The recent year has been a top-notch platform for evoking popularity around the distributed ledger technology, otherwise known as the blockchain. The global pandemic has given a formidable boost to trends that were already in place. Enterprises are investing more in pure R&D projects for achieving blockchain initiatives with better pragmatism and realism.

With a global event like the recent pandemic, it is reasonable to wonder about blockchain’s future in 2022. Blockchain has been a crucial player in driving the digital transformation required for accommodating the sudden rise in remote work settings. Since blockchain technology has been rightly touted as the technology of the future, it is important to focus on blockchain future predictions.

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What would be the Future of Blockchain Technology?

With many industries going through massive makeovers in response to the changes in the business environment, many blockchain enthusiasts and onlookers are worried about the future prospects for blockchain. The following discussion reflects some of the notable trends that could dictate the blockchain industry’s potential state in 2022.

• Blockchain and Governance Applications will Increase

One of the foremost trends that could dominate the future of blockchain in 2022 is the integration of blockchain in government agencies. The Finance Minister of Japan has recently recognized blockchain technology as an essential component in fighting continuously against the global pandemic. Government authorities in Columbia have also presented promises for supporting cryptocurrency and blockchain-based payment systems.

South Korea has been successful in bringing more than a million driver’s licenses on a blockchain-based system. Thailand is also planning on the introduction of a new juridical document storage solution based on blockchain. Furthermore, Vietnam has successfully adapted the use of akaChain, a dedicated blockchain platform, for the better digital transformation of the country.

Most important of all, China is preparing to issue a completely virtual cryptocurrency, with China being a prominent player in the world economy and politics. At the same time, blockchain can penetrate people’s day-to-day lives, thereby characterizing business knowledge in blockchain as an important soft force in international diplomacy. In addition, the use of blockchain in voting systems will also continue to be one of the notable trends in the future of blockchain.

• More Blockchain in Retail

2022 will obviously witness a large-scale rise in blockchain’s introduction in the retail sector for supply chain and inventory management capabilities. Starting in 2016, the collaboration of IBM and Walmart established the first step for bringing blockchain and retail together on the same page. As a result of the collaboration, the Food Trust blockchain emerged as the solution for tracking food products. Most recently, IBM has introduced a trade solution for freight management known as Tradelens in 2018 in partnership with Maersk.

The benefits of blockchain for the retail sector, especially notable players like Walmart, spell good news for blockchain’s future. Walmart has been able to utilize the blockchain platform for tracking their shipping alongside payment for around 70 shipping companies alongside multiple retailers. Other notable examples of the adoption of blockchain in the retail sector include Nestle, Amazon, Volvo, and Ford. Volvo and Ford’s notable automobile manufacturers leverage blockchain solutions for tracking the supply of cobalt used for lithium-ion batteries.

Nestle is presently running a pilot project based on blockchain for tracking the origin of baby milk and coffee. Amazon has been able to leverage blockchain solutions for controlling the supply of wine. Therefore, the blockchain predictions for 2022 primarily point out wide-ranging levels of inclusion. With almost $600 million in blockchain projects invested last year, blockchain’s future trends hold promises for rising investments.

• Most Projects Will Approach Production

The next important prediction for the future of blockchain for the next year points out to the fact that around 30% of blockchain projects worldwide will reach production stages. The realistic and pragmatic approaches to blockchain projects will be a primary driving factor for achieving this feat.

In addition, the requirement of faster time to market due to the pandemic and faster initiation of projects could also speed up blockchain projects towards production in limited timeframes. Furthermore, it is also expected that a major share of the networks that would shift from pilot to production would operate on enterprise blockchain platforms.

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• China Will Dominate Blockchain Space, Probably

The domination of China in the field of blockchain will also be one of the top predictions for the future of blockchain. China has included blockchain in the ‘new infrastructure’ initiative that focuses on the country’s digital infrastructure. The Chinese government plans to increase investments in the majority of provinces across different verticals.

Therefore, it is reasonable to expect a steady rise in the number of systems going into the production stage. However, the existing geopolitical scenario does not present adequate promises for the expansion of China’s global Blockchain Service Network. On the other hand of the spectrum, the European Blockchain Services Infrastructure (EBSI) also holds a prominent grip. Although EBSI can find explicit progress with pilot projects, it cannot achieve any major groundbreaking results due to conflicting interests and highly convoluted procurement processes.

• DeFi Will Continue to Increase

Many industry leaders have been open to the prospects of public blockchains in enterprise contexts regarding blockchain’s future. However, the introduction of DeFi has the potential for turning the attention away from public blockchains towards permissioned blockchains.

The total value of cryptocurrencies invested in Ethereum smart contracts in the early part of 2020 has crossed over $10 billion in such a short period of time.  Although this figure does not imply the amount invested by people in DeFi bets, it shows users’ interest in the bets. Therefore, one can clearly notice the continuously and steadily accelerating interest in DeFi.

In the future, the number of transactions beyond conventional mechanisms and medium would increase substantially. So, blockchain transactions can approach a particular inflection point where businesses, regulators, and political leaders would focus on DeFi.

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• Use of Blockchain for Social and Political Objectives

The application of blockchain in social and political activities could gain recognition among potential trends for the future of blockchain. Blockchain has been associated with the potential for transformation of supply chain management, reduction of identity theft, or digital rights management.

The primary elements in the blockchain that foster its applications in these areas include transparency and trust. Keeping in line with the same elements, blockchain technology applications for fighting misinformation gained attention in 2020. For example, the R&D team of The New York Times developed a prototype program for recording all activities with a photograph as metadata. Then, the program would display the information to users on their social media feeds.

As a result, the wider adoption of blockchain solutions can help in establishing better claim over photos and other content. With the rising use of blockchain technology, blockchain predictions for 2022 paint blockchain as an emerging tool for social change.        

• Interoperability with Traditional Banking and Financial Organizations

The future of blockchain in 2022 will also witness the interoperability of blockchains with conventional financial and banking organizations. Users are showcasing more trust in blockchain as compared to traditional banks. Therefore, banks are also increasingly adopting blockchain as a measure to reach out to their customers’ trust. So, 2022 will obviously witness continuity in this trend, with many notable names already diving into the use of blockchain.

JP Morgan presently uses blockchain for addressing automated margin payments. Northern Trust is presenting leveraging blockchain to test the trading of fractional bonds for retail investors. Santander has redeemed a $20 million-worth bond issued on the blockchain. Most important of all, HSBC has executed two letters of credit transactions on a blockchain between companies in the Gulf.

• New Projects Will Have a Tough Competition

There has been a considerable boost in the development of blockchain solutions. However, it does not dictate that the future of blockchain would have multiple applications within no time. The problems with some public blockchain networks recently showcase the need for reflecting on the state of the blockchain market in 2022.

First of all, EOS had issues with network centralization and congestion. Subsequently, the postponed updates for the Ethereum network have resulted in problems with smart contracts’ performance. Another example of blockchain platforms’ issues is TRON, which has been facing heat over critical code vulnerabilities.

Therefore, the public blockchain market will obviously witness steady growth in competition without any signs of subsiding. In such cases, the projects could be successful only if they are successful in resolving internal conflicts. Furthermore, new blockchain projects in 2022 will have to take new approaches to using blockchain technology into consideration.

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Final Words

The year 2020 is about the end and is definitely a clarion call for reflecting on the possible future of blockchain. As evident from this discussion, blockchain trends for 2022 showcase multiple promises. Simultaneously, the predictions for blockchain in 2022 also bring attention to setbacks that require immediate attention. Understanding blockchain industry trends and reviewing the expected future trends can help with better results in a blockchain career.

Furthermore, staying updated with industry trends is also a helpful booster for students aspiring for blockchain certifications. On a concluding note, you can clearly notice blockchain’s potential for dominating the technology sector in the future. Not to mention, the importance of Blockchain certifications will increase subsequently in 2022, so if you want to have a bright career, choose one of the best blockchain certifications and become a Certified Blockchain professional to get future-ready.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Future of Blockchain: Predictions for 2022 [UPDATED] appeared first on 101 Blockchains.

Smart contracts are the result of blockchain evolution. With blockchain’s invention via bitcoin, it was clear that it is a primitive type of blockchain technology. However, it did introduce the powerful concept of decentralization and how it can be used to solve a multitude of problems across different industries.

With time, Ethereum was released by Gavin Wood and Vitalik Buterin in 2015. It started the second generation of blockchain technology, which introduced new concepts and techniques to handle distributed ledgers. One of those techniques included smart contracts that brought automation to the whole blockchain network.

To facilitate the process of writing smart contracts, it also introduced scripting. One such language that can be used to write smart contracts in Solidity. Other smart-contract languages also let a developer write and deploy a smart contract. Let’s define smart contracts to get a better understanding.

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Smart Contracts Use Cases: What Are Smart Contracts? How Do They Work?

Smart contracts can be defined as paperless digital code that offers a set of promises on predefined conditions that the parties have agreed to.

In simple words, the parties can set a condition that can start an action or a series of actions when met.

Smart contracts can be used in a real-estate deal. Both the parties (buyer and seller) can create a smart contract that can automate the deal once the buyer pays the property value to the seller. To make all of these happen, the property first needs to be digitized on blockchain technology. Once done, both parties can carry their deal using smart contracts.

This simple idea is more than enough to automate tasks or the whole network, such as decentralized autonomous organizations that utilizes a set of smart contracts. However, this idea always doesn’t end well. The DAO event didn’t end well as a hacker stole $50 million. To curb the problem, the chain was split using a hard fork.

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What Are the Benefits of Smart Contracts?

Our next section deals with the benefits of smart contracts. By learning about its benefits, you will be able to make the most out of what smart contracts have to offer and hence get a better understanding of smart contract use cases.

The key benefits of smart contracts include the following:

• Autonomous

The biggest benefit of smart contracts is the automation that it offers. In simple terms, it means that it is interruption-free, and no third party can make changes in the agreement and decision. This automation can go a long way as it helps organizations to automate certain aspects of their business. Not only that, it resolves issues in some processes where trust is an issue.

• Secured

Another aspect of smart contracts that makes them amazing is their security. It enables processes to work in a secure manner. The encryption also makes smart contracts work as intended. As smart contracts run on networks with immutable data, the data generated by them cannot be changed or altered in any way. This way, all information is kept secure.

• Interruption Free

Smart contracts are interruption-free. This means that once they are started execution, they cannot be stopped or interrupted.

• Trustless

The whole system is trustless. This means that there is no need to trust other parties. Sounds counter-intuitive? Well, in simple words, it means that there is no need to trust the parties to carry out a transaction. A transaction or a trade does not require trust as its integral part. As smart contracts run on a decentralized network, this means that the whole network is trustless.

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• Cost-effective

Smart contracts make transactions more cost-effective. This is done with the removal of intermediaries from the process. By doing so, it makes the transactions faster and also removes the cost associated with it.

• Fast Performance

The autonomous smart contracts executed way faster compared to the old fashioned traditional approach. As all the parameters are already defined within the smart contracts, it only needs to match them before it starts executing.

• Accurate and Error-Free

Lastly, smart contracts are error-free and accurate. The only issue is that they need to be coded correctly so that they execute error-free. For example, if you are filing your taxes, you can make errors while doing so. However, if you use a smart contract to do it for you, then it will be an error-free approach.

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What Is the Best Use Case for Smart Contracts?

In reality, smart contract use case can vary from sector to sector based on where companies are using them. So, let’s see what these are –

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• Digital Identity

One of the most obvious smart contract use cases is Digital Identity. Individual identity is one of the biggest assets for that individual. It contains reputation, data, and digital assets. The digital identity, if used rightly, can bring new opportunities to the person. Also, digital identity can also help protect the identity from counterparties and enable him to share it with companies that he intends.

For now, the internet allows you to connect to multiple services, but at the same time, unknowingly sharing your identity with the companies and they’re associated with having your identity mapped.

In this case, smart contracts can help counterparties learn about the individual without knowing their true identity or verify transactions. This frictionless KYC can help improve interoperability, resilience, and compliance — all with the use of smart contracts.

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• High Securities

Another one of the useful smart contract real use cases includes securities. With smart contracts, capitalization table management can be simplified and improved. This means that there are no intermediaries between the parties, including security custody chains. It can also be used for dividends, automatic payments, liability management, and stock splits.

