGrad’s Full Stack Development Bootcamp (JS/MERN) Pharmaceutical safety The problem with drugs and pharmaceutical safety is two-pronged- Tracing and verification, Second being Frauds. According to reports, the global fraudulent drug industry is worth about USD 75-200 billion. The traditional blockchain applications in supply chain just cannot be relied upon to bring down those numbers. The opacity of the chain is what causes the problem, and with blockchain applications thrown into the mix, the problem can certainly be reduced. Tracing drugs from manufacturer to buyer, it can be identified exactly where the problem in the supply chain lies. This can help counter fraud and prevent deaths due to counterfeit drug consumption. 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.   Blockchain applications in supply chain can also ensure drug safety which environmental conditions may threaten. As medicines need to be at a certain cool temperature, it can be disastrous for shipments if, perhaps, the AC unit fails, and the driver is oblivious to the problem. With all medicine units on the blockchain, alerts could be issued whenever the temperature falls below a certain level or for other environmental conditions so that human intervention could fix the problem. Automotive supply chain It is predicted that blockchain applications in  supply chain are set to take over the entire automotive marketplace. Ownership, payments, financing, production, and tracking are all set to be blockchain-ed soon. Looking at the blockchain applications in supply chain part of things, one of the biggest problems with the automotive supply chain is the counterfeit parts industry. As with counterfeit drugs, fake automotive spare parts can also be tracked using similar logic and features of the blockchain. At every step of the way, companies can track the parts they produce and sell so that customers get what they want. Blockchain application helps in increasing the efficiency of the recall process as well. Since data about every car/vehicle produced is on the blockchain, it could be quickly identified when a shipped vehicle encounters a fault. This can be coded into a smart contract- with faulty parts triggering some clauses in the contracts, notifying the supplier to recall one or all units produced. Another example where blockchain has helped overhaul the automobile industry is the cloud-based AutoDX, short for Auto Exchange Data. It is designed with the assistance from IBM and can handle invoices, purchases, and even transport requests. At present, more than 60 firms employ this system and plans are afoot to overhaul the general system onto a one that works on an intelligent blockchain network. The reason for this is extremely clear – when automobile makers and component manufacturers are brought onto the blockchain, it brings a clear end-to-end supply chain visibility for everyone involved, which, in turn, improves the overall efficiency of the supply chain. Using the AutoDX platform, a purchase order from an automobile manufacturer is docked into its component marker’s system. The moment this is accepted, a sales order is automatically created without human intervention. AutoDX has successfully been able to shave off a large chunk (approximately 80%) of the vendor management, invoices, and supply chain management costs which accounted for 1%-5% of total costs. 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 Maersk and IBM: collaborative efforts Two giants, Maersk and IBM, announced their joint efforts to use blockchain applications to revolutionize supply chain management in January 2018. The companies have been working together for several years, and this was how they made it formal and official. Other partners of the project include DuPont, General Motors, and Tetra Pak. Federal organizations have also shown support, including bodies such as the US Customs and Border Protection, and the Customs Administration of the Netherlands. The Maersk-IBM joint venture aims at commercializing- Paperless trade. The amount of paperwork involved in the supply chain is too much and unnecessary. The joint venture aims to eliminate the need of paper for contracts, agreements, and other documents, by digitization of all contracts, into smart contracts, perhaps. Shipping information pipeline. This enables everyone involved in supply chain management to seamlessly exchange information, as the chain is visible openly to anyone on the network. Transparency is what the supply chain needs, and that is what it’ll be getting. The project is aimed at providing value to every stakeholder in the supply chain, be it suppliers, retailers, producers or transporters. The project is still awaiting regulatory approval but is certainly a step in the right direction when it comes to blockchain