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- What is Ripple Blockchain? Everything You Need to Know in 2024
What is Ripple Blockchain? Everything You Need to Know in 2024
Updated on 22 August, 2023
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Table of Contents
- What is Ripple?
- How does Ripple Work?
- What are XRP Tokens?
- Real-World Applications of Ripple Blockchain
- How Ripple Got Started
- Key Milestones in Ripple’s Development
- Is there a Ripple Blockchain? (What is RPCA?)
- Security and Privacy Considerations in Ripple Blockchain
- Uses of Ripple
- Limitations of Ripple
- Summarizing Thoughts
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.
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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.
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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:
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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.
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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.
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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.
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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.
Frequently Asked Questions (FAQs)
1. Why is Ripple growing in popularity?
Ripple is becoming more popular as a result of its benefits over traditional currencies. Faster transaction times, reduced transaction fees, and the ability to move money across borders without going via a bank are just a few of the benefits. Ripple is also backed by a number of big banks and financial institutions, giving it the authority and confidence that other cryptocurrencies lack. It's also one of the most stable cryptocurrencies on the market, making it a secure investment for newcomers to the cryptocurrency market. Ripple is also one of the most liquid cryptocurrencies, which means it can be converted into various other currencies with ease.
2. What is the Ripple price prediction?
The Ripple price is increasing as of this writing. It's tough to estimate the cost of Ripple because its value is so variable. It's possible that its worth will increase or decrease in the future. As a result, rigorous market research is essential before buying. Ripple price prediction states that it will undoubtedly grow in the coming years, but it is never hurtful to be careful before investing your hard earned money into it.
3. How do I buy Ripple?
To purchase Ripple, you must first open an account with a cryptocurrency exchange. After completing the registration process, you'll need to fund your account. You can do so by going to the exchange's main menu and clicking on 'Deposit,' then selecting your desired currency. After your account has been financed, go to the main menu and click the 'Exchange' option to choose the currency you wish to use to buy ripple. Then press the 'Buy' button after entering the amount of ripple you want to purchase. You'll need to save your ripple in a secure wallet once it's been placed into your account.
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Mayank Sahu is the Program Marketing Manager with upGrad for all emerging technology vertical. His past experience is in analytics industry extensively in healthcare Domain. Mayank has completed his Graduation from IIT Delhi.
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Blockchain Technology Use Cases in the Banking Sector
The blockchain technology has successfully disrupted many industries, and the banking sector is one of the main beneficiaries, dare we say. The fintech sector is truly up and running, and companies everywhere are building blockchain solutions. With use cases such as international payments, KYC, and optimized cash management, the blockchain is truly the next big thing when it comes to the finance.
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According to surveys, 90% of executives surveyed said that their firm was looking into using blockchain for their operations. Due to the decentralized nature of the blockchain, it is easier to form a global banking network where international transactions and other operations could be carried out easily. Santander, a Spain-based bank, reports savings of USD 20 billion a year if blockchain is incorporated. Different consortiums and organizations have started taking collective steps toward blockchain adoption. Talking about the current scenario, there exist many potential use cases for blockchain in the banking sector. What follows is a brief description of each of these use cases, their comparisons with traditional methods, and their benefits.
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Know your customer (KYC) regulations
As of now, banks and other financial institutions spend up to USD 500 million per year to comply with KYC regulations. KYC is intended to reduce or completely eradicate terrorism or money laundering, with comprehensive background checks of all bank customers, in accordance with some requirements. The current scenario is that every company has their own independent KYC procedures. With the introduction of the blockchain, the independent verification of a particular client could be accessed by different companies, so that the whole KYC process need not be done again.
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Payments: local and international
Low security and a lot of intermediaries in the payment processes are two factors hurting this area in the present scenario. more and more commercial banks are looking to introduce blockchain into the payment process, without waiting for central banks to make a move. For example, UBS of Switzerland has come up with a utility settlement coin, which is a digital currency for use in international financial markets.
The blockchain firm Ripple developed a payment application that settles transactions, even international, instantly, and partnered with a consortium of 61 Japanese banks for the same. According to Ripple, this app would make it extremely easy for banks to settle round-the-clock transactions and payments. The customers will just require a bank account, phone number, and a QR code/barcode to use the application.
While Ripple was created in an attempt to solve the problems related to international payments, Stellar Lumens (XLM) was created to solve Ripple. Stellar was initially built keeping Ripple’s system as the base with the aim to make the global economy much more inclusive. But, looking at the complexity of the said system, Stellar redesigned itself with a brand new system.
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For Ripple, banks and MNCs need to transfer the XRP token through the Ripple network, whereas Stellar allows individuals to trade money directly with one another using XLM (Lumens) as a medium, and “anchors” to take care of the fiat currency aspects.
Basically, suppose you need to transfer money overseas, using Ripple, your bank will directly send the Ripple to the recipient’s account and the payment is made at whatever exchange rates and fees the bank decides. Whereas, using Stellar, the currency conversion takes place first, after which an “anchor” helps in transferring the converted currency to the recipient’s account. Anchors are basically money transferring companies, and you can pick the anchor of your choosing.
All in all, Ripple allows MNCs and large banks to make cost-effective international transfers and currency conversions, Stellar allows individuals to make much more cost-effective currency and money transfers. Stellar is a non-profit with the goal of increasing the inclusiveness in the global payment system.
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Syndicated loans
This is one area of banking where multiple institutions have come together to form consortiums to facilitate blockchain adoption. Credit Suisse is one of those 19 institutions, which are working towards putting syndicated loans on the blockchain using distributed ledger technology, more commonly known as blockchain technology. Currently, this is an area which is still quite behind in terms of the technology used. Fax communications, large delays in settling loans and other hurdles are faced while processing syndicate loans. What blockchain technology aims to do is create a method of communication between different institutions, so that loan ownership changes can quickly be reflected across all of them. The aforementioned consortium already has plans to put out one or two loans within the next year on this blockchain concept.