Also, smart contracts can help reduce operational risk and make workflows digitized.

• Cross Border Payments

Trade Finance can also be revolutionized with the help of smart contracts. There is no doubt that it can help in international goods transfer and trade payment initiations with the use of a Letter of Credit.

Clearly, using smart contracts will improve the liquidity of the financial assets, in return, improving the suppliers, buyers, and institutions’ financial efficiencies.

To make smart contracts work in Trade finance, especially in cross-border payments and international trade, it is necessary to find an industry standard and implement it accordingly.

With proper integration, it can surely solve legal complications and offers a better way to solve disputes among parties.

• Loans and Mortgages

Smart contracts can also help improve financial services, including mortgages and loans. To do so, it can connect the parties and ensure that the whole process can be completed in a friction-less way. Moreover, it also provides an error-free process. For instance, the smart contract set up to handle a mortgage can manage it by tracking the payments and releasing the property when the whole loan is paid off.

One more benefit from using smart contracts in financial services is visibility to all the involved parties.

This use case also falls under the Ethereum smart contract use cases.

• Financial Data Recording

Financial data is very important for any organization. And, this is where the smart contracts come in. They provide the necessary way to data records for a more accurate and transparent financial data collection. With smart contracts, it is easy to manage the uniform recording of data across an organization resulting in reduced auditing costs and reporting.

Finally, it also results in reduced accounting costs and better interoperability among legacy networks and distributed ledger networks.

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• Government

Smart contracts help automate. That’s where it can help the government to manage operations. One of those operations includes land title recording where the government can use to do property transfers.

Land Title Recording requires parties to transfer property with efficiency and transparency. Smart contracts can help do so. Also, using it will reduce auditing costs and also improve transparency within the whole system.

Another use case for government, includes electronic elections, the digital identity that we discussed earlier, and electronic record filing.

Governments can explore more smart contract use cases based on their requirement.

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• Supply Chain Management

Supply chain management is a great, blockchain smart contract use case. By using smart contracts, the supply chain can be improved manifold. For example, it can be used to track items within the supply chain with full visibility and transparency. A business can use smart-contract-powered supply chains and improve its inventory tracking to a granular level.

It also improves other aspects of the business, which are directly connected with the supply chain. Moreover, using smart contracts also means a reduction in verification and enhanced tracing results in fewer frauds and thefts. However, to make it work, the institutions need to add additional equipment, including sensors, to their supply chain. More so, it’s a smart contract application example.

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• Insurance

Insurance has always been one of the most use cases of smart contracts. It is a known fact that most of the disputes happen in the insurance sector. For example, let’s take auto insurance as an example. Here, smart contracts can be used to settle the insurance as soon as possible.

To do so, smart contracts need to utilize a lot of technology, including Internet-of-Things, to facilitate themselves. The smart contract will facilitate the policy and make sure that it has all the proper documentation, including driver reports and driving records, with the use of the technology. If the smart contract is set up with the right policy, documents, and ways to capture data, it can execute itself shortly after the accident. Also, smart contract execution is only done based on the collected data, which ensures that no fraud is done in the process.

The insurance sector can genuinely take advantage of smart contracts and hence is one of the best smart contract use cases out there. More so, it’s a smart contract application example.

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• Clinical Trials

Clinical trials can also improve with smart contracts as they can improve cross-institutional visibility. It can also automate the data sharing between institutions, thanks to the automation and privacy-preserving computations it can do. This is one of the real-world examples of smart contracts.

Moreover, smart contracts can also be used to automate trials and share information across-industry. To be precise, it can help in identity, authorization, and authentication of the data.

• Escrow

The last use-case that we are going to discuss is escrow. Escrows are the process of storing value between the parties when the contract is still active. For this, the action is taken by the payer to release the funds. However, in the case of smart contract usage, it will be possible to automate the whole thing as soon as the service provider submits its work and authenticates it.

The smart contracts can be very useful for platforms such as Upwork or other freelancing platforms where the platform’s escrow amount is held. There are many companies using smart contracts for this purpose.

• Record Storage

Smart contract database can be used to record information and also do digitization of real-world assets. You can use a smart contract database to store the records and renew them and release them according to the set parameters. All of these can be done automatically. This is one of the real world examples of smart contracts.

• Trading Activities

Another use case of smart contracts in trade finance is trading activities. In this case, the middleman or broker is removed, and his work is automated with the smart contract. This removes the additional cost related to them. There are many companies using smart contracts for this purpose.

• Mortgage System

Smart contracts can be effectively used in the mortgage system. It enables mortgages to be automated and ease both the owner and the buyer. To make all of these happen, smart contracts need to be coded according to the mortgage agreement. Once done, the smart contracts can be set into motion, and each step in the process can be automatically executed. The whole process is fast, cheap, and easy. This is one of the real world examples of smart contracts.

Conclusion

This leads us to the end of our smart contract use case article. Smart contracts are essential for our economy as they can provide the necessary automation for decentralized platforms. Smart contracts provide a unique way of solving problems, including escrow, clinical trials, insurance, government processes, and so on!

All these use-cases also fall under the Ethereum smart contract use cases and blockchain smart contract use cases. So, if you are looking for those, then the article we also went through the features of smart contracts so that you can understand the smart contract use-cases better. If you want to learn more about smart contracts, we recommend checking out our free blockchain course.

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Currently, many enterprise companies are using Corda for their various blockchain projects. Along with other popular platforms, Corda has already established its position in the huge blockchain market.

Thus, many companies are now looking for Corda experts to help them in developing their solutions. This is the perfect opportunity for you to get the R3 Corda certification if you want to pursue a career in blockchain.

Today, we’ll follow through how 101 Blockchains CEBP certification can help you achieve this goal in this guide. So, let’s not waste any time and get right into it!

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Blockchain Is the Future

Before I move into how the CEBP course can help you become a Corda expert, I’ll explain how blockchain is the future of technology. We’ll also explain why Corda is a huge part of it as well.

If you are going to build a career in this industry, you must understand how blockchain will be the future. Also, it will help you better evaluate your decision to get the R3 Corda certification.

According to a 2020 survey, 55% of the enterprise organizations are making blockchain their top priority. So, it’s a massive opportunity to start your blockchain journey right now.

Also, suppose you are already working within an enterprise environment. In that case, it’s best to skill up using R3 Corda certification as Corda blockchain is one of the most demanded and popular platforms at the moment.

Blockchain is going to alter a lot of business strategies in the future. Let’s see what these are –

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Organization’s Governance Model

We will start to see a change in different organizational models as it will approach a more permissioned state in the future. Also, it will secure payments in a more effective manner as well. Not to mention, the public status will soon vanish.

• Interconnected Networks

At the moment, the blockchain platforms are trying hard to achieve interoperability. As a result, experts can safely say that in the future, these platforms will achieve it. Thus, you will see a more interconnected network across multiple industries.

• Coupling with Other Technologies

Blockchain is one of the future technologies, but it isn’t alone. There are other technologies that are really bringing changes to our world. For example, AI technology is one of them, and with blockchain, it can blossom even more and give rise to AI blockchain based solutions.

Also, blockchain being coupled with other technologies can help to create more advantages for blockchain itself.

• Validation Tools Boom

Blockchain uses many tools to validate data on the chain. Therefore, it needs validation tools that can fetch information from the outside world and filter through wrong information correctly. Thus, to make blockchain more effective, the validation tools will see a huge upgradation along with massive implementation.

• Digital Currencies in Central Banks

The most massive change will happen in the bank sector. In reality, all of them will lowly go for digital currencies instead of paper-based ones. More so, you will see a huge shift in their efficiencies as well. Also, all the paper-based documentation will shift to digital versions on the blockchain. Therefore, you will see more central bank digital currency projects in the long run.

This is why you should definitely pick blockchain as your career path right now. Also, if you are interested in Corda, it’s best to get the R3 Corda certification.

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Corda Expert Certification: Why Should You Become Corda Expert?

Well, you must be wondering why you should become a Corda blockchain expert in the first place. We mean, why should you get a Corda expert certification, right? Well, there are numerous reasons for you to achieve the R3 Corda certification.

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• Increasing Need for Corda

The need for Corda is increasing rapidly at an exponential rate. To be frank, many industries are looking into Corda for their next big blockchain project. Therefore, there is also a rise in need for viable Corda tutorials. In reality, Corda first started out as a platform for specific financial sectors. However, it’s not limited to only the finance sector at the moment.

As a certified candidate, you can take advantage of this technology and enroll in a R3 Corda certification course. So, you won’t have to think about your future once you master Corda development skills.

• Simplicity of Corda Infrastructure

The Corda infrastructure is undoubtedly simple to understand and handle. So, learning about it won’t be a hard task for you. But, don’t try to learn it on your own as in a way, it is a different technology that needs an expert perspective.

In reality, Corda wants to make this accessible for every industry out there. So, they made sure that the architectural complexity is kept at a minimum. Therefore, with the Corda R3 certification, you will learn about the simple infrastructure in no time.

Here’s a guide to top 10 Corda use cases that you can leverage in your blockchain development.

• Skill Shortage in Corda Development

Well, in reality, there aren’t many Corda developers out there. Also, blockchain itself is a fairly new technology, on top of that, Corda is also fairly new. Therefore, many organizations are looking for proper talent who can help them make Corda base projects and increase their revenues. As the need for blockchain skills in this niche is growing, you should master it while you still can.

So, when you get the R3 Corda developer certification, you can go for these job offers and claim your position within the company. More so, your competition will be at a minimum.

• Higher Salary

High-end companies are willing to pay a hefty sum for the perfect Corda developer. If you know what the ins and outs of Corda development, you can ask for a lucrative salary. In reality, you can expect blockchain developer salary ranging from $135,000 – $200,000 every year!

That’s a very generous salary, isn’t it? But without a R3 Corda certification course, it’s difficult to learn about it, let alone become a developer. So, if you want to have a handsome salary job, then Corda development can get you that.

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Corda Certification Benefits

There are certain benefits to taking R3 Corda certification course. Other than the obvious job prospects, there are other points to consider. So, let’s see what these benefits are –

• Prove Your Skills as A Corda Expert

The Corda R3 certification will help you prove your skills to concerned authorities. For example, when you will go to a blockchain developer interview, you can showcase your certification and claim your worth.

Also, maybe you already have a knowledge base on this matter. But it needs polishing up. More so, using a course will help you better understand what the interviews will expect and how you can tackle any questions through at you.

In reality, expert courses will help you get a greater perspective on the blockchain network along with Corda. So, you will not only have blockchain digital transformation knowledge, but you will also have Corda based expertise and couple these two.

Thus, there are no other good means to become an expert other than taking the course.

• Start A Lucrative Career as A Corda Expert

The best part about getting the R3 Corda developer certification is that you get to have a lucrative blockchain career position. Obviously, this is something many professional wants, and with a certification getting, it will become easier.

As you already know, the blockchain industry is ready to pour or invest loads of money into this sector. So, if you can prove your worth, you can easily get a top-notch job position in an enterprise environment.

Also, professionals who want to up their games should also use this certificate to showcase their skills or get promoted.

• Get A Competitive Edge Over Others

If you get the chance to enrich your CV and get a competitive edge over other candidates, won’t you do it? In reality, a Corda R3 certification will help you enrich your CV and outrun other job hunters in the market.

Let’s face it, the job market is very competitive. Even if there are only a few Corda experts out there, certification will make you seem more capable of handling the tasks. Also, you may get a more consultancy or a leading position within the development team as well. So, we would recommend you to check out a certification course on R3 Corda right now!

• Grasp the Core Concepts of Corda Architecture

What’s the best way to start your blockchain journey rather than learning about the core concepts? So, it’s your duty for a Corda developer that you are fully aware of what you are working with. In reality, the R3 Corda developer certification will cover all the basics you need to get started.

More so, these certification courses allow you to get in-depth knowledge on the topic. If you aren’t clear about the architecture or how it works, you will find it difficult to go deeper into the coding scheme. Also, it will help to strategize your blockchain projects for consultants or any other industry professional.

Which Platform to Use for Your Corda R3 Certification Process?

Well, as you can already see, the benefits of enrolling in a R3 Corda certification course are huge. More so, a certified corda expert cannot have an opportunity at the moment but can also expect future technological advantages.