applications in supply chain management. Master the Technology of the Future – Blockchain Blockchain-enabled Smart Contracts for Efficient Supply Chain Operations Blockchain technology has introduced the concept of smart contracts, self-executing contracts with predefined rules encoded directly onto the blockchain. In the supply chain sector, smart contracts have the potential to revolutionize operations by automating and streamlining various processes. Here’s how blockchain-enabled smart contracts enhance efficiency in supply chain operations: 1. Automated Order and Payment Processing Smart contracts facilitate automated order processing in the supply chain. Once predefined conditions are met, such as shipment delivery or quality inspection confirmation, the smart contract automatically triggers the payment to the supplier, reducing the need for manual intervention and accelerating the payment process. 2. Real-time Tracking and Transparency Blockchain-based smart contracts enable real-time tracking of goods along the supply chain. As each transaction or movement of goods is recorded on the blockchain, stakeholders can trace the journey of products from the point of origin to the final destination. This transparency enhances accountability, reduces delays, and minimizes the risk of fraud. 3. Improved Compliance and Auditability Smart contracts enforce compliance with predefined rules and regulations throughout the blockchain applications in supply chain. By recording all relevant information on the blockchain, auditing becomes more straightforward and less time-consuming. This ensures all parties adhere to contractual obligations, fostering trust among supply chain participants. 4. Supply Chain Coordination and Collaboration Smart contracts promote better coordination and collaboration among supply chain participants. When all stakeholders share access to the same data set on the blockchain, they can make informed decisions based on real-time information, leading to more efficient and coordinated operations. 5. Reduced Disputes and Discrepancies By eliminating the need for intermediaries and automating processes, smart contracts reduce the likelihood of disputes and discrepancies. All parties involved have access to the same information on the immutable blockchain, minimizing misunderstandings and conflicts. 6. Cost Savings and Efficiency Gains Blockchain-enabled smart contracts streamline supply chain processes, leading to cost savings and efficiency gains. With automated order processing, real-time tracking, and reduced administrative overhead, businesses can optimize their operations and allocate resources more effectively. Blockchain-enabled Smart Contracts for Efficient Supply Chain Operations Blockchain technology has introduced the concept of smart contracts, self-executing contracts with predefined rules encoded directly onto the blockchain. In the supply chain sector, smart contracts have the potential to revolutionize operations by automating and streamlining various processes. Here’s how blockchain-enabled smart contracts enhance efficiency in supply chain operations: 1. Automated Order and Payment Processing Smart contracts facilitate automated order processing in the blockchain applications in supply chain. Once predefined conditions are met, such as shipment delivery or quality inspection confirmation, the smart contract automatically triggers the payment to the supplier, reducing the need for manual intervention and accelerating the payment process. 2. Real-time Tracking and Transparency Blockchain-based smart contracts enable real-time tracking of goods along the supply chain. As each transaction or movement of goods is recorded on the blockchain, stakeholders can trace the journey of products from the point of origin to the final destination.  3. Improved Compliance and Auditability Smart contracts enforce compliance with predefined rules and regulations throughout the supply chain. By recording all relevant information on the blockchain, auditing becomes more straightforward and less time-consuming.  4. Supply Chain Coordination and Collaboration Smart contracts promote better coordination and collaboration among supply chain participants. When all stakeholders share access to the same data set on the blockchain, they can make informed decisions based on real-time information, leading to more efficient and coordinated operations. Master the Technology of the Future – Blockchain Blockchain applications in supply chain in the supply chain can result in benefits, and even though it is still in its initial stages, the potential for a supply chain revolution is huge. To become a blockchain developer and build smart contracts and chain codes, check out IIIT-B & upGrad’s Advanced certificate program in blockchain technology.