Fraud reductions
The current banking scenario, even after cutting-edge innovations in security, is not safe from fraudulent activities. Due to being based on centralized databases, banking systems are susceptible to cyber-attacks and hacks, as all the information is stored in one place. Frauds and malicious activities lead to huge losses for both banks and their customers. What blockchain technology can accomplish here is that due to its distributed nature, it substantially reduces the risk of network failure due to one or two nodes being taken down or hacked. Storage and encryption of every single byte of data is carried out on the blockchain, in addition to the verification process. In the event of a data breach or hack, each node which has access to the transaction data is made aware of the breach and can take remedial steps immediately.
Financial inclusion
Access to basic banking services is still a herculean task for many poverty-stricken and underdeveloped nations of the world.. More than 200 million small business owners still do not have access to basic financial institutions, and financial inclusion will only help in making them independent.
Blockchain technology can help in a few different areas here. As discussed earlier, use cases like KYC are already a step in the right direction. Low-cost transactions, seamless international payments, and easy loans are just a few of the many banking processes that can be made easier using blockchain, thus helping us achieve financial inclusion.
Master the Technology of the Future – Blockchain
The blockchain technology has indeed a bright and exciting future. As real-time, open-source, and trusted platforms that transfer data and value without hassles, they can help not only reduce the cost of processing payments, but also help develop new services, products, and solutions that can generate new revenue streams.
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Read More02 Aug'18
5.2K+
All You Need to Know About Bitcoin
Not long ago, Bitcoin was the new buzz of the town and all everyone wanted was to get their hands on this new currency which continues to rock the world economy even today. But a very few people are aware of what exactly is Bitcoin and how it works.
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What is Bitcoin?
Bitcoin is a cryptocurrency, which began as a decentralised digital currency in the year 2008. The currency was introduced by an unknown individual/organisation using the pseudo-name of Satoshi Nakamoto. The motive of creating the Bitcoin was to introduce a secure, immutable and verifiable means of currency exchange without any central regulatory authority (bank or payment gateway).
Operating with the help of Blockchain (a decentralised and open digital ledger that records all Bitcoin transactions), Bitcoin has changed the way we transact and has been considered as a revolution by several tech enthusiasts.
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How does it work?
Bitcoins are self-contained digital currency tokens that have a value of their own. There is no need for any bank to store them or maintain their value. This self-regulating currency works on the principle of Blockchain and several different cryptographic technologies.
Public key cryptography is one of the most fundamental cryptographic technologies that make up the essence of Bitcoin. Each of the Bitcoin is associated with the owner’s ECDSA (Elliptic Curve Digital Signature Algorithm) key. When a transaction is made, the key gets attached to the number of coins and the message thus formed is signed with the owner’s private key. This message is then broadcasted to the Bitcoin network (network based on Blockchain) for the peers to know that the new owner of these coins is the individual who possesses the new key. The signature of the previous owner ensures authenticity and the transaction is stored as a record with everyone for future verification.
These transaction records are stored in the form of blocks, forming the complete Blockchain ledger. All participant computers in the network keep a copy of the Blockchain which is updated by passing new blocks. In order to ensure that the blocks are secured and immutable, each new block confirms the integrity of its predecessor, back to the very first addition in the chain – the genesis block. The chain, therefore, remains protected as no party can overwrite any record.
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An added layer of security
The Hashcash cost function is used in regulating the generation of bitcoins. The Hashcash function, first of its kind, is a verifiable and secure cost function which happens to be non-interactive. It has no secret keys that need to be managed. Hashcash uses the widely known SHA1 or SHA-256 symmetric key cryptography.
The Hash Function (not to be confused with Hashcash function used in regulating the generation of bitcoin) is one of the most secure ways of protecting the integrity of the blocks in the blockchain. The input data is transformed into a compact string through an irreversible method. The slightest change in the data completely changes the hash or the compact string, ensuring that no one can create a block of data with the same hash code. Each hash matches one unique input stream, which is why Bitcoin blocks need not contain serial numbers for identification. Using the hash function ensures both identification and integrity verification of the blocks.
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The generation and Mining
When Bitcoin circulation first began, only a limited number of Bitcoins were released and distributed. Bitcoins are constantly being generated, even at this very moment. The generation of the bitcoins can be understood from the process of Bitcoin mining, which helps in the production and addition of a valid block.
Understanding Mining
Adding a block to the existing Blockchain requires time as well as processing power, making it a difficult task. In order for a successful addition of a block to the Blockchain, the miners or users need to solve a hard mathematical puzzle/problem, which requires high computational abilities, thus the time and the processing power. However, the addition of the block is necessary to ensure that the transactions are updated regularly. As a reward or incentive for contributing electricity, processing power as well as time to achieve the same, the individual gets a few numbers of bitcoins (the number is fixed by the Bitcoin network). Apart from that, the transaction fees present in the block’s transaction is also claimed by the producer of the block.
The unlocking of Bitcoin bounty by contributing processing power is known as ‘Bitcoin Mining’. The rules of mining are fixed and the difficulty adjusted to limit the block production rate to 1 block per 10 minutes. Thus as the number of contributors or minors increases, it becomes increasingly more difficult for each of the participants to add a block. The increased difficulty also ensures higher security of the transactions.
Rise in popularity
Whenever something revolutionary is introduced, it takes time for people to accept it. However, Bitcoin has risen to popularity very fast. The rise in popularity of this cryptocurrency can be attributed to its new approach towards currency distribution.
Here are a few reasons that made Bitcoin very popular and continue to attract new investors –
Decentralised nature: There is no regulating authority. Each participant computer or individual contributes to the maintenance of the Blockchain and hence, no financial policy or fraud can ever take away the value of Bitcoin.