Therefore, it’s only common sense that you will want to look for the best way to start your Corda journey. 101 Blockchains happens to be one of the top educations and research platforms in the blockchain realm.

In reality, it’s a well-known independent source that you can use for getting enterprise-grade information at ease. More so, to help you out, 101 Blockchain offers a Certified Enterprise Blockchain Professional (CEBP) certification.

This certification covers Corda as well. So, you can become certified professional along with added Corda certified too. Anyhow, the best part about this platform is that it offers productive tools and practical knowledge on the said topic. So, you will always stay updates no matter what.

101 Blockchains Certified Enterprise Blockchain Professional (CEBP) Certification

The Certified Enterprise Blockchain Professional (CEBP) certification course is perfect for any individual looking to become a Corda expert. Also, it’s not just any certification exam rather than comprehensive guidance to help you become a professional.

101 Blockchains always strives to offer prospective candidates the experience and knowledge they need to become experts. Anyhow, the certification is designed to help you get the R3 Corda developer certification.

As the course also covers other technologies such as Hyperledger Fabric and Enterprise Ethereum, you get to learn about the overall spectrum of blockchain.

Anyhow, as the course offers fresh content, it will keep you updated on the current design changes too. More so, the 101 Blockchains CEBP certification will make sure you are capable of understanding business goals and strategize effectively.

But do remember, this course is mainly for students who are willing to become a certified professional in the blockchain.

Anyhow, in this course, you will get to –

• Understand the core concepts of R3 Corda and its overall ecosystem.
• Develop expertise and experience with actionable tools and interactive quizzes.
• Learn about the productive and realistic implementation of Corda based business models.

As you can see, all you have to do is register for the CEBP course, and you can get access to all the lucrative materials 101 Blockchains offer.

Duration of The Course

In reality, the duration of the course is only 4 weeks. All the materials are divided into smaller segments, which will take only 3-4 hours every week. But the best part is that you won’t have to stick to a fixed timeline to learn about Corda.

Therefore, you can pause and resume the course whenever you have spare time from your part. So, it’s a flexible scheduling option for you, unlike other courses out in the markets.

The Lesson Structure

Module-1: Fundamentals of Blockchain Technology

This is the very first module of the CEBP certification course. It will start by explaining what blockchain technology is and how does blockchain work. Furthermore, it will slowly start to illustrate the different parts of a blockchain and what roles these elements play.

Anyhow, it will later cover the different types of blockchain technology, their characteristics, features, etc.

You will also learn about how to use them in different environments. Thus, this process will help you use a particular blockchain when you need it.

Next, this module will cover the different elements of blockchain, such as double spending, smart contracts, and consensus process for business models.

• Basics of Blockchain Technology
• How Does Blockchain Work?
• Different Types of Blockchains
• Smart Contracts
• Proof of Work

Module-2: Enterprise Blockchain Platforms

This is the next module in the CEBP certification course that you need for your corda certification process. Actually, this is the most important module for you as in this module, you will learn about the different blockchain platforms, including Corda blockchain.

Basically, this module will start with explaining Hyperledger Fabric fundamentals. It will explain how it works, the use cases, and many other elements of this platform.

The same goes for the Ethereum platform. After that, it will cover the Corda platform. In this module, you can learn about the fundamentals of Corda, how to use it, what the use cases, and how you can use it in your business, and many other crucial topics.

• Hyperledger Fabric
• Ethereum
• Corda

Curious about blockchain platforms? Here’s a guide on Enterprise Blockchain platforms that you can use to learn more about these.

Module-3: Blockchain in Trade Finance

In this next module, you will start with learning about the cryptocurrencies and crypto-assets. Yes, these are different, and they have their distinctive roles within a blockchain network. Therefore, if you want to make a trade finance blockchain project that uses tokens, you can take notes from this lesson.

Next comes the fundamental of the Ripple network. In reality, this platform is suitable for financial sectors and use cases. Thus, it’s in this module to emphasize on how blockchain handles the digital currency.

Furthermore, later on, you will learn about the effect on Trade Finance for integrating blockchain technology.

• Crypto assets and cryptocurrencies
• Ripple fundamentals
• Trade finance on Blockchain

Make sure to go through all the lessons very carefully for your corda certification process.

Excited to learn fundamentals of trade finance and existing processes? Enroll Now in Enterprise Blockchains And Trade Finance Course

Module-4: Different Blockchain Applications

In your training sessions, you will next learn about the different blockchain applications. The module will start with explaining the fundamental of the supply chain process. It will also cover how blockchain is impacting different parts of the supply chain ecosystem.

After that, you will learn about the different use cases of the blockchain for supply chain management systems. Anyhow, the instructor will describe all the steps of an example live project just to help you better grasp the concept.

Anyhow, the module will close with a lesson dedicated to blockchain digital transformation.

• Blockchain-Based Supply Chain Management Fundamentals
• Use Cases of Blockchain In Supply Chain Management
• Blockchain Digital Transformation

Want to lerarn about the implementation of blockchain in supply chain management? Enroll now in Enterprise Blockchains and Supply Chain Management Course

Module-5: Real-World Blockchain Use Cases

For getting Corda certification, you will need to know about the use cases of blockchain. This is the final module of the certification course. In reality, this course will cover different practical blockchain use cases.

Almost all the use cases are suitable for the Corda platform as well. More so, you will also get to see real-world examples too. The primary goal is to help you understand how you can utilize this technology and come up with better strategies.

Why Use 101 Blockchains For Your Enterprise Blockchain Professional Certification?

Well, there are various reasons to use 101 Blockchains for the enterprise professional certification. Let’s see what these are, shall we?

• High-Quality Learning Content

101 Blockchains offers top quality learning content for your certification process. So, using this, you can easily grasp the core concepts of the Corda platform. More so, if you notice the module structure from before, you’ll see how comprehensive the lecture materials are.

Therefore, it’s quite easy to improve your skillsets and become certified along with it. The best part about this course is that it comes with in-depth information about blockchain and its counterparts.

• Flexible and Interactive Learning Structure

For your Corda training, 101 Blockchains comes with a flexible and interactive learning structure. You can access the course for 1 year after you purchase it. All the materials are divided into smaller segments, which will take only 3-4 hours every week. But the best part is that you won’t have to stick to a fixed timeline to learn about Corda.

Therefore, you can pause and resume the course whenever you have spare time from your part. So, it’s a flexible scheduling option for you, unlike other courses out in the markets.

• Lucrative Bonus Materials

The best feature of 101 Blockchains enterprise courses is that they all come with bonus materials. And CEBP is one of them that offers tons of bonus material just for you. In the bonus material, you will hands-on assignments, interactive questions, exercises, interviews with top-level executives, and so on.

As you can already see, it’s a great way to start your Corda training with 101 Blockchains.

Here’s a guide to why blockchain certifications are important for one’s blockchain career.

• Comprehensive Personal Guidance

Your journey of obtaining Corda expert certification is easier with the personal guidance that 101 Blockchains offer. Yes, 101 Blockchains expert team is always ready to help out individuals in their learning process.

In reality, the weekly spreadsheets from 101 Blockchains will keep track of the progress of each student. So, you won’t have to worry about having any confusion or questions about a lesson topic.

Also, with the expert team’s support, you will easily blossom into a worthy expert for high profile jobs.

• Premium Support

Who doesn’t like premium support? I mean, if you are enrolling in a premium course, it’s normal to ask for premium support as well. This is where 101 Blockchains will never fail to satisfy you. In reality, 101 Blockchains offers a responsive and knowledgeable support team just for your needs.

As a certification candidate, it’s evident that you will have concerns or questions about the exam processes. Well, not to worry, 101 Blockchains support team is here to save the day!

• Proof of Your Expert Skills

This is the most important reason for choosing 101 Blockchains for your blockchain expert certification. In reality, if you don’t have proof of your skills in high-end interviews, this may affect your results a bit.

A certification is a great way to showcase your expertise, and with 101 Blockchains, you get that. Once you pass the exam, you will get a printable certification for your CV. Also, you’ll get LinkedIn accreditation that will help you enrich your LinkedIn profile and expand your networking range.

Start your blockchain journey Now with the Enterprise Blockchains Fundamentals

Get Your R3 Corda Certification Right Now!

Corda is definitely one of the promising blockchain platforms out there. At present, many companies such as Bank of Canada, Monetary Authority of Singapore, ING, SWIFT, and many more are using this platform. More so, Corda is involved in many consortia at the moment leading the blockchain realm to a whole different level.

That’s why it’s a very strategic choice to get Corda training and become an expert on it. As you can see, the demands are high and with a bright future ahead. So, why not take the chance right now? For all novices this is the perfect opportunity to get certified with our upcoming Corda development course!

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post R3 Corda Certification: Become A Corda Expert appeared first on 101 Blockchains.

To evolve and persist, businesses need to keep an active tab on emerging technologies. One such technology that we think is becoming mainstream is blockchain. Even now, the demand to adapt is exceptionally high.

This leads to one big question, “Should you use blockchain in your business as well?”

If so, which questions should you ask before deciding if blockchain is right for your business? In today’s article, we will explore both. After reading the article, any novice will be able to gauge the current situation and make a calculated guess on whether his/her business should adopt blockchain or not.

Want to learn Business Model Innovations? Enroll Now: Business Model Innovation Course

Key Questions for Blockchain Business

You need to ask the right questions for your blockchain business before you start implementing it. Building a blockchain network is a risky endeavor. To build the blockchain, you need to hire the best technical minds and invest heavily. To Make sure you take an informed decision, you need to ask yourself questions at every step.

Blockchain Business Questions

To get started, ask yourself the following questions.

1. Can blockchain disrupt your business model, and should make adjustments to your business strategy?
2. Will blockchain implementation increase your overall business productivity? If yes, how?
3. How is data stored in your organization? Is there a need to transfer that data into blockchain?
4. If you do, then will the information be secure and more accessible than before?
5. What kind of blockchain use cases are compatible with your business?
6. Which entities in your business have decision making power using the information you send or receive?
7. How will the marketplace be affected, and “what” decisions those entities in the market need to take?
8. Can blockchain offer the opportunity to reduce costing and improve consumer satisfaction?

All the above blockchain questions will give you a necessary foundation of what to expect next. Overall, you should understand that there is no point in implementing blockchain if it slows down your business. Even if blockchain can change some aspect of your business, you should not opt for blockchain at the cost of productivity.

Data privacy is also vital. To understand if blockchain can help you, try to evaluate all the entities that you share your information with. Now, you need to learn if keeping data on blockchain will help you engage with those entities in a better way or not.

Build your identity as a certified blockchain expert with 101 Blockchains’ Blockchain Certifications designed to provide enhanced career prospects.

Blockchain Security Questions

Before you jump into implementing your very first blockchain solution, you need to understand how blockchain security works and if it’s enough for your business. So, start by asking these blockchain security questions –

1. How secure is blockchain technology?
2. Can blockchain truly offer immutability and transparency?
3. Can devices track IP addresses on the network?
4. Who will have access to sensitive information?
5. Can blockchain infrastructure offer protection against cyber-crimes? If so, how?
6. What the security concerns relating to blockchain, and how to overcome them?
7. What kind of encryption does technology use?
8. Are consensus algorithms enough to offer a fully distributed network? If so, what are the security concerns relating to them?

Questions About Blockchain Implementation Process

Now that you have asked yourself some fundamental questions, it is now time to ask questions to understand how your network needs to be implemented. These are the biggest questions about blockchain you should ask before starting your blockchain journey.

These questions will help you to identify the endpoints of your business and know the impact of blockchain on them. You might be running a business of books, but will the buyer and seller will be able to improve their current business experience? If so, how?

As of now, you might have already understood how vital the entities in your business are. In reality, blockchain’s job is to make the life of everyone directly or indirectly connected with your business easy.

They are as follows –

1. Will blockchain eliminate middlemen? If yes, how effectively?
2. Do you require 3rd party involvement to run your blockchain successfully? If so, how much involvement they need?
3. Do you need both physical or digital asset dependency for blockchain to work?
4. How can the information be validated through the system?
5. How will the flow of information work? Basically, who will get it first?
6. Will any rules need to be followed? If yes, what will be those rules?
7. Which platform should your use, and what standards you need to follow?
8. Do you want to implement your platform on a private blockchain?
9. What kind of support or services are available for enterprise companies, specifically?
10. Which infrastructure is ready to use as the base of your blockchain implementation solution?
11. What kind of blockchain tools should your developers use to implement the project faster?
12. What are the basic blockchain requirements for enterprises?
13. Do you need an identity management system or authentication systems?
14. How can you govern or administer it, maintaining the distributed nature?