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by Radhika Maloo

28 Aug 2023

Applications of Blockchain in Healthcare Industry
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After taking the finance and business sector by storm, Blockchain applications in healthcare are now all set to radicalize the healthcare industry. Ever since its inception, there’s been a massive buzz around the concept of blockchain and after witnessing excellent results that blockchain technology has brought about for the Finance sector, healthcare giants cannot help but think of ways to incorporate applications of blockchain in healthcare. In fact, blockchain has already started penetrating the industry, and there are numerous Blockchain applications in healthcare to account for this statement. Learn Software Engineer 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.  According to Statista,  applications of blockchain in healthcare would have been adopted by nearly 55% of companies by 2025. Then again, a BIS research report suggests that by the end of 2025, the net worth of blockchain in healthcare will reach $5.61 billion from $176.8 million (2018). Read more about how blockchain is transforming Indian industries. What is Blockchain and How Does it Work? At its core, blockchain is a decentralized system designed to record and preserve transaction data. It is an immutable, distributed ledger consisting of interconnected transaction blocks forming a peer-to-peer network. Blockchain leverages well-established cryptographic techniques to facilitate communication among network participants without requiring prior trust. Unlike traditional systems, there is no central authority governing the blockchain. Instead, all participants maintain and share transaction records. Interactions with the blockchain and healthcare are transparent to all parties, and any information addition necessitates network verification. This characteristic enables trustless collaboration between participants while creating an unchangeable audit trail of all transactions. While the chained blocks allow you to store different data types, the transaction is one of its common forms, including financial records and product inventories.  Blockchains are different from databases as they are functional in storing data in blocks instead of tables. This will create an unalterable timeline that documents any transactions.  Blockchains exhibit a decentralized nature, facilitating easy sharing of data. Nevertheless, they can also be configured as private and centralized systems exclusively used by a single entity. Blockchains demonstrate a self-correcting mechanism. If data within one block is compromised or tampered with, the information in the other blocks within the chain cross-references each other, helping to detect and rectify the error. Security is a fundamental characteristic of blockchains. Once a block is created, any attempt to modify it requires the consensus of most blocks in the chain, necessitating changes to the cryptographic codes of adjacent blocks. How Blockchain Improves Electronic Health Record Systems? Electronic health records (EHRs) have emerged as a vital aspect of patient care, offering comprehensive, precise, and easily accessible medical treatment histories for everyone. Nevertheless, safeguarding the sensitive personal data housed within EHRs presents increasing challenges with the growing complexity of health information systems (HIS). Addressing these security concerns is where one can find the applications of blockchain in healthcare. Electronic health records (EHRs) capture patient health data in a digital format, generated and stored by multiple healthcare facilities. Typically, the healthcare provider responsible for creating the record maintains primary access. Individual EHRs often lack completeness and suffer from inconsistent management by the organizations that create and maintain them. Consequently, healthcare providers face fragmented views of a patient’s medical history. Achieving comprehensive and accessible healthcare histories through EHRs encounters additional obstacles like interoperability challenges between health information systems (HISs) and ensuring effective access control through authentication. Applications of blockchain in healthcare addresses these limitations by interlinking EHRs and distributing records ownership among all stakeholders. It incorporates various security and authentication features, offering a promising solution to these challenges. Why Blockchain for Healthcare? The healthcare sector generates vast amounts of critical data that often remains scattered and unorganized across various systems. The lack of proper and adequate infrastructure further aggravates this issue as a result of which healthcare providers (HCPs) are unable to access vital information at times of need. The absence of a centrally monitored and administered system makes healthcare data susceptible to breach and corruption. If data is stored within a particular physical machine, then anyone who has access to it can tweak the data and misuse it or even corrupt it. Check out upGrad’s Advanced Certification in DevOps  Blockchain applications, however, do not need a centrally administered system since the data will be stored within blocks of a distributed ledger, safeguarded through intricate cryptography. In a blockchain-based system, it’s not possible to manipulate and corrupt the data since the tweaked hashes will not match what’s fed into the system. In the healthcare scenario, applications of blockchain in healthcare are not only helping preserve and safeguard data integrity but are also helping pharma companies in regulating the drug supply chain, recruiting patients for clinical trials, facilitating interoperability with IoT devices, and much more. Blockchain technology in healthcare are not only helping preserve and safeguard data integrity but are also helping pharma companies in regulating the drug supply chain, recruiting patients for clinical trials, facilitating interoperability with IoT devices, and much more. Blockchain is decentralized, distributed, and immutable, and hence, it holds an immense potential to transform the healthcare sector by minimizing operational costs, eliminating corruption of data, optimizing healthcare processes, and promoting transparency. 