Anonymity: Another beauty of using the bitcoins or being a part of the blockchain is that you do not need to confirm your identity. You can be anonymous and still control or use bitcoin and trade with them.
Easy to set up and transact: Bitcoin system is fairly easy to adapt and set up. No questions are asked of any authority and you can become a part of the network within a few minutes or even seconds. Another advantage that attracted a lot of investors, as well as individuals, is that Bitcoin has negligible transfer fees. This means that all international transfers are easy and cheaper to conduct through Bitcoin.
Transparent, and fast: The Bitcoin ledger is an open record, that maintains the record of all transactions held till now, accessible to all members of the network. Also, the transactions are quite fast.
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Close Competitors
And Bitcoin doesn’t happen to be the only cryptocurrency in the market today. Following in the footsteps, are more than 1500 listed cryptocurrencies, out of which some have managed to gain support and popularity. These include names like Ethereum, Bitcoin Cash, Ripple and Litecoin. Each of these currencies is focused on different motives but function on the same Blockchain Technology.
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The Road Ahead
History shows that Bitcoin’s value has been very volatile and continues to fluctuate throughout. Its rising popularity and the revolutionary Blockchain technology has already promoted several firms to embrace the change. However, it is too early to say whether Bitcoin will remain and prevail as the universal digital currency. Like any other venture, it needs time to mature. But one thing is for sure – our financial system and the economy are never going to be the same.
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Read More05 Sep'18
5.21K+
7 Ways Blockchain is Revolutionizing the Automotive Industry
The automotive industry is witnessing huge growth with every passing year. In 2017 alone, 73.5 million cars were produced globally. It has been projected that by the end of 2018, the global sales of cars can increase up to a total of 81.5 million units! The fact that this is such a profitable industry showcases why blockchain technology is tapping into it.
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Wait, what is blockchain exactly?
Don’t know what blockchain is? Don’t worry, you aren’t the only one. Since the technology is relatively new, a lot of people are not entirely sure what it is and how it functions. Well, you can understand blockchain with the help of two terms. Digital. Ledger. That’s all it really is. The blockchain is a decentralized as well as a digital ledger that allows effective recording and sharing of information. While the traditional mode of transactions takes time to record and be available to see, this is not the case with blockchain. Instead, the transactions are recorded instantaneously, leaving little room for friction.
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Since making alterations to a blockchain without detection is impossible, this makes this technology very safe to use. There are fewer chances of scam and fraud when blockchain is involved. The fact that the world is moving towards digital solutions have made blockchain a lucrative technology. The need for mobility and innovation in the automotive industry have also made it an attractive tool for consumers, dealers, manufacturers and OEMs alike.
How is Blockchain changing the automotive industry?
When we buy cars today, we have the option of doing so with digital currencies. For instance, the AutoBlock allows you to purchase and sell cars using the blockchain technology. It does so while ensuring the security of the mode of transaction.
This is just one example of how blockchain technology has been changing the automotive industry. There are other ways technology can revolutionize the automotive industry as well. Here is how it can be done:
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The development of user-friendly cars
Let’s face it. Physical keys to cars can be easily stolen. And if they are stolen, you are basically giving an opportunity for anyone to drive off your car to the sunset. However, with the development of private keys, this can be stopped. How so? Through the use of blockchain which is operated by the manufacturer. The consumer can be given a private key (a code) to unlock their car. The only time the car unlocks was when the key entered matches the public key that the manufacturer has.
Rather than giving others your keys when the need arises, you can form smart contracts with them, whereby they are given fleeting access to your car. This can come in handy when you want a courier service to leave the delivered package in your car in your absence. Blockchain can do it for you without the process being unsafe.
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Cars without drivers
We already see some driverless cars on the road. Blockchain can effectively redefine how these cars function. The idea of being in an autonomous car seems scary. After all, how can a car know about the condition of a given road or even be safe enough to be used?
Well, blockchain can truly revolutionize this niche by making such cars as safe as possible. The technology can allow for different cars to communicate with one another as well as access data. This, in turn, ensures that the cars know everything about the prevalent traffic in the route, the conditions of the road and any other data needed for a safe trip. The blockchain is the technology, if used properly, that can change the experience of driving in a driverless car.
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Security of data
The Autoblock service we mentioned, in the beginning, is an example of how transactions can be secure via blockchain. By getting into a smart contract, both parties are aware of the contract, and the deal is only finalized when the two parties agree to the contract. There is little room for fraud, which makes the transactions secure.
Streamlining of car insurance processes
A very important part of the automotive industry is the car insurance niche. When you buy a car, you get it insured. This process is usually marked by hassles. Blockchain can transform this process for the better. Not only can claims be processed at a faster pace, but the process can be streamlined as well. Again, smart contracts come in handy as well. Also, blockchain reduces the need for middlemen in insurance, therefore reducing cost.
Managing vehicle data
Blockchain allows the industry players to manage the data of various vehicles efficiently. This involves updating data in real time to allow it to be used by the industry as needed. For example, odometer fraud can be detected using blockchain. A connector present in the car can send real-time data about the vehicle mileage. This information, when available to OEMs, can be used to sell cars and value it correctly.
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Easy authentication of ownership of cars
Even though we have entered the modern age, we still do a lot of old school things like carrying our vehicle registration and licenses when traveling in our cars. Surely, in a digital world like today, there has to be a better solution. Blockchain can be such a solution. Normally, the process of getting ownership of a car or changing the owner is lengthy. Blockchain has the power to make it instantaneous. Even in the case of rental cars, the law enforcers can authenticate the ownership quickly. This can ensure that the police can have more time for other aspects of their jobs. So, it doesn’t just make things easier for automobile users but also for the law enforcers.