With all the above questions, you can now make an informed decision.

Curious to learn about blockchain implementation and strategy for managing your blockchain projects? Enroll Now in Blockchain Technology – Implementation And Strategy Course!

Ending Note

Once you ask yourself all of the above questions for the blockchain business implementation process, you can make an informed decision on whether you really need it or not. And if you do need it, then you know just how the network works and what your strategy should be.

Business decisions should be taken with proper research. And, when it comes to the blockchain, the research effort should be tripled at least. A better way to go with it is to become a blockchain expert and evaluate it for yourself. Setting up an internal team can also help you make a much better decision and help you take advantage of the blockchain.

If you are not sure how to become a blockchain professional, we recommend checking our certified enterprise blockchain professional course. Start your blockchain journey now!

The post 30 Key Questions for Blockchain Business appeared first on 101 Blockchains.

If you want to secure a career in this field, then you’re in luck, as we’ll point out how to become a blockchain engineer. Basically, we’ll be covering what skills or educational qualifications you need to land a job as a blockchain engineer.

Build your identity as a certified blockchain expert with 101 Blockchains’ Blockchain Certifications designed to provide enhanced career prospects.

What Is Blockchain Engineer?

Let’s start off with the basics. Blockchain engineers meaning basically is like implementing and creating digital blockchain for enterprise solutions. Typically, blockchain engineers may work for technology consulting firms or data service firms. In reality, it’s a full-time job.

But you need to keep in mind that an engineer would not only build the solutions but also analyze what the company needs. More so, these blockchain engineer jobs require implementing and developing items like assets, and accelerators, or assisting in the enterprises’ infrastructure setup process.

So, you’ll have to use existing platforms like Hyperledger and Ethereum for that.

You may also have to analyze the codes and then provide training for any junior personnel. However, blockchain engineer jobs will make you responsible for application release dates or monitoring the whole project to make sure they are finished within time.

You might have to ensure back-end functionalities and create any documents for the infrastructure as well. But the responsibilities would mainly vary depending on where you are working. Anyhow, the next time anyone asks you “what is blockchain engineer,” I’m pretty sure you have the answer for it now. We are sure that now you know what is blockchain engineer meaning.

Start your blockchain journey Now with the Enterprise Blockchains Fundamentals

What You Need For Becoming a Blockchain Engineer

Please include attribution to 101blockchains.com with this graphic. <a href='https://101blockchains.com/blockchain-infographics/'> <img src='https://101blockchains.com/wp-content/uploads/2019/12/HOW-TO-BECOME-A-BLOCKCHAIN-ENGINEER.jpg' alt='HOW TO BECOME A BLOCKCHAIN ENGINEER infographics='0' /> </a>

Get through knowledge about Blockchain Basics

Before you begin your journey as a blockchain engineer, you have to start learning about the blockchain basics. So, start by learning different blockchain terms and lexicons. Basically, blockchain definition, working process, decentralization, consensus protocols, smart contracts, etc. are a few of the things to start with.

If you don’t learn about these basic terms, then you’ll find it hard to grasp the concept further along the way. Also, try to read about the technical aspects of the technology as well. For that, you can join our blockchain engineer course and read up whitepapers of popular platforms.

Learn How the Blockchain Architecture Works

A blockchain engineer must have an excellent grasp over how the architecture of blockchain works. In reality, concepts like a consensus, hash functions should be something you can understand anytime. Well, the best way to get yourself familiarize with them is to go through whitepapers of enterprise blockchain platforms.

However, it can be a troublesome task for you. Hence you can go for blockchain engineer training to better harness the knowledge.

Excited to know the advanced concepts of blockchain architecture? Enroll Now: Certified Enterprise Blockchain Architect (CEBA)

Have an In-Depth Understanding and Applicative Sense of the Data Structures

Secondly, you must have an in-depth understanding and applicative sense of the data structures. Blockchain engineers have to make a lot of tweaks and play around with existing data structures to get what they need.

That’s why you have to understand how Merkle trees, Patricia Trees, etc. work. Typically, blockchain uses a lot of data structures along with cryptography to ensure a secure platform. Without knowledge of data structures, you can never fully grasp how the system works. More so, always check out the blockchain engineer job description before you go for that interview.

Be an Advanced Cryptography Master

Cryptography is necessary to maintain the security and immutability of the system. In reality, you have to be quite efficient in cryptography to encrypt data without any loopholes. Even the slightest amount of error can cause the overall project to fail.

So, make sure you learn how the various cryptographic method works. You should even practice vigorously to perfect your craft. Without understanding it, it’s impossible to become a blockchain engineer.

Want to become a Cryptocurrency expert? Enroll Now in Cryptocurrency Fundamentals Course

Know the Basics of Front-End and Back-End Web Development

Blockchain engineers may need skills in front-end and back-end web development. Even though it’s mostly for blockchain developers, still many companies demand this skill when hiring. So, knowing the basics of it, won’t hurt in the long run.

Basically, using this, you’ll be developing UIs, request handling, API handling, etc.

Be an Expert in Various Programming Languages

To develop blockchain solutions, you’d need to be well versed in various programming languages. In reality, you will have to use these languages to code the core framework of technology. Anyhow, you need to learn at least these four programming languages – C++, Java, Python, and Solidity.

Proficiency in other languages is always appreciated. These will definitely help you become a blockchain engineer.

Have a Deep Understanding of Different Blockchain Platforms

Another one of the blockchain engineer skills you must have is a deep underrating of different blockchain platforms. By this, we mean, how different types of blockchain technology works such as public, private, federated, permissioned, and permissionless. But why?

Well, before you begin working on your solution, you need to know which platform is suited for that.

Without a proper platform, you can’t develop an effective solution for the enterprises. Clearly, a public platform in a private oriented solution wouldn’t be the best choice.

Possess Knowledge of How Different Ecosystems or Standards Work

For becoming a blockchain engineer, you must possess the knowledge of how different standards or ecosystems work. It’s one of the blockchain engineer skills the enterprises are looking for when hiring personnel.

There are lots of ecosystems such as Hyperledger, Ethereum, Corda, Quorum, and many more. In reality, you have to study how these work and what standards they use in it. Moreover, they also seem to have open-source codes for you to experiment with.

The more you study about these, the more you’ll be able to create a better blockchain solution. Additionally, you could take blockchain engineer training for these, as well.

Want to know blockchain corda, Enroll Now: Beginners Guide to Corda Development Course

Learn How Interoperability Works

Interoperability is a lucrative feature that every enterprise company wants in its solution. And it’s definitely going to be the next big feature of the future. As technology seems to be growing still, many solutions lack interoperability still.

The basic idea is to have common standards among solutions so that they can easily communicate with each other. So, learn how the interoperability works and implement them in solutions. This will surely help you harness the blockchain engineer skills.

Be a Master of the Blockchain Development Tools

Being a blockchain engineer, you have to develop a lot of blockchain solutions. More so, you have to be time-efficient and effective at that. That’s why using blockchain development tools would be the best call here.

All professionals use development tools to fats track their solutions. And so, you have to be a master of these development tools and learn how to use them effectively.

Possess Strategic Skills to Solve A Blockchain-Related Problem Fast

It’s one of the blockchain engineer skills that you need to polish up before you go for the job. More so, always check out the blockchain engineer job description before you go for that interview. Furthermore, strategic skills are necessary for solving any issues that your company may face. In most of the cases, enterprises don’t have proper ideation of how they can use blockchain in their respective fields.

Here. Blockchain engineers can harness their creativeness, critical thinking skills to figure out the perfect solution for the enterprise. Anyhow, a blockchain engineer training course can definitely help you out in this matter.

Start learning Blockchain Engineering with World’s first Blockchain Skill Paths with quality resources tailored by industry experts Now!

Get a Degree or Diploma in Computer Science Engineering

It’s probably the best qualification for the blockchain engineer jobs. You must get a degree or diploma in Computer Science Engineering. Moreover, it will surely increase your chances of getting hired in an enterprise as well.

Also, a degree in the field would help you understand the technical terms of the technology much better. However, you can also opt for experience in software development as it will help to deal with the associated challenges of the blockchain solution.

Sign Up For a Blockchain Certification Program

You can sign up for a blockchain certification program to learn more about how the blockchain is affecting enterprises around the globe. These blockchain engineer courses will help you possess the knowledge of different platforms such as Hyperledger, Ethereum, and Corda.

More so, it will also help you learn the basics of blockchain technology. Basically, these programs are mainly for senior leadership, decision-makers, blockchain engineers, developers, innovation managers, advisors, business analysts, etc.

Why Should You Become A Blockchain Engineer?

Now, you know how to become a blockchain engineer, but why should you consider it in the first place? Let’s explore some of the benefits this career path can offer you right now.

Better Pay and Security In The Long Run

Well, I’m not going to lie, but a blockchain engineer gets a hefty amount of salary form the very start. In reality, the field is relatively younger, and the right talent is still limited. That’s why enterprises are willing to pay more salary to hire the right blockchain engineer.

The best part is that they are even willing to offer blockchain engineer training for you to help you adjust to their environment. Even if they don’t, you can take up a blockchain engineer course to understand the enterprise ecosystem better.

Another great part is that many companies offer incentives and reward policies. These are basically token-based companies. So, you’ll have a fully secured career in the long run.

High Demand for Blockchain Engineers

Securing a job in this space is easier than traditional ones. There’s already a limited amount of people skilled for pulling off any blockchain solution development. As a result, the demand is huge, and the supply is quite low.

If you have the proper skills to offer for enterprises, they are willing to scope you right then and there.

Offers More Flexibility in the Workplace

Another great benefit of this career is that these enterprises are willing to offer you the best environment for working. So, you’ll get a friendly, innovative workplace with co-operative colleagues. More so, if you are more of a “work from home” kind of person, then you may get an option for that as well.

As a matter of fact, more companies now offer this option, and that boosts productivity!

Work On an Entirely New Technology

Last of all, in this career path, you get to enjoy working on an entirely new technology that no one else is working on at the moment. Only a handful of personnel is in the workforce right now, and you get to be one of them.

As a matter of fact, blockchain is going to be the fuel of the future. So, in a way, you’ll be directly responsible for at least a part of that revolutionary change. Just think of the possibilities! Isn’t that what everyone dreams of?

Start learning Blockchain with World’s first Blockchain Career Paths with quality resources tailored by industry experts Now!

Conclusion

We’ve reached the ending point of our how to become a blockchain engineer guide. Hopefully, this guide helped you with all the knowledge you need for it. Basically, blockchain is here to stay, and getting a job into this space can be the best thing for your career right now.

You can try our Certified Enterprise Blockchain Professional (CEBP) certification program to gain more insight into the realm of blockchain enterprise, as well. A training course can definitely help you mold yourself into a better blockchain engineer.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post How To Become A Blockchain Engineer appeared first on 101 Blockchains.

Financial services are an important requirement for individuals and institutions all over the world. However, billions of people still don’t have access to financial services. Even in the age of digital transformation, where we can witness internet accessibility increasing profoundly, financial inclusion appears to be a myth. 

This is where the concept of decentralized finance (DeFi) comes into the picture. Many people are searching for the best DeFi tools to start venturing into the uncharted yet promising territory. Can DeFi create a new financial ecosystem or replace the traditional banking and financial institutions altogether? 

If you want to capitalize on the DeFi trend, then you need to know the tools that can help you accomplish different functions in DeFi. The focus on decentralized finance tools is essential for individuals planning on introducing DeFi solutions. The following discussion offers you an insight into the top tools for DeFi, along with their clear descriptions. 

Want to become an enterprise DeFi expert? Enroll Now in Decentralized Finance Course

What is DeFi? – Understanding the Basics

The most important thing before learning about top DeFi tools is an understanding of DeFi itself. Decentralized Finance or DeFi is basically the practice of deploying financial software and applications on the blockchain. It can enable a completely new approach to banking while offering all the services that a conventional bank offers. 