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 Clear benefits that Blockchain provides As we’ve already discussed, Blockchain applications have truly overhauled industries across various domains. Blockchain technology in healthcare has brought forth benefits that were almost unimaginable just a few years back. If we talk about what is blockchain, we’ll realize that it’s indeed one of the most revolutionary technologies that have been presented to us in a long time. The Blockchain technology is immutable, decentralized, and therefore supremely secure. Whichever industry has opted the Blockchain route has realized that the applications of blockchain are what were needed to enhance their operations. The blockchain application examples find a place in everything from banking, retail, supply chain, and especially in healthcare. Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) Healthcare has always been one of those industries that relied more on paperwork and manual labor. That, without a doubt, exposed them to a lot of security concerns. With applications of Blockchain finding their way in, there is no doubt about one clear benefit that Blockchain technology in healthcare provides. Even the future of it looks in safe hands now that Blockchain applications have proved their mettle in the healthcare industry. 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 Projects in Healthcare As more and more HCPs are realizing the potential of applications of blockchain and healthcare, they are adopting the innovative tech within their core infrastructure with an aim to deliver quality healthcare services. Here are some of the most successful and influential  Blockchain applications in healthcare : 1. Doc.AI Founded by Walter and Sam De Brouwer in 2016, Doc.AI is a Palo Alto-based start-up that leverages both natural language processing  (NLP) and computer vision in combination with blockchain technology to secure medical data and extract meaningful insights from it. Doc.AI allows you to launch a ‘data trial’ which essentially means that one can access a bundle of medical data stored in its system. Once the relevant data is retrieved, data scientists analyze your data and make possible predictions by connecting the dots. You can then take this data to a trained medical professional. 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 2. FarmaTrust Although a developing platform, FarmaTrust is a blockchain-based platform that focuses on improving the integrity of the drug supply chain. FarmaTrust allows you to track and monitor the activities of pharma companies through a digital supply chain that helps monitor the pharmaceutical drugs that penetrate the industry. The primary aim of FarmaTrust is to combat and eliminate the propagation of counterfeit drugs in the industry. The platform seeks to achieve this end by connecting pharma companies, drug manufacturers and suppliers, wholesalers, pharmacies, logistics, pharmacies, and HCPs over a single-integrated network to promote transparency within the industry. This will also help in reducing the supply chain costs significantly. In the future, FarmaTrust hopes to develop advanced AI algorithms that can automatically leverage unsupervised machine learning techniques to detect fake drugs. 3. Chronicled Chronicled combines blockchain technology with IoT to enhance and improve traceability and accountability within the drug supply chain. When it comes to sensitive healthcare products (certain vaccines, for instance, are time and temperature sensitive), speedy and timely delivery is highly crucial. Chronicled makes this possible by using a combination of blockchain tech, AI, and IoT to drive end-to-end smart supply chain solutions. Partnering with The LinkLab, Chronicled had also launched the MediLedger Project in 2017  to improve the tracking and tracing features for prescription drugs in compliance with the Drug Supply Chain Security Act (DSCSA). Similar to FarmaTrust, the MediLedger Project also seeks to reduce the proliferation of fake drugs within the supply chain. 4. Patientory Patientory is an Atlanta-based startup that uses blockchain tech to facilitate end-to-end encryption of medical data while maintaining the HIPAA compliance requirements. It allows doctors, patients, and HCPs to store, retrieve, and transfer medical information with utmost safety. Through the Patientory app, you can create your patient profile and track and monitor your health history including checkups, medical bills, medical insurance, medications, test results, and much more. That’s not all – Patientory app also allows users to connect with the Patientory community to discuss their personal health concerns with others in the community and gain valuable tips from the experience of others. 