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Purchasing used cars
Blockchain also has the power to transform how used cars are purchased. Normally, you rely on the word of the mechanic and car dealership to assess if the used car is as used as it claims. With blockchain, you can have real-time data about its life. You can know about its mileage, repair history and if it has been in any accidents. This makes purchasing used cars a safe and transparent process.
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All in all, blockchain can revolutionize the automotive industry as we know it. However, only time will tell if its potential can truly be utilized.
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Read Moreby Michelle Joe
22 Oct'185.39K+
What is Blockchain Technology? [Explained]
If ‘Blockchain’ is the word you’re hearing a tad too much nowadays, then by now you must have understood that the latest hype behind Blockchain technology is real. Blockchain has emerged as one of the hottest buzzwords of the tech world today. In fact, in just the past one year, there’s been a 250% increase in the Google search requests for the word ‘Blockchain.’ Companies and organizations around the world are embracing this pioneering technology to shape and enhance their business operations.
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But, let’s move over this hype for a sec, and focus on the question – What is Blockchain?
What is Blockchain?
The brainchild of Satoshi Nakamoto, Blockchain came to the spotlight in 2009 with its first major application – Bitcoin. While Bitcoin is a cryptocurrency, Blockchain is the technology that resides at its core. In simple words, Blockchain is an open-source, distributed ledger capable of recording and storing information (primarily financial transactions) which is then secured by unique cryptographical designs. As the name suggests, the Blockchain infrastructure is made up of numerous ‘blocks,’ each of which contains the transaction data, a timestamp, and the link (cryptographic hash) to the preceding block.
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This unique and innovative design makes Blockchain a safe space for data – the data cannot be deleted, modified, manipulated, or misused in any way. Another crucial aspect of Blockchain technology is that it is consensus-oriented which further reduces the possibility of data being manipulated or misused. Its design is such that a large number of computers (nodes) are connected over a network. So, every time one wishes to add a transaction to a blockchain, he/she must solve a mathematical test, the results of which are shared with all the machines connected to the network. Only when every computer on the network mutually agrees on the result can the user add transactions to the chain. Furthermore, in Blockchain, data is never stored in one particular location, thereby, making it harder for cybercriminals to access it. Blockchain is, thus, the first technology that facilitates the transfer of digital ownership in a decentralized manner.
These features are what make Blockchain so appealing to the magnates of the tech world. Now that we’ve answered what is Blockchain, arises the question – How to become a Blockchain expert?
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How To Become A Blockchain Expert?
As more and more companies and institutions adopt the Blockchain technology, the demand for skilled and qualified Blockchain professionals is also escalating rapidly. Bloomberg maintains that in 2017 itself, the number of Blockchain related job postings increased by four times on LinkedIn.
So, there’s never been a better time to launch a successful career in Blockchain! However, to become a Blockchain Expert, you must first develop the skill set required for this technology.
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Get Acquainted With Blockchain Architecture
When working with Blockchain technology, it is needless to say that, you must possess a thorough understanding of Blockchain and its innate architecture. This means that you must be well-versed with Blockchain concepts like cryptography, cryptographic hash functions, distributed ledger technology, consensus, decentralized consensus, smart contracts, and trusted computing, to name a few. This first step is crucial to building a strong foundational knowledge in Blockchain technology.
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To get an in-depth understanding of the working of Blockchain, you can read this whitepaper on Bitcoin.
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Learn How Cryptocurrency Works
Since Blockchain’s star application is cryptocurrency (Bitcoin), you must know how the system works. There are numerous platforms such as Coinbase and Coinmama where you can learn how to handle cryptocurrency and digital transactions. All you need to do is to register on any of these platforms (choose one that is accessible in your country) and purchase coins. Take baby steps and start by purchasing a few coins first. Build your portfolio as you go.
Since your primary focus here is to learn the process, you do not need to buy a lump sum amount of coins. For small transactions, online wallets are the best choice. As you continue to make purchases using your wallet, the idea of how digital financial transactions are conducted using cryptocurrencies will gradually become clear to you.
Data Structures and Cryptography
Just as data structures are an integral part of coding, so it is also a fundamental aspect of Blockchain technology. As a matter of fact, Blockchain uses a combination of data structures and cryptography to create a secure and robust environment for data. Thus, to become a Blockchain expert you must build a solid grasp on data structures and cryptographic designs and functions including hash functions like MD5, CRC32, and SHA1.
Web Development
Web development is a pivotal aspect of Blockchain technology. In fact, Blockchain developers and experts often begin their career with building and designing decentralized applications. This entails that a Blockchain expert must possess both front-end and back-end development skills. As a Blockchain developer, you will be expected to be well-versed in HTML, CSS, JavaScript, Ruby, PHP, and Python, among others. So, make sure you brush up on these programming languages while honing your database skills as well.
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Know Your Platform
If you wish to become a Blockchain expert, merely understanding Blockchain architecture and concepts will not suffice – you must know your platforms well. Choosing the right Blockchain platform that’s best suited for a particular task is the mark of a great Blockchain expert. So, get ready to dive deep into the various Blockchain platforms like Fabric, Ethereum, Ripple, and R3 Corda. An in-depth knowledge about these platforms will help you identify which platform will work best for which use case.
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Why Should You Consider Transitioning To Blockchain Based Roles?
As we said earlier, Blockchain is the hottest trend and buzzword in the industry right now, so opportunities in this domain are growing rapidly too. The foremost reason as to why you should consider transitioning to Blockchain is, of course, that it is exciting, innovative, and is here to stay. Tech giants like Facebook, IBM, Microsoft, Amazon, Goldman Sachs, and many more have already started harnessing the benefits of Blockchain. While the demand for Blockchain experts is ever-increasing, what’s lacking is the supply of befitting talent. There are not many people in this field, which makes it the perfect playing field for individuals who’re upskilling in Blockchain. Also, since there’s hardly any competition, the pay for most Blockchain jobs is huge.