Although DeFi supports all crypto platforms, Ethereum is the main focus of DeFi development and transactions now. DeFi can capitalize on the intrinsic traits of Ethereum for delivering desired functionalities. DeFi focuses on the following properties that you can find only with Ethereum.

• Censorship Resistance 

There is no restriction on any individual for using DeFi services, such as identifying characteristics like nationality, political beliefs or gender.

• Permissionless

Users don’t have to depend on permissions from a third party for accessing all DeFi services.

• Transparency

DeFi ensures the availability of all smart contracts for analysis and verification alongside tracking all user interactions for ensuring transparency. 

• Programmability 

It is possible to introduce any service, which offers the flexibility for encoding in a smart contract in the form of a DeFi solution.

• Trustless

The visibility of all transactions and interactions with the smart contract offers a trustless environment. In addition, all transactions and interactions in DeFi enjoy the security of the underlying blockchain. 

• Interoperability

One of the most interesting facts about decentralized finance tools is the scope for interoperability. It implies that DeFi services could utilize one another for developing new servers and products. 

DeFi is primarily applicable in banking services. However, the majority of DeFi projects are basically lending protocols or decentralized exchanges. Lending protocols help users in borrowing cryptocurrency instantly, even for large amounts. DeFi services as decentralized exchanges can help users in trading with any Ethereum-based token. 

Therefore, DeFi is definitely a promising field and has many opportunities for financial service providers and customers. On the contrary, the selection of top DeFi tools is important to ensure that you can access the true value benefits of DeFi seamlessly. 

Want to explore in-depth about DeFi protocol and its use cases? Enroll in Decentralized Finance (Defi) Course- Intermediate Level Now!

List of Top DeFi Tools for Beginners

With more than 200 DeFi projects in the crypto landscape, it is not easy for DeFi beginners to make the right choice. New DeFi-based projects are introducing promising tools for analysis and investment in the DeFi space. Although you can depend only on cryptocurrency wallets to start with, DeFi also offers decentralized exchanges. If you want to capitalize on the actual value of DeFi, then you need to take a look at the following DeFi tools list.

1. Metamask

Metamask is one of the most popular entries among the best DeFi tools in the present times. It is actually a cryptocurrency wallet that also has a well established and popular browser extension. Metamask helps users in interacting with the Ethereum ecosystem through multiple decentralized applications or dApps. Interestingly, users don’t have to download the whole blockchain on their device for using the dApps. Metamask offers compatibility with renowned browsers like Brave, Chrome, Microsoft Edge and Firefox. 

Metamask also supports tokens compliant with ERC-20 and ERC-721 standards other than Ether, the native currency of Ethereum. The notable advantages of Metamask in the DeFi space include its open-source nature and in-built coin purchasing mechanism. All the Metamask code is available online for free with available access, thereby offering scope for continuous improvement. 

In addition, Metamask links effortlessly with crypto exchanges, thereby allowing adequate scope for seamless interoperability. Metamask also deserves to be one of the top DeFi tools for its hierarchical deterministic settings that support users in backing up their accounts. 

Curious to know about ERC standards? Get started with our Ethereum Development Fundamentals Course now!

2. Coinbase Wallet

Coinbase is one of the simplest platforms for purchasing, selling and managing cryptocurrency. However, Coinbase Wallet is different from Coinbase, the exchange platform. Coinbase Wallet serves as a vital addition to the DeFi tools list for every beginner. It is a multi-coin wallet based on Ethereum as well as a dApp browser.

Interestingly, the control of the dApp stays with the user only. Private keys for your cryptocurrency wallet would rest directly in a mobile device rather than on a centralized exchange like Coinbase. Furthermore, you don’t need to register on Coinbase for having your own Coinbase Wallet. 

With just a phone app, Coinbase Wallet helps you with storage, transmission and receiving multiple coins. Some of the notable cryptocurrencies supported on Coinbase Wallet include Bitcoin, Ether, Bitcoin Cash, Ethereum tokens and others. In addition, Coinbase Wallet also allows accessibility to decentralized applications on Ethereum network. Coinbase Wallet also serves as a helpful interface for accessing Ethereum-based applications for the DeFi space, such as decentralized exchanges. 

Build your identity as a certified blockchain expert with 101 Blockchains’ Blockchain Certifications designed to provide enhanced career prospects.

3. Gnosis Safe

Gnosis Safe is also one of the notable decentralized finance tools that can get you started with DeFi. Many Ethereum users are acquainted with using single key wallets, generally known as an EOA or Externally Owned Account. Such types of wallets are safeguarded with a private key. However, compromising the private key could result in loss of access to your valuable funds. 

The best solution, in this case, would be a multisig wallet like Gnosis Safe. It is actually a smart contract wallet based on Ethereum, which requires approval of a specific number of people for approving a transaction. For example, if a business has two stakeholders, then the Gnosis Safe wallet can be configured for demanding approval of the two stakeholders before sending a transaction. 

Gnosis Safe is unique in the DeFi tools list for the feature of allowing complete self custody of funds. As a result, you can avoid troubles from banks for running a crypto business. In addition, the completely trustless smart contract offers comprehensive control to the users. 

4. Monolith 

The list of DeFi tools that serve as cryptocurrency wallets also brings Monolith into consideration. It is a decentralized banking solution based on Ethereum. It offers a non-custodial contract wallet for secure storage of Ethereum-based tokens. Users could exchange the tokens for fiat currency alongside enjoying the facility of loading them on your Monolith Visa debit card. 

Monolith offers a decentralized, non-custodial and open-source contract wallet. Users could get the benefits of advanced security features tailored for safeguarding user funds in adverse events. The interesting fact about Monolith, among other top DeFi tools, is the global recognition for Monolith Visa debit card. Presently, it is available across 31 countries in Europe, thereby showcasing its reach. 

TKN or the Monolith token encourages community members for participating in the growth of the Monolith card. It has the backing of a continuously expanding collection of ERC-20 tokens, which you can use for making payments for everyday purchases. So, Monolith definitely has a lot of value as a DeFi tool as a DeFi wallet alongside a Visa debit card.

5. Argent

The most common problem in the adoption of cryptocurrency wallets in the DeFi space is user-friendliness. As a matter of fact, the issue can be quite problematic for beginners as they encounter alphanumeric strings, keys, wallets and seed phrases for the first time. Argent is one of the best DeFi tools which attempts at solving this problem. 

It focuses on abstraction of complexities in crypto space for delivering a simple user experience. It is a non-custodial wallet featuring a distinct recovery mechanism, Argent Guardians. Therefore, users don’t have to remember gigantic recovery phases or take backups for their private keys. 

The interesting fact about Argent is the facility of support for different decentralized finance or DeFi protocols. As of now, Argent enables users for accessing eight different DeFi protocols directly from the app. Some of the notable DeFi protocols supported by Argent include Aave, Compound, Social TokenSets, Kyber token exchange and Robo TokenSets. 

6. Zapper

It is not enough for a beginner to start in DeFi with cryptocurrency wallets only. You would also need the decentralized finance tools for managing DeFi assets, and Zapper is a top choice. It is actually a simple dashboard built for DeFi. Zapper allows easy tracking and visualization of all DeFi assets and liabilities through a simple interface. 

Zapper emerged as the result of a merger between DeFiSnap and DeFiZap, two fundamental DeFi asset management tools. DeFiZap helps users in faster capital investment in various income opportunities. The facility of DeFi onramps with DeFiZap addressed the troubles such as impermanent loss. 

On the other hand, DeFiSnap offers the signature dashboard for tracking DeFi assets. It supports notable DeFi protocols such as Compound, Synthetix and Set Protocol. Most important of all, DeFiSnap has been recognized for maximum DeFi integrations in the overall asset management landscape. 

Announcement – DeFi Development Course Launched, Explore to learn DeFi development tools like Solidity, React, and Hardhat.

7. Debank

Another popular addition among DeFi asset management platforms in DeFi tools list is Debank. Debank is also a dashboard that helps in tracking DeFi portfolio. It offers functionalities of data and analytics with decentralized lending protocols, decentralized exchanges, stablecoins and margin trading platforms. 

Debank helps in monitoring all DeFi assets in one platform for reducing the gap between DeFi technologies and end-users. It allows users to test their demo account and is quite easy to set up. Most important of all, the Debank dashboard could help in tracking assets in different DeFi protocols. 

In addition, experts believe the future holds promising features being added to the Debank portfolio. Apart from the facility of a dashboard, Debank also serves as a wallet along with other options like the analytics page or the interest rates. The effectiveness of Debank is also visible in the facility of “Ranking” panel, which serves as a scoreboard for various categories.

8. Zerion 

Zerion is also one of the top DeFi tools for managing your DeFi asset portfolio. It has won many accolades as an investment interface for decentralized finance or DeFi. Users can access a single platform for managing their complete DeFi portfolio with a non-custodial approach. 

It also allows users to navigate the DeFi market, liquidity pools, vaults and multiple ERC-20 tokens. In addition, Zerion also presents the prospects of earning interest on stablecoins alongside tracking their return on investment, among other functionalities. 

Zerion has the capability for delivering a comprehensive DeFi experience for beginners with its distinct traits. It features advanced portfolio analytics for evaluating the performance of your investments along with staked assets. The DeFi asset management tool also presents the smart transaction history in user-friendly formats. Users could easily filter out the transactions on the basis of protocol, transaction type, address or asset. 

9. DeFi Pulse

DeFi Pulse is also one of the top platforms which deserve a place in the DeFi tools list. It is the leading resource for tracking your DeFi assets and projects. Many experts consider DeFi Pulse as the leaderboard of decentralized finance. Users could access latest information on rankings and analytics related to DeFi protocols. 

The rankings on DeFi Pulse track the total value locked or TVL related to smart contracts based on notable DeFi protocols and applications. Furthermore, DeFi Pulse also prepares The DeFi List and maintains it. The DeFi List is actually a collection of best resources in DeFi. Beginners could also capitalize on the DeFi Pulse Farmer newsletter for obtaining access to latest DeFi news, trends and opportunities.               

10. DeFi Saver

The final addition in the DeFi tools list would draw our attention towards DeFi Saver. DeFi Saver presents one platform for users interested in management of their DeFi assets throughout different protocols. The easy to use dashboards for Compound and MakerDAO are the promising highlights of DeFi Saver. In addition, it also offers a personalized dashboard for Dai lending, known as Smart Savings. 

The personalized dashboards can easily connect users with different protocols such as Maker, Compound and Fulcrum. As a result, users could access a seamless experience with unique features for managing DeFi assets. DeFi Saver can keep users updated about their transaction status as the transaction passes through the mempool. The real-time notification facility can encourage end-user engagement while reducing anxiety regarding transactions.

Aspiring to learn more about DeFi? Register now for the DeFi and Future of Finance webinar.

Final Words

It is quite clear that cryptocurrency wallets and DeFi asset management platforms are the best DeFi tools for beginners. The cryptocurrency wallet is essential for converting fiat currency into DeFi assets and trading them on different platforms. However, DeFi beginners would also need dashboards and asset management tools for monitoring the performance of their DeFi investment portfolio.

The assumptions regarding the future of DeFi have fuelled the growth of many DeFi tools. In the long run, users have to differentiate between the DeFi tools they want and the ones they can skip. Your requirements matter the most and if you want to just get started with DeFi, choose the tools listed here.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Top Tools to Get Started with Decentralized Finance (DeFi) appeared first on 101 Blockchains.

Want to know more about DeFi? Enroll Now: Introduction to DeFi Course

What are DeFi Tokens?

Before diving into an outline of the reasons for looking into the best DeFi crypto options, let us understand what are DeFi tokens. DeFi tokens are the foundation of the decentralized ecosystem. They are used primarily in decentralized applications running on smart contracts for facilitating different transactions. You can think of DeFi tokens as a unique form of currency for decentralized platforms only. DeFi tokens could serve various roles in the native blockchain network alongside the financial ecosystem. 

DeFi token price is one of the notable concerns of investors looking for opportunities with DeFi. The price can fluctuate depending on the design of the token. If it is designed as a stablecoin, then it would not fluctuate in pricing. DeFi tokens serve helpful for various use cases, including exchange, investment, exercising voting rights, trading and payment. The tokens feature financial or economic value. DeFi users can get trading discounts or reduced interest rates as incentives for using native DeFi tokens. 

