Quick Answers to Top Blockchain and Cryptocurrency Queries

Do you remember the prime-time debates around the reliability of Covid 19 data? And the conspiracy theories just after the pandemic outbreak? Well, most of us do remember. But why is it a recurring phenomenon? The simple reason is that crises result in a trust deficit. No matter the nature of the crisis, there is a trust gap that comes with it. However, these gaps can be bridged if modern scientific technologies like Blockchain, Big Data, IoT are applied while dealing with crises. It must be this trust deficit that might have pushed Satoshi Nakamoto, the developer of Bitcoin, to propose Blockchain 1.0 in 2008.

After the 2007-2008's Financial Crisis, the previous global crisis that the world has faced, people started losing trust in banks. It was the same time when Satoshi Nakamoto presented the first white paper on Blockchain. While the world grapples with another crisis today, Blockchain Technology is assisting us in combating this pandemic. As discussed in this research paper, Blockchain has benefited us in tasks ranging from medical supply chain management to outbreak tracing.

Apart from the popular notions of cryptocurrency and Bitcoin, NFTs, there are several Blockchain applications in sectors such as FinTech, Healthcare, and cybersecurity. This writeup will look into the top WH questions regarding Blockchain and how studying Blockchain can open pathways to a great career for you.
 

What are exactly Blockchain and Bitcoin?

While frequent bombarding of various terms like crypto wallet, cryptocurrency, Bitcoin, Dogecoin, and others may be a bit confusing, we'll try to keep things as simple as possible. 

Blockchain: The closest analogy of a blockchain network can be to a Microsoft Excel sheet. You must be familiar with maintaining transaction records in an Excel sheet. Let's name the Excel sheet as a Journal or a Ledger. When this journal is shared through a network of many interconnected computers, it becomes a Distributed Ledger. If we happen to develop a technology to interact regularly with this file, then it can be termed as Blockchain Technology. The 'block' here refers to each list of records, and a chain of such linked and secure records forms a Blockchain. To sum up, Blockchain is a digital, distributed, secure, public ledger. 

Cryptocurrency, Bitcoin-Dogecoin, and crypto-wallets: 

Etymologically, Crypto means Hidden or Secret. Also, Cryptography is a technique used to encode and decode information secretly. You might have known it through your end-to-end encrypted WhatsApp messages. Thus any cryptocurrency is an encoded, digital or virtual currency that is not issued by an authority like the Central Bank of a sovereign government. 

Bitcoin was the first digital currency developed by Satoshi Nakamoto using Blockchain Technology. Blockchain provided the overall architecture to perform decentralized digital transactions. This makes Bitcoin the first encrypted, decentralized digital currency. Dogecoin, Ethereum, often in the news, are some alternative digital currencies that can be used as an exchange just like Bitcoin. 

A crypto wallet is simply an application that allows users to send and receive cryptocurrencies by saving a user's private key or a password.

How does Blockchain Technology work?

The two key elements of a blockchain transaction include a Block and a Hash.

Block: Preciously, we have understood that a Blockchain can be compared to a Journal or Ledger. Thus, a block in the Blockchain can be considered as a single page in the Ledger. This page contains the data about the transaction (not necessarily economic) to be performed. Each block has a forward and a backward link. Thus a block is connected to two blocks.

Hash: A hash is a unique fingerprint of a Block by which a block is identified. Each block contains the unique hash of the next block. Thus, a chain of blocks connected by hash value is created.

As the transaction proceeds, blocks verify the time and sequence of transactions at each level, and with each successive timestamp verification, the transaction gets completed. Hashing and timestamp verification prevents the block data from being altered or tampered with.

Where can Blockchain Technology be used?

Apart from the original motive of using digital currency as a medium of economic exchange, Blockchain technology has a wide range of applications across domains. One such application is a Smart Contract. It is a digital version of a regular contract that gets implemented in real-time. It adds real-time monitoring and accountability features while eliminating the time-consuming glitches of a traditional paper-based contract.

Blockchain provides for a significant improvement in supply chain management and logistics. Supervising the movement and status of assets in procession becomes more manageable with an applied Blockchain network. Similarly, it can be helpful in areas where asset protection and data sharing are key concerns.

Why is Blockchain more secure and reliable?

As discussed earlier, hashing provides the much-needed security layer to a Blockchain transaction. In case if an outsider tries to tamper, the hash sum of that block will get changed, and the block will no longer remain valid. Hashing along with the cryptographic encoding makes for a unique private key of a particular data Block. This, in turn, makes Blockchain transactions irreversible.

Being distributed and decentralized, chances of a single point failure get averted. So even if a part of the system falls prey to intruders, other parts will remain unaffected.

Consensus Mechanism, another important feature of the Blockchain network, brings transparency and privacy to a Blockchain transaction. A Consensus Mechanism is a set of mutually determined principles which determine the working of any Blockchain network. It lays down the underlying commonly agreed rules decided by participating network nodes. Thus, it ensures that all the participants are taken into consideration while designing a network.

Why should you study Blockchain?

Blockchain is the fastest-growing industry of the modern era. Big tech companies are recruiting a large number of Blockchain developers who possess the necessary expertise in this domain. However, owing to the multi-disciplinary applications of Blockchain, a number of sectors ranging from Fintech to Healthcare are also going to be transformed soon. Thus, be it a professional from a Fintech start-up or an ICT administrator, having a good knowledge of blockchain technology has become the need of the hour.

However, the required skill set for an individual will depend upon their respective industry, hierarchical position, and current domain expertise. UniAthena, an online higher education platform, duly identified this need of having specialized courses for learners from diverse backgrounds. Thus, it offers an online MBA program in Blockchain Management in association with the prestigious and accredited GMU (Guglielmo Marconi University) Italy. The program is completely online and is delivered through a series of pre-recorded video lectures. The flexible and stackable program can be completed within a duration of 9 to 24 months and is extremely affordable.

Additionally, Athena also offers short certification courses that cater to the needs of professionals from a wide range of sectors. It has a Basic, an Essential, a Diploma, and a Mastering model course which provides all the necessary skills depending upon your requirement. Whether you're a beginner or a working professional, the courses will guide you through crucial aspects of the Blockchain domain.