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Blockchain is no rocket science. If you bear the passion for learning something new and exciting, then Blockchain should be yet another challenge for you to accomplish. Once you have a clear understanding of Blockchain technology, its concepts, and working, making a career transition to Blockchain shouldn’t be difficult. If anything, you’ll embark on the road to a promising future.
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Read Moreby Arjun Mathur
31 Oct'185.29K+
What are Hashing, Signatures and Public-Private Keys
Once you know what is blockchain technology, you understand that the sealing mechanism is the key to the successful and accurate maintenance of a blockchain. But how can these stringent requirements be fulfilled?
The conditions imposed on the sealing mechanism of a blockchain are satisfied using a hash function.
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The mathematical definition of a hash function is a function that takes a variable length numerical input and returns a number of fixed length as output. In order to work with strings of characters, ASCII codes can be used to convert characters into integers and vice versa. The output returned by the hash function is known as the hash value. Most popular hash functions have a fixed hash value size lying between 160 and 512 bits.
All blockchains impose target conditions on the output of the hash function when a block is an input to it. To fulfil these target conditions, a seal is computed and concatenated to the block being stored. This seal encrypts the contents of the block and preserves their integrity. This is because any change to the block would drastically change its corresponding hash value, and cause it to escape the target conditions. The computed seal is commonly known as a nonce. A common target condition that the nonce must satisfy is ensuring that the leading ‘n’ characters of the output hash be zero. The value of ‘n’ sets the level of difficulty in the blockchain, which may be adjusted periodically as per the requirements of the network.
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There are three important properties that hash functions must satisfy in order to be used effectively in the blockchain. Given the hash value output by the function, it must be computationally difficult to find any input that, when hashed, returns the given output. This is known as pre-image resistance. In other words, the hash function should be computationally expensive to reverse. Similarly, given the input to the function, it must be difficult to compute any other input to the same function that outputs the same hash value as the original input. This is known as collision resistance. However, given any input to the hash function, it should be easy to compute the corresponding value output by the hash function. This is to ensure easy verification of the integrity of the contents of the blockchain.
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The first two properties given above are critical because they slow down the rate of computation of the nonce, or proof of work. This causes the rate at which blocks are added to the chain to be limited by the rate of computation of the nonce, and not the rate at which transactions occur. This is absolutely crucial because it prevents dishonest individuals in the network from generating and adding blocks of false transactions to the chain at a quicker rate than the network itself. This is because a single individual cannot compete with the computing power of a large network, and thus the longest chain of blocks always belongs to the majority in the network itself.
This allows us to be able to safely accept the longest chain as the real blockchain under the assumption that the majority in the network is honest. The vulnerabilities of a blockchain in the case of a dishonest majority have already been discussed in a prior article.
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Applications of Blockchain in Healthcare
There are many different forms of hash functions that are used in cryptography. MD5 is the most popular hash function of the Message Digest family, which also consists of MD2, MD4 and MD6. The SHA family, consisting of SHA-0, SHA-1, SHA-2 and SHA-3, is another popular set of algorithms used for hashing. RIPEMD and Whirlpool are other common hash functions. These functions all implement different techniques to obtain the properties of pre-image and collision resistance.
The sealing mechanism of the blockchain ensures that transactions cannot be falsified after the blocks have been added to the chain. But how are any imposters in the network prevented from faking a transaction between two members of the network? In other words, how can the identity of the members involved in the transaction be verified in an anonymous network distributed across the globe?
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Verification of any transaction conducted in a blockchain network requires a digital signature.
Each member of the blockchain network is assigned a public key and a private key. The public key of each member is known to all members of the network, but the private key remains secret and is known only to the individual it is assigned to. Any message encrypted using the private key of a member node can only be decrypted using the corresponding public key of the pair, and vice versa. This allows nodes to approve transactions by signing them with their private key. This can now only be decrypted by their corresponding public key, thus verifying them as the senders. The transaction can similarly be encrypted by the receiver as well in order to confirm their involvement in the transaction.
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This mechanism allows nodes to authenticate transactions by verifying the identities of the nodes involved while still maintaining their anonymity. The digital signature and the concept of public and private keys prevents other nodes from making false transactions on your behalf even in the event of a 51% attack. Thus, it is an elegant way of ensuring the security as well as the anonymity of individual members of the network.
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Read Moreby Drish Mahnot
16 Jan'195.18K+
51% Attack in Blockchain Technology [Explained]
Through the design of the technology, we know that the blockchain is immune to attack from any individual member of the network. However, what happens if the blockchain comes under attack from a large group of participants? More precisely, what happens if a group successfully takes control of over 50% of the computing power of the blockchain?
Such a scenario is known as a 51% attack, and it is one of the few real vulnerabilities of a blockchain.
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To understand the problems posed by a 51% attack, we must return to the fundamentals of the blockchain and recall the process of adding a new block to the chain. Members of a network compete to be the first to compute a valid seal for the block and claim a reward. Inevitably, a group of individuals in control of over half the computing power of the network can monopolize this process and claim all the rewards for themselves. Such a situation allows this group to be the only entity to benefit from the rewards of the blockchain by preventing other members from adding blocks to the chain. This is possible because majority rule is among the fundamental concepts of a blockchain.
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Another possible consequence of a 51% attack is known as double spending, and this is significantly more harmful than the prior one. Double spending occurs when a group of individuals successfully reverse completed transactions in a blockchain, allowing them to retrieve their money and spend it again. This is the digital equivalent of counterfeiting. It is made possible during a 51% attack due to the fundamental idea that the longest chain of a blockchain is the true one. Ironically, this is the same safeguard that makes double spending impossible when attempted by an ordinary member of the network.
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In order to understand how double spending may occur, let us consider the following example. Imagine a network in which there exists an alliance that controls over half the computing power of the network. Suppose that A, a member of the alliance, buys a house from B, an ordinary member of the blockchain.