Contrary to popular assumptions, there are various answers to ‘are DeFi tokens worth buying.’ One of the first things that you should understand before finding out reasons to go for DeFi tokens is the difference between DeFi tokens and coins. Here are the important points which separate DeFi tokens and coins.

1. Tokens are non-fungible assets due to their uniqueness to DeFi platforms, while coins have fungible value.
2. Coins serve as value-based currency only, while tokens could address a wide range of functions.
3. It is easy to recover tokens, although the same is not applicable for tokens.
4. Tokens have the support of security through cryptography with high levels of accountability. On the contrary, coins feature constant supply alongside reliable durability.

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Reasons to Choose DeFi Tokens – Why Choose Best DeFi Coins 

Now that you know what a DeFi token is actually, it is important to find answers to ‘are DeFi tokens worth buying.’ Here are the top five reasons for which you should consider DeFi tokens right now. 

• Improved Access to Broad Range of Financial Services 

The foremost value advantage with DeFi tokens basically points out to accessibility of financial services. Decentralized platforms have promoted the role of DeFi tokens in improving the accessibility of investment and commerce opportunities to all individuals. Therefore, the best DeFi coins are actually establishing the foundations for a new economic paradigm shift. 

Users can leverage them for various use cases such as network staking, savings, gaming, and synthetic assets, insurance, and loans. DeFi tokens bring financial services within reach of people with the functionalities of blockchain. This is definitely a promising reason to go for DeFi tokens.

• DeFi Tokens Can Spell New Future of Finance

The second important factor in favor of DeFi tokens refers to its potential for disrupting finance as we know it. For example, DeFi coins could help people in borrowing and lending easily within a peer-to-peer network. DeFi tokens can also help in claiming insurance amounts directly without the intervention of institutions like governments and banks. 

Therefore, DeFi tokens can help users of DeFi platforms and token holders in accessing the same services presented by traditional financial service providers. You can think of DeFi tokens as the next stage of evolution in finance, especially after the cryptocurrency revolution and the relative stability of DeFi token price.

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• Capitalize on the New and Profitable Technology Trend

The next critical reason for choosing DeFi coins refers to the need for capitalizing on a new technological trend. Nobody wants to miss out on DeFi, which is showcasing the potential for explosive growth. There is no possible way for you to ignore the radical developments in the world of decentralized finance. Interestingly, DeFi tokens are actually the tip of the iceberg, even with so many promising alternatives in development. 

The most renowned DeFi token UNI or the oldest decentralized governance protocol, Maker MKR, shows how it is easy to diversify a crypto portfolio with ease. Many DeFi projects are in the early stage, and top industry players are jumping on the DeFi bandwagon. So, it would not be fair to miss out on an exciting trend like DeFi tokens. 

• Stability of Price at Par with Ethereum

Another prominent reason to choose DeFi tokens right now is more than just the DeFi token price stability. If you are apprehensive about investing in DeFi tokens, then you can invest directly in ETH. Most of the DeFi tokens operate with smart contracts on Ethereum blockchain. Therefore, DeFi has formidable capabilities for scaling up the value of ETH through corresponding price improvements. As a matter of fact, DeFi can be the differentiator in the competition between Ethereum and Bitcoin for the top rank in market capitalization. 

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• Set the New Standards for the Potential of Blockchain

Finally, and most importantly, DeFi tokens could create new standards of transparency and access. At the same time, they reduce costs of financial services alongside delivering the advantages of automation. DeFi tokens basically serve as a crucially important use case of blockchain. Built on blockchain networks like Ethereum, DeFi tokens actually redefine the true potential of blockchain. In the long run, DeFi tokens can matter more than just tools for facilitating transactions on DeFi platforms. 

Bottom Line

On a concluding note, it is quite clear that DeFi coins are gaining momentum. The prolific opportunities associated with DeFi tokens, primarily for transforming financial services, are the foremost reason to choose them. DeFi tokens have the capability to bring out the true potential of blockchain for the financial services sector and other applications. 

At the same time, stability of DeFi token price with different value advantages makes them a top choice for investors right now. Decentralized finance is slowly looking forward to dominating the future of finance. If you want to capitalize on the prospects with DeFi tokens, then you should start learning more about them. We recommend you to enroll in the DeFi Fundamentals course to learn more about DeFi coins!

*Disclaimer:  The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research! 

The post 5 Reasons why you should go for DeFi Tokens appeared first on 101 Blockchains.

Therefore, to help you out, I’ll cover everything in this guide. More so, you’ll get a context of the characteristics of blockchain, which will help you understand the blockchain digital transformation better as well. So, let’s not waste any more time and check out the blockchain concepts you should know about.

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What Is Blockchain Technology?

At the very start, let’s clear up one of the common blockchain concepts that many of you are confused about. So, what is blockchain technology? Well, in reality, blockchain technology is a distributed ledger system, which comes with decentralization, greater transparency, security, immutability, and many more. So, instead of any centralized model, it focuses on a new decentralized environment to promote fairness.

In reality, it’s actually quite an intelligent technology that can replace any existing system and increase the overall efficiency of a network. Anyhow, this is one of the key blockchain concepts that you may be confused about. Furthermore, blockchain is going to disrupt the world very soon (already disrupted a lot of industries). Thus, learning about blockchain concepts is the best thing you can do right now.

Get familiar with the terms related to blockchain with Blockchain Basics Flashcards.

How Does a Blockchain Work?

Blockchain actually follows a straightforward working process. And this is one of the blockchain concepts you should know about. So, let’s see how it works. First of all, a user on the network would request for a transaction. Next, to represent the transaction, a block gets created with transaction information, and the block gets broadcasted throughout the system to other nodes.  Nodes are users or devices that the user on the network will use to get into the system.

Anyhow, once that happens, all the nodes verify the contents of the block. Without proper verification, anyone can misuse the network. So, it’s necessary to check them beforehand. More so, there are various ways to verify them without any illegal means. I’ll talk about them in a bit in this learning about blockchain concepts later on.

Anyhow, if the information is valid, then the block gets verified; if not, it gets disapproved. After the validation process, the block is added to the ledger. So, once all of that is out of the way, the transaction is executed.

Key Features of Blockchain Technology

In reality, there are six basic key features of blockchain technology. More so, this is also one of the key blockchain concepts you need to check out before using the technology. These are –

• Immutability: Here, it means that no one can alter any kind of entry in the ledger once you add them. However, it varies based on the type of blockchain technology.
• Decentralization: In reality, it means that there is no central authority in the platform.
• High Level of Security: Blockchain offers a greater level of security compared to other platforms.
• Distributed Ledger: In reality, it means that the main ledger is distributed among all the nodes, and they have to maintain it.
• Consensus Algorithms: These are protocols the network uses to verify transactions.
• Fast Settlement/Transaction: It does offer a fast transaction speed compared to traditional banks.

Anyhow, let’s check out the blockchain concepts you should know about.

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Different Types of Blockchain Technology for Enterprises

This is another one of the key blockchain concepts. More so, there are different types of blockchain technology for enterprises. In reality, each class offers a different set of features and issues. Thus, you need to understand their underlying structure to incorporate them into enterprise environments better.

General Classification

• Private Blockchain

Private blockchains are really a lifesaver for enterprise companies. Furthermore, here you get a lot of new features that you won’t get in public ones.

Special Features

1. A single organization can authorize access to the network
2. Read or Write access varies from node to node
3. Faster output
4. Can use any asset on the network
5. Does not offer anonymity
6. Cheaper compared to the public blockchain

Why Should You Use This?

1. Saves a lot of costs
2. Offers lower transaction fees
3. Network regulations
4. No criminal access

• Public Blockchain

A public blockchain is more suited for an open environment where you need it for the consumers. Therefore, it’s important that you know where to use this blockchain concept. But this blockchain concept is more secure than private ones.

Special Features

1. Everyone has access to the network
2. Can download and add nodes
3. Fully decentralized
4. Slower output
5. Offers anonymity

Why Should You Use This?

1. Greater transparency
2. Truly decentralized structure
3. User empowerment
4. Immutability

• Federated Blockchain

In reality, federated platforms are actually perfect for enterprise companies. Here, multiple companies can co-exist in the network and work together, still maintaining their privacy. Therefore, you can use this blockchain concept to implement your blockchain solutions.

Special Features

1. Multiple organizations can authorize access to the network
2. Extremely faster output
3. Highly scalable
4. Energy efficient
5. Distributed authority

Why Should You Use This?

1. Preserves privacy
2. Power-efficient compared to the public blockchain
3. Less volatile network

Start your blockchain journey Now with the Enterprise Blockchains Fundamentals

Permission-Based Classification

• Permissioned Blockchain

In reality, permissioned blockchain can be both private and public. More so, the internal system will greatly vary from network to network.

Special Features

1. Decentralization varies from network to network
2. Only nodes with proper authority can enter the network
3. Some nodes have more influence and can participate in a consensus
4. Relatively faster
5. Trusted environment

Why Should You Use This?

1. More power for the nodes
2. Open privacy level for everyone
3. Free participation in voting or consensus

• Permissionless Blockchain

In reality, permissioned blockchain can be both private and public. More so, typically, it’s decentralized, but you can impose restrictions on these platforms too.

Special Features

1. Usually decentralized
2. Every node is free to participate in a consensus
3. Trust-free environment
4. Relatively slower

Why Should You Use This?

1. Suited for organizations
2. Transaction rates are low
3. Isn’t required to have a native asset

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Key Blockchain Concepts: Smart Contracts and Consensus Algorithms

Smart contracts and Consensus Protocols are two of the most important elements of blockchain technology. Furthermore, every blockchain needs to have a consensus protocol for reaching an agreement between nodes.

What Are Smart Contracts?

Smart Contracts are digital contracts where a user can set up pre-determined rules. More so, once the pre-determined rules are executed, all the participants in the contract get their share of payment or assets. Thus, the whole process is automated.

Also, once a user meets with the specified rules of the contract, the smart contract will automatically release the payment. In reality, this is one of the important blockchain concepts you should know about.

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What Is Consensus Algorithm?

In reality, consensus algorithms are a form of an algorithm that helps the nodes within a blockchain network to reach an agreement over the validation process of a transaction.

Furthermore, these are at the very core of the blockchain infrastructure. So, without consensus, the system can’t be fully transparent or error-free.

What Are the Different Types of Consensus Algorithms?

There are various types of consensus algorithms. There are –

• Proof-of-Work
• Delayed Proof-of-Work
• Proof-of-Stake
• Delegated Proof-of-Stake
• Leased Proof-Of-Stake
• Proof of Stake Velocity
• Proof of Elapsed Time
• Practical Byzantine Fault Tolerance
• Simplified Byzantine Fault Tolerance
• Delegated Byzantine Fault Tolerance
• Federated Byzantine Agreement
• Directed Acyclic Graphs
• Proof-of-Activity
• Proof-of-Authority
• Proof-of-Reputation
• Proof of History
• Proof-of-Importance
• Proof-of-Capacity
• Proof-of-Burn
• Proof-of-Weight
• Proof-of-Time

These are the key blockchain concepts you should know about, and it will help in your journey ahead.

Learning Blockchain Concepts: The Enterprise Blockchains

Enterprise blockchains are a vital part of blockchain adoption. In reality, without specific platforms geared for this sector, blockchain can’t reach international standards. Thus, to clear these basics of blockchain, let’s get into what the enterprise blockchain is and what platforms are ruling the marketplace at the moment.

What Are Enterprise Blockchain Platforms?

Enterprise blockchains are special types of blockchain platforms that are optimized, especially for enterprise-grade usage. Furthermore, these platforms are equipped with the necessary features needed for any organization to pull off the enormous workload every day.

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5 Enterprise Blockchain Players for You

At present, there are multiple enterprise blockchain platforms. Anyhow, all these platforms offer their version of blockchain technology for enterprises with a high level of customizations.

There are five main platforms. These are –

• Hyperledger

Hyperledger is currently in the top five among the enterprise blockchain platforms. Furthermore, many companies are using this enterprise blockchain for their solutions. Also, the Linux Foundation hosted this project, and they offer open-source platforms for cross-industry use cases.

