Blockchain Training in Velachery

Blockchain technology: an encoded and decentralized database

• Blockchain revolves around an encoded and decentralized or distributed database (the ‘distributed’ part of distributed ledger technology)which serves as a ledger whereby records regarding transactions are stored and cryptography is used for each update in transactions.
• Blockchain technology is rooted in the world of cryptocurrencies, more specifically Bitcoin. That connotation will disappear and we will not speak about the blockchain but about blockchains 
• Blockchain technology or distributed ledger technology. Although today decentralization and the absence of a predefined central authority are often mentioned now in times where cryptocurrencies still have most attention, they aren’t the strict essence (moreover, even in Bitcoin there are central authorities so to speak, the Bitcoin miners, but that’s a different story).
• Blockchain technology is being tested and implemented across a broad range of applications, industries and use cases for endless applications. Examples, on top of the Internet of Things and financial services(banking, insurance and reinsurance, capital markets) include Industry 4.0, fraud management, digital identities, information management and far more areas and industries where it fits in a context of transactions, payments, contracts (smart contracts), proof, trust and so forth in the decentralizing nature of digital transformation technologies.
• These records can’t be changed as the model is distributed: there isn’t a central authority but there also isn’t any involved party (those doing transactions)that can change information.
• Blockchain relies on peer-to-peer network principles whereby each encrypted block in the chain is linked to the next. Why the peer-to-peer network and absence of a central authority? Because blockchain was precisely ‘invented’ to solve the challenge of the lack of a central authority in cryptocurrency Bitcoin.
• Blockchain is used by organizations and/or groups of organizations for specific services where trust from other parties is needed or to build a blockchain network with other parties without traditional intermediaries.
• It’s also important to differentiate between public and private blockchains and between blockchain networks from the perspective of the relevance of the goal and context in which they are used, which organizations and/or groups of organizations use them and what those exact services are.
• The attention for blockchain from a security and secure transaction perspective is, among others, related to the fact that blockchain is a cryptographic ledger whereby the chain consists of encrypted blocks and after the validation of the transaction (peer-to-peer and across the network)it is added as a block to the chain as a permanent and unchangeable record of transaction in digital ecosystems with heavy transaction processing whereby transactions, data and speed increase and meet the need for a layer of trust.

The blockchain technology and Internet of Things

• The combination of blockchain and IoT is looked at and effectively leveraged for myriad reasons, ranging from smart contracts and IoT data monetization models across complex chains of connectivity where trust is crucial.
• There are already blockchain applications in the context of the Internet of Things and some vendors have specific solutions to enable the use of blockchain for IoT to, among others increase trust, save costs and speed up transactions. IBM is a frontrunner here, although several vendor and industry initiatives have been launched with new solutions and actual deployments.IoT is all about transactions, contracts and trust in a distributed environment.
• In the current day and age, there are endless opportunities for blockchain developers as umpteen number of jobs with handsome salaries are available. The demand for blockchain developersis now at an all-time high. Being considered as the second most demanded skill in the market after robotics specialists, blockchain development/engineering will only grow higher in popularity. This is not just speculation. With blockchain technology becoming more and more in demand in industries such as business and finance,  the companies in these sectors want to hire blockchain developers and architects to provide them with an edge over their competitors.
• Blockchain is, among others, the missing link to settle privacy and reliability concerns in IoT as the IEEE’s Ahmed Banafa writes. Do note that IoT and blockchain convergence also touches upon the various other technologies (e.g. AI), industries (e.g. insurance and telematics) and activities (e.g. supply chain management, security) we mention on this page. In other words: IoT and blockchain needs to be seen in context and isn’t just a matter of how blockchain can boost IoT and help solve challenges we see in IoT.