The transfer of money from A to B is recorded by each ordinary member of the network, but all members of the alliance secretly do not add this transaction to their records. The ongoing block is then completed and added to the chain by the honest individuals but secretly ignored by the alliance. There are now two versions of the blockchain in the network- the actual one with the recorded transaction, and the false one. As of this moment, the true blockchain is longer and accepted by the network, so the false version is kept secret by the alliance temporarily.
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The alliance now continue to record the ongoing transactions in the network, as well as privately conducting meaningless transactions among themselves. These transactions are not announced to the network and allow the alliance to generate blocks at a faster rate than the true blockchain. As the alliance possesses over half the computing power of the network, it is possible for it to add blocks to the false blockchain at a higher rate than the blocks added to the true blockchain.
At some point, the length of the false blockchain exceeds that of the true blockchain, and the alliance now broadcasts this to the entire network. The network is then forced to accept this version of the blockchain as it is the longest version, and the transaction conducted between A and B is effectively reversed, allowing A to spend the same money on something else.
What is Blockchain Technology? [Explained]
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Thus, the alliance can monopolize the claiming of rewards and double spend money. They can also block transactions of other members using a similar procedure to that of double spending. They cannot forge a new transaction between ordinary members, however, as this requires the private keys of the members between which the transaction occurs. It is also quite difficult for them to modify blocks that have already been stored in the blockchain as this requires a very vast majority of the computing power of the blockchain to be feasible. The further back the blocks in the chain, the more secure they are.
The frailties of the blockchain exposed by a 51% attack lead us to the conclusion that the more nodes in a network, the more secure it is. This is simply because it is significantly easier to gain the majority in a network of 10 people than in a network of a million. In order to compete with the computing power of a distributed network with nodes worldwide, an ordinary individual would have to spend vast amounts resources in the form of money, electricity and time, or form an alliance that is far too large and distributed to organize efficiently.
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In general, the largest blockchains are quite safe from a 51% attack. However, there have been some significant instances of 51% attacks in notable blockchains in the past. For example, ghash.io, a mining pool in the bitcoin network, briefly controlled over half the blockchain’s computing power in July 2014, which resulted in the pool voluntarily relinquishing some of its shares so as to not monopolize the mining of cryptocurrency. Bitcoin Gold was not quite as fortunate when it suffered a 51% attack during May 2018, and the malicious attackers successfully managed to double spend over 18 million dollars worth of cryptocurrency.
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The very fundamentals of a blockchain rely on the assumption that the majority in the blockchain is honest. This exposes the biggest weakness of a blockchain and its main true area of vulnerability. A dishonest majority can cause vast damage to the blockchain.
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If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.
Read Moreby Drish Mahnot
16 Jan'195.84K+
The Rise of Careers in Blockchain and What You Should Know
Time is changing fast! The onset of technologies such as blockchain has tremendously changed the very face of the technology industry forever. While the tech space is no stranger to rapidly changing skills demanded from professionals, the rise of blockchain has uniquely affected the industry in terms of the explosive growth in opportunities it is currently experiencing.
How has blockchain necessitated new skills and learning goals? What does the future look like in terms of blockchain jobs and careers? This article discusses the career dynamics in the blockchain space and how those with a profound understanding of the technology will be valuable assets for cutting-edge projects of the future.
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Demand surges for blockchain roles
The rise of blockchain resulted in more and more companies and start-ups raising the requisite capital to grow and scale, necessitating the need to hire experienced professionals with the desired skill set for the venture to eventually scale. The demand soon catapulted over the supply.
According to Glassdoor, the average starting salary in the blockchain space is $32,000 higher than the median US salary. The writing on the wall is clear.
What’s more? ‘Blockchain developer’ topped LinkedIn’s recently published list of the top 5 emerging careers in 2018. This comes despite the fact that these last few months have seen fluctuations in cryptocurrency trends. In fact, recent data from Hired has revealed that blockchain developers command salaries of the order of $175,000. This is, in fact, quite expected considering the scarcity of talent in this booming niche.
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Some of the companies hiring blockchain experts include leading enterprises such as IBM, ConsenSys, and Chainyard. The two former companies are responsible for posting 12% of the open jobs each according to Glassdoor reports.
51% Attack in Blockchain Technology [Explained]
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Blockchain developer
This boom in Blockchain has led to the most in-demand role of ‘Blockchain Developer’. This technical role necessitates skills in languages like Solidity and Go Language which is used to create automatically executing agreements called smart contracts or chain codes on blockchain platforms. In addition, proficiency in C++, Java, Javascript, NODE.JS, and HTML can prove valuable. A blockchain developer will greatly benefit from having a deep understanding of data structure and possessing algorithm skills.
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Other Job Roles in Blockchain
Like other firms, blockchain companies and start-ups will need project managers to help steer the company’s efforts in the desired direction. Enterprises have also been seeking talented blockchain architects with expertise in designing and leveraging blockchain platforms such as the Hyperledger fabric, Ethereum, and Corda to name a few. Blockchain quality engineers are tasked with ensuring the maintenance of quality in all aspects of blockchain implementation.
Blockchain technology has created some roles which are not all technical in nature and function. It is increasingly common to come across openings for roles in blockchain operations, business, and design as data reveals. Blockchain attorneys and legal consultants are highly sought after professionals who advise companies over regulatory compliance— a space that has seen a lot of activity in recent months.
Blockchain jobs and roles will only continue to increase with time if experts are to be believed and this will usher in an era where blockchain administrators, blockchain architects, blockchain sales professionals, and blockchain security experts will help make Distributed Ledger Technology (DLT) products, services, and projects a part and parcel of the real world.
The rise of the freelance economy
In recent years, the freelance economy has grown by leaps and bounds. More and more professionals are now opting to work remotely, ditching offices in favour of flexible workspaces. When it comes to freelancing, blockchain development has grown by a rate of more than 6000% since the previous year.