Features

• Permissioned Blockchain System
• High Scalability with Greater Performance
• Need-To-Know Data Availability
• Rich Queries Languages
• Modular Architecture
• Safety Measurement for Sensitive Data

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• Enterprise Ethereum Alliance

Enterprise Ethereum Alliance is another top tier among enterprise blockchain platforms. More so, this one offers a private version of the Ethereum platform for enterprise usage. At present, they have over 1400 individuals working on the solutions.

Features

• Open Platform
• Operational Authority
• Provide Governing Support for Enterprise Development
• Evolve from the Existing Public Platform
• Utilizing Standards

Want to learn the fundamentals of ethereum development? Enroll now in Ethereum Development Fundamentals Course

• R3 Corda

R3’s Corda is more suited for financial sectors. However, the company is expanding its solutions to incorporate more industries such as Government, Healthcare, Energy, Global Trade, Telecommunications, etc.

Features

• The application firewall of blockchain
• Operational governance model
• Disaster monitoring and recovery
• High node performance
• Support for Oracle and SQL server databases.

Want to learn the basic and advanced concepts of R3 Corda Development? Enroll Now: Beginner’s Guide to Corda Development

• Ripple

In reality, Ripple offers two strong features – high level of safety measures and advanced security protocols. More so, it’s more suited for financial enterprises. Also, their RippleNet provides almost free transactions anywhere around the world.

Features

• Expanding to new marketplaces
• Ensure more customers
• Advanced security protocols
• Simplifying the process of payments

• Quorum

In reality, Quorum uses Ethereum as the underlying technology for this platform. Anyhow, the major difference is that Quorum is permissioned, whereas Ethereum is public and more geared towards organizations. Furthermore, this is a blockchain concept that many of you seem to confuse yourselves with.

Features

• Node managing authority
• Private transactions
• Agreement through voting
• High-end performance

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Blockchain Concept Explained: What Are the Popular Use Cases?

Global Transactions

• Fast cross-border payment
• Efficient transactions
• Low costing

Trading

• Control for manufacturers
• Trust and transparency in trading
• Reduced costing and paperwork

Food Safety

• No food fraudulence
• Accountability in the food supply
• Low amount of food wastage

Supply Chain

• Tracking every product
• Visibility and security in the supply chain
• Detection of corruption with accurate information

Retail

• Tracks all luxury goods
• Fights off counterfeit issue
• Reduces product theft

Governmental Services

• Preserves citizen rights
• Promotes exponential economy growth
• Digitizes citizen identification

Intellectual Property

• Payments for patented work
• Patents and trademarks intellectual properties
• Reduces intellectual property abuse

Healthcare

• Tracks patient information
• Streamlines multiple test results in parallel
• Stops counterfeit drug issue

Oil and Gas

• Promotes accuracy and saves revenue
• Efficient shipment routes
• Secured auditing and freight payment

Real Estate

• Fractional ownership of properties
• Reduces property costs
• Increases scalability

Humanitarianism

• Full visibility in donations
• Corruption free environment
• Promotes trust and fairness

Insurance

• Less paperwork
• Fast insurance checks and claims
• No customer exploits

Media and Entertainment

• Better value for artists
• Good paycheck for the artists
• Efficient marketing on the social platform

Travel

• Accurate passenger processing
• Cross border identification
• Accurate flight schedules

Blockchain Concept Explained: Difference Between Centralized and Decentralized Network

Blockchain is not only changing the enterprises but also the infrastructure of the internet. In reality, the internet is fully centralized. More so, social media or Google searches were myths twenty years ago. Thus, it’s evident that the internet needs an upgrade, and blockchain is the key to that.

Centralized System

• Uses a client-server model
• Authoritative access that controls the output
• Prone to single point failure
• No privacy for user data
• Third-party interference
• Mass adoption

Decentralized System

• Uses a peer-to-peer model
• No authoritative access
• More secured, no single point of failure
• Higher privacy for enterprises and users
• Gets rid of third-party interference
• Transparent data
• In the early phase of adoption

Let’s see the implementation problems in this “what is the blockchain concept” guide.

Implementation Issues of This Tech: Blockchain Concept Explained

Now that you know about the fundamentals of blockchain, it’s time for you to know about the implementation challenges as well. In reality, the adoption challenges are separated into two categories – Technological Factors and Human Factors.

Human Factors

• Inefficient technological design of the blockchain projects
• Also, not enough supply of proper skill set for blockchain adoption
• More so, the majority of the public doesn’t know what the technology is or understands what it can do.
• Anonymity can attract criminals on the platform
• There’s a significant lack of regulations on the network

Technological Factors

• The performance lacks in many ways so far

• Also, most blockchains use energy-consuming consensus algorithms
• The public ledger system does not offer full privacy for the companies
• In reality, there are some security concerns even though the technology boasts about it
• Furthermore, blockchain is still not capable of handling mass users in their system, and it increases the scalability problem.

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Use These Blockchain Courses to Learn About the Blockchain Concepts

• Certified Enterprise Blockchain Professional

Course Overview

Want to learn about the basics of blockchain? In reality, this is one of our premium courses that offers everything you need to know about the fundamentals of blockchain. And so, if you want to study the technology, learn how it works you need to use this course. Furthermore, this course will offer you ways that you can implement your very own solution and understand the full transformation at ease.

What Modules Does It Have?

Part-1: Blockchain Technology Basics

Here, we will start with the fundamentals of blockchain. Furthermore, we will cover how blocks are created, using smart contracts, how consensus protocols work, different types of blockchain, and so on.

Part-2: Enterprise Blockchain Platforms

Mainly, you will learn the basics of blockchain technology with these enterprise blockchain platforms. In reality, we’ll cover the three major ones – Corda, Ethereum, and Hyperledger Fabric.

Part-3: Blockchain In Trade Finance

You want to learn how blockchain is affecting the trade finance sector? Well, don’t worry because, in this part, we will tell you just how. In reality, this part will contain the process of trade finance, crypto-assets definition, cryptocurrency definition, a detailed overview or Ripple, and so on.

This platform really will offer full disclosure, and you can get the blockchain concept explained here as well.

Part-4: Blockchain Applications in Major Businesses

Blockchain transforming businesses is not new at the moment. But if you don’t know how it’s doing it, then you are in trouble. So, in this part, we will dive into the supply chain management sector. Therefore, you will understand how it’s working here and what are the probable use cases.

Part-5: Blockchain Use Cases

This is fairly straight forward. In reality, this part will teach you how you can use it in different scenarios.

Enterprise Blockchains and Supply Chain Management

Course Overview

Want to learn about the basics of blockchain in enterprise blockchains and supply chain management? In reality, this is one of our premium courses that offers everything you need to know about the fundamentals of blockchain in the supply chain. And so, if you want to study the technology, learn how to integrate it into the system, then check out this course now! Also, this course will offer you ways that you can implement your very own solution in a supply chain focused industry.

What Modules Does It Have?

Part-1: Fundamentals of Supply Chain Management Process

In this part, we will teach you the full process of supply chain along with what kind of responsibilities you will face in a similar career opportunity.

Part-2: Value Formation in SCM

But how will you know what kind of value your company is offering and how much you need it? So, for that, we will cover how you can estimate your value with the working capital. More so, you will learn to use the EVA model for evaluating your SCM system. Also, we will cover a relationship graph between the working capital and the SCM process.

Part-3: Supply Chain Blockchain Examples

In reality, this part will contain the impact of blockchain in the supply chain and offer lucrative use case options with live examples of it.

Part-4: Developing a Supply Chain Project

Furthermore, you will learn exactly how you can develop the solution in a guiding manner. Let’s see the next big course for you in this “what is the blockchain concept” guide.

Enterprise Blockchains and Trade Finance

Course Overview

Want to learn about the basics of blockchain in enterprise blockchains and trade finance? But for that, you need to study the industry itself, learn how the process works, and then use this course for your blockchain project. Also, this course will offer you ways that you can implement your very own solution in the trade finance industry.

What Modules Does It Have?

Part-1: Working Process of The Trade Finance Industry

In this part, we will teach you the full process of trade finance along with what kind of problems you will face in a similar career opportunity.

Part-2: Blockchains Affect in Trade Finance

In reality, how can you know about the live initiatives in this sector or even about the models as well? So, for that, we will cover how you can couple trade finance with blockchain. More so, you will learn to use different blockchain solutions for your trade solution too.

Part-3: Key Parts of Trade Finance

In reality, this part will contain the key parts of trade and how blockchain will impact them. For example, we will cover the Letter of Credit (LC), Bill of Lading (BoL), and Cross border payments.

Part-4: Trade Finance Applications with Blockchain

Want to see some live examples of it? Well, learn about Marco Polo, Contour, We. Trade and TradeLens with use in this part.

Part-5: Developments in Blockchain-Based Trade Finance

You know there are some major developments in this sector too. For example, you need to know about TradeTrust and Digital Standards Initiative. Let’s see the next big course for you in this “what is the blockchain concept” guide.

Enterprise Blockchains Templates

Course Overview

Want to clear your confusion on “what is the blockchain concept” using lucrative blockchain templates? But for that, you need to study them and learn to use them properly. So, we are here with a complete course and a wide collection of templates to help you out as well.

Also, this course will offer you ways to improve your presentation and know where to use this tech in a better way.

What Templates Will You Get?

• Do you need a blockchain?
• Blockchain Project Readiness
• Presenting an Enterprise Blockchain Project
• Mapping Supply Chain Business Vs. Enterprise Blockchain

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In the End

I tried to cover all the basic blockchain concepts that you can understand simply in this guide. So, if you are more interested in getting into deeper, then make sure to use our wide collection of blockchain courses.

Not only the blockchain concept is explained there, but you will also know a lot about other perspectives as well. In reality, coupling businesses with this technology can actually make our world a much more efficient place.

The post Blockchain Concepts You Should Know About appeared first on 101 Blockchains.

In a recent article, we discovered the definition, working, and applications of blockchain explorers in detail. So, how can you find the best blockchain explorer according to your needs? Since they are important for viewing your transactions on blockchain networks, you have to be quite careful about the choice. The following discussion outlines the seven best blockchain explorers that you can rely on for monitoring and management of applications on blockchain.

Blockchains are inherently designed as large public databases that allow suitable options for navigating them flexibly. On the other hand, it is quite difficult for an individual without advanced technical fluency to use a blockchain application. How do you find out and manage the transactions on a blockchain network or application? The command-line interface or CLI is definitely a reliable tool for accessing information about the blockchain and interacting with it.

However, any individual without any prior expertise and knowledge of programming could face difficulties in using CLI. Therefore, blockchain explorers help in viewing and managing digital assets on blockchain. Traditionally, cryptocurrency owners have utilized blockchain explorers for checking the status of sent and received transactions. However, blockchain explorers have wide-ranging use cases and basically serve as the search engine for blockchain. With the growing adoption of blockchain, many people want to access the most popular blockchain explorer.

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What are the Best Blockchain Explorer?

So, what can you expect from a blockchain explorer? Is there any ideal benchmark for the best blockchain explorer? Blockchain explorers serve more than just verifying the status of transactions on blockchain networks. They can provide a report about various data points related to transactions on the blockchain. Some of the important details that you can find with a blockchain explorer include date, fees for transaction, block height, date, incoming and outgoing addresses, and amount associated with transactions.

Blockchain provides the exceptional advantage of complete transparency of transactions, and blockchain explorers should be capable of achieving the same. Many blockchain applications such as cryptocurrency wallets inform users about the processing of transactions through notifications. On the other hand, there are many other blockchain services that do not offer similar facilities. In such cases, blockchain explorers should ensure that they can provide the information users need about their transactions on the blockchain.

With so much being said about blockchain explorers, it is reasonable to wonder whether there is a perfect alternative! As a matter of fact, you would come across a long list of blockchain explorers presently active in the blockchain ecosystem. Now, there is no mandatory rule or benchmark for finding out the best explorers to navigate blockchains.

On the other hand, many blockchain explorers have been able to endure the test of time while gaining widespread support from the blockchain community. Here is an outline of the best blockchain explorers that can eventually help you make the right choice for managing transactions on blockchain.

1. Blockchain.com

There is no way you would come across a list of top blockchain explorers without Blockchain.com on it. The easy-to-use interface of the blockchain explorer presents different options to navigate blockchain easily in a flexible list. The options for navigating blockchain on Blockchain.com include a transaction monitor, mining difficulty, block checker, current hash rate, transaction monitor and checker, continuously updating average fee graph, and more.