5. SimplyVital Health SimplyVital Health was launched in 2017 by Katherine Kuzmeskas with an aim to combat and eliminate the inefficiencies surrounding value-based care. It’s product, ConnectingCare connects HCPs from various clinical institutions on the same table so that they can all view the data of shared patients. Powered by the blockchain technology, ConnectingCare allows HCPs to optimize and streamline their healthcare processes to reduce the cost as well as the duration of care for patients. Moreover, AI-powered financial and clinical algorithms offer actionable and strategic use of blockchain in healthcare solutions to patients. SimplyVital Health is further expanding its reach and ability with Health Nexus – a blockchain-based system and protocol that will facilitate safe and secure data sharing between patients and HCPs while adhering to the HIPAA compliance norms. These innovative platforms are striving to change the face of the healthcare sector for the better through blockchain-powered infrastructure coupled with advanced technologies such as AI and IoT. Today, use of blockchain in healthcare is helping HCPs to maintain longitudinal patient records such as disease registries, lab test results, and health issues much more conveniently than before. Also, with blockchain, there is no fear of the data being duplicated or misused since the entire medical data of a patient is fed into a ledger along with the primary key. Using advanced and sophisticated APIs, blockchain and healthcare makes EHR interoperability and data storage smooth, seamless, and secure. Furthermore, since the blockchain system will be monitored and administered by authorized HCPs and individuals, data reconciliation would become more convenient and also cheaper. These things are not possible with conventional methods that still heavily rely on manual discretion and labour to store, organize, and track medical data. At present, the penetration of blockchain technology is still quite slow, and so are the Blockchain applications in healthcare. In 2017, IBM surveyed around 200 healthcare executives and only 16 % of the respondents agreed to adopt blockchain technology. The potential that Blockchain applications in healthcare holds for the healthcare sector can be realized only if healthcare organizations show a willingness to adopt this technology and assemble the requisite technical infrastructure for it. As of now, all we can say is although the change may be slow, blockchain and healthcare will surely will surely create a lasting impact on the healthcare industry in the future. Shaping The Blockchain Future Blockchain technology in healthcare presents exceptional prospects for simplifying processes, promoting trustless collaboration, and ensuring the security and immutability of information. It is commendable to recognize the significance of monitoring this rapidly evolving field to identify trends and pinpoint areas where government support may be necessary for unleashing the technology’s full potential in the healthcare domain. To shape the future of blockchain technology in healthcare, it is essential to contemplate the following actions: mapping and bringing together the blockchain ecosystem, developing a blockchain framework to facilitate coordination among early adopters, and providing support for a consortium that promotes dialogue and discovery in the realm of blockchain applications in healthcare.  Bottom Line The intriguing aspect of blockchain technology lies in its core expansion and adaptability. Despite facing current limitations, its open nature fosters industry-wide innovation for the future. While collaboration of blockchain and healthcare have shown promise, there are challenges that healthcare professionals must address before fully realizing their potential. Use of blockchain in healthcare offer opportunities to enhance healthcare data administration with increased security and synchronized transactions. 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’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 Shubham Chakraborty

23 Aug 2023

What is Ripple Blockchain? Everything You Need to Know in 2024
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Ripple is a popular name in the tech industry. And Ripple blockchain has created a lot of buzzes. We all know how blockchain is transforming the industry as we know it. But what is Ripple a blockchain technology? What is it, and how does it work? In this article, we’ll answer these questions. You’ll also find out why it’s such a popular solution. So, without further ado, let’s get started.  Check out our free courses to get an edge over the competition   What is Ripple? Ripple is a for-profit platform and cryptocurrency. It’s a product of Ripple Labs and is gaining popularity because of its innovative method of performing currency exchange and payment settlements. The cryptocurrency of Ripple is XRP. And this platform has over a hundred organizations as its customers all over the globe.  They use Ripple because it provides them with hassle-free and fast transactions. Ripple’s cryptocurrency, XRP, has a valuation of more than $90 billion. This valuation makes it the third most valuable cryptocurrency according to market cap. It’s right next to Bitcoin. XRP is not for consumer use, but you can buy it. It’s not exactly a currency but more of a token.  Ripple has RippleNet, a network of payment facilitators. These are primarily banks and finance companies that use Ripple for conducting transactions smoothly all across the globe.  Check out upGrad’s Advanced Certification in DevOps 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. 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 does Ripple Work? Ripple is not decentralized like other conventional blockchain networks. A strong network of validating servers and a ledger secure this system. The internal ledger of Ripple guarantees customer transactions. The parent company, Ripple Labs, handles the release of coins.  But the best thing about Ripple is, its transactions aren’t limited to its cryptocurrency, XRP. You can transfer any commodity, including gold, through Ripple as long as you’re able to find a facilitator who can make its transactions. Here’s a simple explanation of how Ripple blockchain works: Check out upGrad’s Full Stack Development Bootcamp (JS/MERN)  During ancient times, when there were no banks, people used to make transfers through payment agents. Suppose you wanted to send some money to your cousin who lives in another city. First, you’d notify him that you’re sending money and give him a password for withdrawing it. Then, you’d contact a payment agent and give him the money along with the password.  