According to Upwork, the well-known freelancing portal, blockchain freelancers earn anywhere between $65/hour and $250/hour.
The company has also revealed that blockchain is the fastest growing of the 5000+ skills listed on the website.
Blockchain Technology Use Cases in the Banking Sector[Explained]
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India and Blockchain Jobs
As per latest reports released by LinkedIn, 1 out of 10 jobs announced in the blockchain niches posted from India. Blockchain developers, smart contract developers, and blockchain generalists are in high demand.
Several conglomerates and leading players across sectors in India have announced large blockchain projects to tackle different use cases. Even the country’s Government think tank, NITI Aayog has announced IndiaChain – an indicator of the immense opportunities for growth in this sector in the nation.
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Ever Increasing Demand
Distributed Ledger Technology (DLT) has been disrupting businesses and industries with the promise of greater trust, security, and transparency. Blockchain, the immutable ledger that stores data in a redundant and cryptographically secure manner needs a new generation of experts who understand the nuances of the technology to help enterprises and start-ups build chains that are efficient, secure, and scalable.
From supply chain to healthcare and education to real estate, the blockchain has found uses in multiple spheres. The true potential of the technology will be further amplified when skilled minds join forces to create powerful solutions to bring blockchain applications to the real world. Given the fast-paced transformation, the demand for blockchain developers and other roles is ever increasing and immediate.
The success of these endeavours though depends on effective instructional learning and courses that could help bright minds harness their talents. Arming them with all essential tools and knowledge resources, such programs will form the pillars of strength on which will rest the success of the blockchain revolution. Only a great foundation, after all, bears the weight of a colossal edifice.
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22 Jan'195.46K+
Blockchain is Transforming Indian Industries: Here’s How
Blockchain has taken the world by storm. The distributed ledger has proven its mettle in every sphere of activity and the Indian industries have jumped on the bandwagon, even pioneering path-breaking blockchain-based solutions that set the stage for more developments to follow. From the banking sector to production, blockchain has made its way into the Indian Fintech ecosystem and is marking its presence in more profound ways with each passing day.
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Blockchain, as the name suggests, uses a chain of cryptographically-linked blocks that are immutably stored. This ensures transparency through the decentralization of information which is shared across the network, replicated on all participating nodes rather than being stored on a central server prone to attacks. This is, in fact, the key to the power of this technology.
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Blockchain and KYC in the Indian Banking Space
Banks have quickly realized the limitless opportunities this new technology holds in improving the efficiency of banking operations to guarantee, at the end of the day, a better customer experience.
Amongst the multiple uses of the blockchain are the KYC (Know Your Customer) procedures so critical to the banking sector. Rapid globalization has transformed regions into globally positioned local units that are connected to the intercontinental network. Transactions frequently cross boundaries and necessitate KYC checks to ensure regulatory compliance.
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Needless to say though, the KYC data quickly becomes huge and often unmanageable. It is here that the Indian banks, like their peers elsewhere in the world, have recognized the efficacy of blockchain to store KYC records in an unalterable, secure, and accessible manner. The State Bank of India (SBI), the largest Indian bank with a 450 million customer base, has taken the lead, becoming the first Indian bank to use KYC procedures, in addition, to automatically executing codes called smart contracts, all powered by blockchain.
HDFC Bank too plans to use blockchain in its KYC and trade finance procedures. This, however, is not where the use of DLT (Distributed Ledger Technology) ends. blockchain will enable AML (Anti Money Laundering), asset inventory audits, and the validation of land records as well.
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BankChain Blockchain and Indian Banks: A Step Further
SBI, taking a step further, has now become one of the first Asian banks to have rolled out the use of blockchain for facilitating remittance. The technology promises cost-effective remittances, which can quickly add up in the voluminous equation that spans both retail and corporate ecosystems.
BankChain, a “community of banks” and currently has 37 members working on as many as 22 live projects. The consortium aims to usher in an era of the “internet of value” which could facilitate the easy, cost-effective, and secure movement of value across the world. Towards the realization of this aim, BankChain has developed what it calls B2 or the BankChain Blockchain. The platform allows member banks to set up nodes on the cloud or on-premise, becoming participants in this one of a kind “permission blockchain for the world’s banks”.
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Claims Management in The Insurance Industry
The Indian insurance industry has been rapidly keeping up with the blockchain, which promises relief from the inefficiencies inherent in the claims management process leading to losses of the order of Rs. 10,000 crore each year.
Cognizant, the IT behemoth recently partnered with Indian insurers including SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life, and Kotak Life to name a few, developing a secure data-sharing solution based on the Corda blockchain platform.
Similar to the banking sector, the use of the distributed ledger will help facilitate record-keeping, due diligence, regulatory compliance, and of course, the prevention of frauds. The blockchain, as a true Six Sigma torchbearer, will ensure better customer experience through real-time data availability and transparency.
Coupled with technologies based on Big Data, AI, and Machine Learning, the blockchain will help underwriters accomplish their jobs in a much more efficient way, thanks to the power of peer-to-peer networking that forms the core of the technology.
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IndiaChain: Blockchain For Public Good
Announced by the NITI Aayog in 2017, IndiaChain is a mammoth project that will forever transform public administration, bringing in greater efficiency, transparency, and trust through the use of the blockchain.
IndiaChain will be a colossal blockchain project that will allow streamlined record-keeping, efficient and transparent disbursement of government subsidies, well-regulated supply chain management, and systematic tax monitoring, to name just a few applications that immediately come to mind.
Armed with the blockchain, the system would feature useful apps encouraging organizations to use the platform to make their own, similar to the UPI interface so ubiquitous today. IndiaChain would also integrate several “sidechains” which could be utilized for industry-specific functions with their own logic set but maintaining their links with the main blockchain.