The agent will take the money. He will then take it to another agent and tell him to give it to the person who can provide the password. This way, your cash can easily reach the hands of your friend.  This system works when all the agents trust each other. Ripple uses banks and finance companies as their agents. Its algorithm finds a trusted path for conducting such transactions and ensures that everything goes smoothly. On Ripple, these agents are called ‘gateways.’ In theory, you can send anything such a car, goats, or gold through this system as long as you can find a gateway that could provide this commodity to the other party.  Ripple’s ledger ensures that all the IOUs between its various agents get resolved in real-time. And its efficient system enables fast procession of transactions.  Let’s take a look at XRP tokens, which are vital for conducting transactions in Ripple.  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 What are XRP Tokens? XRP is the cryptocurrency of Ripple. It’s a token that represents the transfer of value in the Ripple network. So, in conventional settings, companies use US dollars (or the local currency, such as INR) as the common currency for overseas transactions and transactions that occur between two places of different currencies.  The currency exchange costs a lot of time and fees. Due to this, such bank transfers can take up to 3 days to complete the process. This is where XRP comes in.  Ripple uses XRP as the common currency for performing currency exchange, which reduces the time and fees you’d have to spend. With the help of XRP, Ripple can conduct currency exchanges within seconds instead of taking 2-3 days.  This way, you get to save a lot of time. Regarding the procession fee, Ripple charges only $0.00001 for one transaction. That’s not a typo; it’s the actual fee.  The fee could’ve been zero, but Ripple has kept it to avoid scams and DDOS attacks.  Many banks and financial institutions have started XRP to facilitate their overseas transactions. The Commonwealth Bank of Australia, Santander, Fidor Bank, and 61 Japanese banks stated that they are either trying or using the Ripple network.  Difference between XRP and Bitcoin You might have some confusion between XRP and bitcoin, so let’s address them. First, XRP is limited to Ripple, whereas bitcoin is an independent cryptocurrency. Also, new coins get generated for participants who provide computational power to the chief blockchain network, in bitcoin. On the other hand, Ripple has created all the XRP coins (100 billion), and they release coins according to demand and supply. So, you can say that Ripple is a bank, too, as it handles the supply and demand of its currency.  Recently, Ripple has added a new feature in its network. They use smart contracts to release 1 billion of the XRP tokens they hold each month for funding business-related operations, selling to investors, and incentivizing customers.   Real-World Applications of Ripple Blockchain Ripple blockchain is significantly impacting the financial world, presenting real-world applications that are transforming cross-border payments and remittances. One of its primary and practical uses lies in its ability to serve as a global payment solution. Unlike traditional international transactions that can take days and involve high fees, Ripple’s blockchain ensures swift settlement and reduces transaction costs substantially.  Financial institutions are increasingly adopting Ripple’s blockchain for cross-border remittances. By utilizing its native digital asset XRP, these institutions can efficiently bridge different currencies, eliminating the need for multiple intermediaries and resulting in faster and more cost-effective transactions. Security and transparency are also strong points of Ripple’s blockchain. Its decentralized and immutable nature ensures data integrity and protects against fraud and cyber threats, fostering trust among transaction parties.  Beyond payments and remittances, Ripple’s blockchain is being explored for other practical use cases, including trade finance and supply chain management. Streamlining the tracking and verification of goods and payments enhances efficiency and reduces delays and disputes in the supply chain. Ripple’s blockchain technology is revolutionizing cross-border transactions with enhanced security and efficiency. It promises a more secure and efficient financial future as financial institutions adopt it for remittances and explore its potential in trade finance and supply chain management. 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 How Ripple Got Started Even though Ripple’s founding year is 2012, the work on its concept started in 2004. Ryan Fugger started RipplePaay.com in 2005. It was a precursor to different blockchain currencies and gave secure online payment facilities to communities. But it didn’t get much traction. In 2001, Chris Larsen and Jared McCaleb approached Ryan.  They converted RipplePay into a digital transfer system. In the new order, community consensus verified transactions instead of miners, making it quite different from bitcoin.  They started working on the Ripple Transaction Protocol in 2012. This protocol could facilitate fast transactions and direct transfers in fiat currencies. To give the system better liquidity, they started the creation of a new value token too, which is XRP.  Many banks had started using this system by 2014 as it was an excellent solution for settling remittances. It evolved from a simple transaction platform to a cost-effective solution. Ripple has been able to grow continuously since then and has over 100 clients in its network. It’s a for-profit organization and has received investments from any Angel investors.  Key Milestones in Ripple’s Development Significant milestones have marked Ripple’s development since its inception. In 2012, the company introduced the XRP Ledger and its native digital asset XRP, laying the groundwork for its innovative technology. As the years progressed, Ripple made strategic partnerships with major financial institutions like American Express and Santander in 2014, enhancing its credibility in the financial world.  The turning point came in 2017 when RippleNet, its payment network, garnered attention from prominent banks and payment service providers, gaining widespread recognition and adoption. Ripple expanded global partnerships, continuing its growth, solidifying its position as a leading blockchain solution for cross-border payments and remittances. A clear vision and a remarkable history of achievements drive Ripple’s journey.  Their unwavering determination fuels a mission to revolutionize global transactions and push the boundaries of innovation in the financial sector. Notably, Ripple’s innovative solutions have garnered the trust and recognition of major industry players. As they continue reshaping the global payment landscape, Ripple is a testament to the power of determination and innovation. Is there a Ripple Blockchain? (What is RPCA?) The relation between Ripple and blockchain technology is unique. That’s because Ripple isn’t necessarily a blockchain solution. It has a cryptocurrency, but that doesn’t use blockchain, that’s why it can be a little confusing for some people.  As it doesn’t use blockchain, you might ask, ‘How does Ripple verify its transactions?’ Because without verification, Ripple wouldn’t be able to work at all. For this purpose, Ripple uses RPCA, which is an acronym for the Ripple Protocol Consensus Algorithm.  The word consensus refers to the ‘agreement’ section of Ripple. In Ripple, you need all the nodes of the system to agree with a process if you want to perform it. Suppose there’s a group of scholars who make all the vital decisions for the country if they want to go to war with someone they put it to vote and proceed with it only if they all agree. If one of them isn’t in agreement, they won’t make the decision. They’ll work it out with each other.  Security and Privacy Considerations in Ripple Blockchain Security and privacy are crucial aspects of the Ripple blockchain stock, prioritizing the protection of users’ transactions and data in the dynamic digital landscape. Ripple employs a robust consensus algorithm, the XRP Ledger, which relies on a unique agreement process among validators. This decentralized approach enhances security, making it highly resilient to malicious attacks and ensuring the integrity of transactions. Moreover, advanced cryptographic techniques safeguard sensitive information, preserving user anonymity and transaction confidentiality.  While the Ripple ledger is public, it ensures privacy by not disclosing users’ details, like names or addresses, during transactions. This pseudonymous approach shields user identities from public exposure, bolstering privacy protection. To further strengthen security, Ripple’s Interledger Protocol (ILP) enables secure cross-ledger transactions through encrypted communication between ledgers, mitigating the risk of unauthorized access to sensitive data.  Ripple’s commitment to compliance and regulatory standards provides a secure environment for financial institutions and users, facilitating transactions confidently while adhering to legal requirements. In conclusion, Ripple takes a human-centric approach to prioritize security and privacy, fostering trust and confidence in the digital financial ecosystem. Uses of Ripple There are plenty of applications of Ripple. The most prominent ones are the following: You can perform currency exchange without paying a high fee. As we mentioned earlier, the common mediation currency is the US dollar. It costs a high commission fee and takes a lot of time to convert one currency into USD, then from USD into another. Ripple uses XPR for this purpose. You get to save a lot of time in performing international transactions. Generally, these transactions take 2-3 business days. But with the help of Ripple, you can complete this process within a few seconds. Yes, the average time of processing transactions in Ripple is 4 seconds. You also have the option of creating your own currency. As we stated before, you aren’t limited to one currency. You can use other commodities for conducting transactions as well.  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? Limitations of Ripple Everything has its flaws, and Ripple is no exception. It has some limitations, as well: It’s not decentralized like other blockchain solutions. People use cryptocurrencies because they are decentralized, but with Ripple, you have one organization controlling the supply and demand, making it similar to a bank. As of now, Ripple Labs own 61% of the total coins, making it a monopoly. Ripple is open-source, which makes it vulnerable to attacks. It’s highly unlikely but still something to consider. Summarizing Thoughts Ripple is one of the biggest names in the cryptocurrency industry. They have a huge market cap and are growing fast. Getting familiar with Ripple and its cryptocurrency, XRP, will surely help you if you’re interested in entering this sector. You can find out more about blockchain technologies in our blog, so be sure to check it out later. As a result, now is the perfect time to dive deeper into the world of Blockchain and understand the finer nuances of how it works. To help you with that, upGrad brings you the Advanced Certificate Program in Blockchain Technology. Offered in collaboration with IIIT-Bangalore, this course starts 30th September 2022 and runs for 7.5 months. So get yourself enrolled and start your Blockchain journey among global peers, industry-leading mentors, and all-around placement assistance. 
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by Mayank Sahu

21 Aug 2023

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