IndiaChain will also help breathe new life into the education sector that struggles with fraudulent degrees and certifications. Partnering with IIT Bombay and the DU colleges, the project will develop a platform to issue digital certificates for degrees secured with the distributed ledger. The digital certification platform will help eliminate the huge costs associated with the routine degree verification procedures used by companies hiring candidates.
What’s more, IndiaChain will be integrated with the digital infrastructure developed around the Aadhar database, termed IndiaStack.
Another potential use of IndiaChain is in the healthcare and pharmaceuticals industry that necessitates the management of massive data. Beyond doubt, such industries need a secure and efficient system for optimal functioning; one that the blockchain so realistically promises to deliver.
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Looking into the Future
The world as we know it is changing. Bleeding-edge technologies such as blockchain, AI, cloud computing, machine learning, and big data have made their presence felt in India, a constitutional republic that stands to benefit tremendously with the might of decentralization, the paradigm shift that resonates so deeply with the spirit of our nation; a revolution we have known closely as the largest democracy in the world.
Blockchain brings the power back where it belongs – Into the hands of the people.
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Growing Demand for Software Engineers in Blockchain Technology
Blockchain technology makes use of a centralized, peer-to-peer (P2P) network of databases, also called nodes, to validate and record digital transactions between individual users located anywhere across the globe. These transactions often take place through the exchange of cryptocurrencies such as bitcoins.
The craze for blockchain technology stems from its hack-proof architecture which renders all user transactions transparent, authentic, and authorized. Each node updates its database in real-time as and when transactions occur. The transaction gets authorized only when a majority of the nodes in the network validate the transaction.
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Once the verification is complete, a block, consisting of hash and keys, is generated for each new transaction and is linked to previous transactions in every database. Every node updates its database with the new block. A hacker would have to break down every node in the system to commit fraud. Since the nodes are located globally and all the transactions are visible to every user, it is impossible to commit fraud for a digital transaction implementing blockchain technology.
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The security and transparency that is in inherently present in these sort of digital transactions place blockchain technology in high demand across various industrial applications.
What is Blockchain Technology? [Explained]
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Industrial Applications of Blockchain Technology:
Banking
Financial service demands high security and hackproof technologies. Blockchain fits right in. Cryptocurrencies will allow users to become bankers themselves, lending, borrowing, and exchanging money over a centralized, transparent, and secure framework. The currencies are not regulated by any central agencies. Blockchain technology eliminates the need of a middleman, decreasing chances of hacking, identity theft, and fraud. Every transaction can be digitally stored and verified. Since every transaction is verified, implementation of blockchain in financial institutions and Fintech companies can curb illegal activities such as money laundering.
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Security
Cybersecurity attacks and data breaches have been a cause of major concern for individuals. Often hackers steal sensitive information of users such as a PAN/Aadhar number to use it for fraudulent transactions. However, blockchain as mentioned above securely authenticates and authorizes the identity of a user without needing any sort of sensitive information. Even the user’s name is not required. Blockchain could play a major role in maintaining cybersecurity of digital transactions in the future.
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Charity
Charity in the form of food, clothes, cash, vouchers etc. is vulnerable because they can be stolen. In many cases, it does not reach the intended recipients due to a corrupt administration. Blockchain technology can be implemented to keep an end-to-end digital flow of donated material from the donor to the recipient. The United Nations implemented an iris-based blockchain system in refugee camps in Jordan. Refugees pay for their purchases in supermarkets through iris scanning, which is then recorded in a blockchain platform. The UN gets full access to these transactions and is able to verify the identity of the person and ensures that the food reaches the intended people. This eliminates the need for the UN to deliver cash, vouchers, and supplies through middlemen.
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Education
Deploying blockchain technologies in this sector can help verify the academic credentials of a student in a secure manner. Transcripts and related material could be uploaded to an online system which uses blockchain technology. Since it is centrally deployed it is accessible to all concerned party and is easily verifiable. Every modification is recorded and linked to a previous entry. Thus, a student cannot record incorrect/fraudulent data of unearned degrees since it will not pass the blockchain verification processes.
Medical records
This is an industry where blockchain can radically transform lives. If patient data is uploaded to a centralized server, doctors can access their patient’s real-time medical condition to make the most appropriate diagnoses. This allows timely, efficient, and cost-effective treatment saving lives. It can also help protect the medical records of patients.
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Career opportunities in Blockchain:
More and more industries are coming to realize the immense benefits of deploying a blockchain system. Thus, there is a sharp demand for professionals who have the knowledge to develop, manage, implement, and execute this technology.
According to CNBC stats, blockchain developers and managers are the highest-paid professionals among software engineers comparable only to those working on Artificial Intelligence.
The demand for software engineers is expected to maintain an astounding growth rate of 24% up till 2026. Hired, a talent recruitment firm for tech companies, says that there has been a 400 percent increase in demand for talents with blockchain skills in the past one year from its clients. It has been estimated that there are around 1,520 blockchain startups looking to hire experts in this technology.
Accordingly, blockchain developers are paid premium salaries, ranging from $150,000 to $1,75,000 on a yearly average.
Skillsets required for a blockchain engineer
It is essential that professionals know to code in a variety of programming languages, such as Java, C, Python, NodeJs, Apis, database design skills, networking, SQL, .Net, Ajax, Agile Scrum, cryptography computing skills etc.
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What the future holds
There is a tremendous demand for blockchain engineers in the market., Industries are recruiting software engineers with the requisite skills and knowledge to help them develop and implement this nascent technology. According to TechCrunch, there are 14 jobs in the market per blockchain engineer. This is an absurd ratio and the future in this field looks exceptionally bright for software engineers. Monetary benefits aside, this is a great opportunity for them to help implement technologies that will make the world a digitally-safer place to live in.
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Read Moreby Arjun Mathur
31 Jul'19