Users also have the privilege of switching to analysis of Ethereum or Bitcoin Cash, although with considerably limited options for such blockchains. As a matter of fact, the popularity of Blockchain.com is not due to the quality of service. It was the first block explorer of its kind, and people have developed considerable familiarization with it.

The functionalities for exploring blockchain details such as addresses, blocks, and transactions make it the best blockchain explorer. The next most interesting feature in Blockchain.com refers to the massive assortment of stats pertaining to activities associated with Blockchain in the recent 24 hours.

The ‘Data and Charts’ section of Blockchain.com is also another profound aspect for the blockchain explorer. The Charts section features frequent updates with the addition of new data, thereby opening the scope for in-depth analysis of new blockchain trends. The Charts section also features additional sections tailored for Bitcoin as a currency, Bitcoin wallet activity, mining information, Bitcoin block details, and Bitcoin network activity.

Blockchain.com is a popular blockchain explorer because it can offer an in-depth overview of blockchain applications without adding excessive information. Interestingly, it is suitable for beginners as well as professionals in blockchain, thereby adding up to its popularity.

2. Blockcypher

Blockcypher is the next notable addition among the top blockchain explorers active in the market. It is an open-source blockchain explorer with the right set of features to help you uncover a wealth of information. Users could explore various data points such as transactions, addresses, and blocks on blockchain networks. Furthermore, it also features a clean user interface that is known for high usability.

As a result, users don’t have to experience any difficulties at all while using Blockcypher blockchain explorer. The real-time feed of Blockcypher is also another attractive factor that you can find in this blockchain navigation tool. Other than the usual features that you can find in blockchain explorers, Blockcypher also brings something more to the table. Users could find suggestions for transaction fees alongside confirmation predictions.

Furthermore, it also provides the feature of public address notifications for your Bitcoin cold wallet addresses. Apart from extending support for navigating details of Bitcoin, it also supports Dogecoin, Litecoin, and Dash. However, you could not find any support for Bitcoin Cash with Blockcypher. Interestingly, Blockcypher helps users in exploring the blockchain of Bitcoin in four different currencies such as mBTC, BTC, Bits, and Satoshi.

The developer’s section in Blockcypher is also one of the formidable features that make it a popular blockchain explorer. Users can access a robust API alongside developer tools in this section for developing applications based on their platform. Furthermore, the support of extensive documentation in using the API also improves usability of Blockcypher.

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3. Tokenview

Your search for the best option in a list of blockchain explorers can come to an end with Tokenview. It is one of the best as well as favorite blockchain explorers presently with an exciting assortment of highly functional features. Although it is one of the recent additions among blockchain explorers, it has introduced the exceptional functionality of multi-chain exploration.

Since Tokenview comes from a team of Chinese developers, it was primarily tailored for Chinese markets. So, users may have to encounter issues in accessing the site in English. However, it makes up for the shortcoming in the form of broad coverage of cryptocurrencies. Tokenview supports over 100 different cryptocurrencies, establishing its formidable identity as a multi-chain explorer.

In addition, Tokenview is the best blockchain explorer with powerful blockchain navigation tools such as a number of daily active Bitcoin wallet addresses, daily trading levels, and block winners alongside more. Tokenview helps you explore blockchains of Ethereum, Monero, Litecoin, Ontology, NEO, ZCash, TRON, and many other cryptocurrencies.

Furthermore, the formidable decentralized app explorer helps users in exploring blockchain applications easily. Since it has to deal with excessive volumes of data, users can expect slower loading speeds with Tokenview. However, existing Tokenview users have experienced faster navigation of the site once it has been launched.

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4. Blockchair

Discussions on the best blockchain explorers in the world would obviously arrive at Blockchair at some of the other points. As one of the most aspiring blockchain explorers are presently active in the market, it provides a huge assortment of information, especially for various cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash.

The most noticeable feature in Blockchair refers to the facility of searching for embedded text data in the Bitcoin blocks. Furthermore, users could easily dive into details of transactions with particular notes or instructions. In addition, you could also verify if participants have added any amusing text in the blockchain.

Blockchair helps users in accessing more information than Blockchain.com, especially in the case of cryptocurrency transactions. The tagline of Blockchair, i.e., ‘Search the blockchain world for anything’ indicates its capability to outperform the best blockchain explorers.

You can access data such as transaction fees, current difficulty, mempool size, number of nodes, addresses, embedded text data, blocks, and more. The ‘Compare’ tool in Blockchair is also one of its notable features. It helps in comparing the mining, network, and blockchain statistics for all coins accounted for in Blockchair with a side-by-side comparison.

5. Tradeblock

Tradeblock is also one of the popular entries in the list of blockchain explorers with a formidable competitive advantage. It provides blockchain explorer for the Bitcoin blockchain with an extremely minimalistic environment for tracking transactions and searching for wallets. The simple design hides a powerful blockchain explorer with credible features and a wide range of essential tools.

The helpful additional features in Tradeblock establish its claim as one of the top contenders in this list. The ‘Historical’ tab in Tradeblock features a Bitcoin historical data chart where you could change the data sets on display by using ‘Settings’ tab on the right.

The ‘drop-down’ boxes could help in comparing transaction value, mining difficulty, hash rate, block size, and other aspects. In addition, the ‘Mining’ tab in Tradeblock can also provide a wide range of information regarding Bitcoin mining. The ‘Mining’ tab also provides a mining calculator for driving better decisions regarding Bitcoin transactions.

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6. CoinMarketCap

The CoinMarketCap Blockchain Explorer is undoubtedly a popular blockchain explorer that has emerged recently. The portal does not need any introductions at all, and it is a benchmark for different crypto-asset owners to explore important information regarding the cryptocurrency market.

The blockchain explorer of CoinMarketCap provides a detailed ranking of cryptocurrencies and exchanges, arranged in order of market capitalization. In addition, users could also depend on the CoinMarketCap Blockchain Explorer for finding out their transactions.

It also supports exploration of blockchain of other cryptocurrencies in the market. The easily readable graphs on the explorer, along with a clear illustration of transactions for every block and a basic data layout, strengthen its usability. The clean aesthetics of CoinMarketCap Blockchain Explorer are also appealing for newcomers to the world of blockchain.

7. Blocktrail

The final addition to this list of seven best blockchain explorers brings us to Blocktrail. The homepage of the blockchain explorer portal displays a wide range of stats such as the mempool size, recommended fee, Hashrate distribution for each pool, and block feed. Although the UI of Blocktrail is no work of wonder, it definitely scores good numbers in terms of ease of use.

Most importantly, users can access a unique feature with Blocktrail. It allows users to export all transaction history related to a public address in the format of a CSV file. Furthermore, it also offers an easily comprehensible pictorial representation of transaction history for a specific address.

Interestingly, users can also find out information regarding the number of times a specific Bitcoin public address found entries on the internet. The advantages of Blocktrail as one of the top blockchain explorers are also evident in the facility of developer’s section. The developer’s section features user-friendly SDKs and APIs that could support aspiring blockchain developers.

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Conclusion

On a final note, it is clearly evident that you have various options when it comes to the best blockchain explorer. However, it all comes down to your requirements when you have to make the final selection. Now, it is important to remember that all the notable blockchain explorers offer basic functions of viewing transaction details.

So, you should try to make your choice on the basis of features that you want, such as additional insights into transaction details. Some users could look for exploring different types of blockchains. The good news is that there is a blockchain explorer for any requirement of users to interact with blockchain applications and networks. Learn more about them and become a blockchain expert!

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

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Security is one of the prominent requirements in the present times, with businesses wondering about innovative approaches for safeguarding information. One of the most innovative solutions that have emerged recently for helping businesses in secure information exchange points towards blockchain. Blockchain technology brings functionalities of distributed ledger and ensures that unauthorized parties couldn’t see the information exchanged in a specific transaction. 

It uses cryptography to provide the desired security while bringing attention towards hashing and digital signature in blockchain. Both hashing and digital signature have a huge role to play in the blockchain landscape. The following discussion aims to shed light on the importance of hashing and digital signature for blockchain. 

The most important aspect in discussions around hashing and digital signature in blockchain primarily revolves around cryptography. Communication has evolved gradually over the years as we have come from pictograms to flash storage devices storing massive information. However, communications have always been following best practices of encryption to ensure that information is not visible to other individuals. 

Therefore, cryptography emerged as a vital solution for ensuring safeguards for sensitive information. Cryptography involves scrambling the original content of the message to a cipher before sending it to the recipient. The recipient could use keys for unlocking the cipher, and the keys are available only with the recipient. Therefore, any other party couldn’t intercept the communication in the course of its journey from sender to recipient. 

What is Hashing and Digital Signature in the Blockchain?

Blockchain relies largely on cryptography as a major selling point. It is also interesting to note the definition of hashing in blockchain and the role of digital signatures in understanding how they fit in the blockchain equation. Let us start with hashing first. 

What is Hashing in Blockchain?

Hashing is the process of taking an unlimited amount of input data and leveraging it for the creation of specific amounts of output data. The input data does not have any fixed size, thereby offering considerable flexibility in the selection of inputs for hashing. In addition, the importance of hashing in blockchain security is visible in the requirement of hashing for adding blocks. You should also note that there are various hashing algorithms tailored for varying requirements of users. 

Interestingly, hashes have found a wide range of applications in various use cases, with the most prominent example referring to digital fingerprinting. Digital fingerprinting is just the same as an actual fingerprint, and the hashing in digital fingerprints serves as the best instrument for verifying the fingerprint. 

The hash helps in offering confirmation regarding the production of output from the hashing procedure. In addition, the hash also confirms that the output of the procedure has not been subject to any unwanted tampering. The verification process generally involves calculations for confirming matches between hashes and the originally published content. Any form of mismatch could clearly showcase evidence of modification or tampering in the output hash. 

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• Applications of Hashing in Blockchain

The use of hashing in blockchain in such cases points out clarity on tamper-proofing. Every new blockchain begins with a genesis block which is responsible for capturing data regarding almost anything that has happened on the blockchain to date. As a result, the output of a hash function directly points out the most recent state of the concerning blockchain. 

It is also important to note that activities are added subsequently to the chain as they happen. Most important of all, the new blocks always capture details associated with the previous block. Any form of modification could change the hash of the chain, thereby helping in easier and precise identification.

Hashing in cryptography and blockchain is primarily a one-way function that features a properly crafted algorithm without any concerns for reversal of hashing process and exposure of original input. Therefore, hashing can provide a substantial advantage over the two-way function in encryption that enables encryption and decryption through the suitable keys or key-pairs. 

Another profound application of hash functions is clearly evident in data structures where you can find bloom filters or hash tables. In such cases, the objective of hashing focuses on faster data lookup rather than security. On the other hand, hash functions also find applications in the context of digital signatures where they are ideal for producing the same output for the same input with a deterministic approach. 

As a result, the use of hashing and digital signature in blockchain could help recipients in recomputing the output of a hash function with the same hash function. The comparison of the message digest with the transmitted digest could help in verifying that the message didn’t go through unwanted modifications in transit. 

Even if the message features minor differences in punctuation, content, or spacing, the message digest in the output would have radical differences. In addition, it is difficult to find out the level of difference between two different messages through comparison of the digest. As you must have understood, the smallest difference in inputs could result in a completely unique digest value. 

So, it is quite clear that hashing has a formidable significance for cryptography in the blockchain. However, the applications of hashing in blockchain have to follow certain important requirements such as,

1. Input could feature variable length
2. Output must have a fixed length
3. The hash function for any specific input presents relative ease of computing
4. Hash function features the collision-free trait, which ensures that you could not have two different messages that produce a similar hash value.
5. Hash function is always one-way and clearly implies the extreme difficulty associated with determining the input by referring to the output.

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• Hashing Algorithms

With a clear idea regarding the significance of hashing in blockchain, it is important to know about hashing algorithms. The secure hashing algorithm or SHA is the most common hash function recommended by the National Institute of Standards and Technology (NIST). The notable successors of SHA such as SHA-1, SHA-2, and SHA-3 have gained profound recognition for their capabilities. Let us take a look at their details.

SHA-1 could take input of practically any length and then generate a 160-bit message alongside processing messages in blocks of 512-bit size. If message length is not a multiple of 512-bit, then the SHA algorithm could pad up the message with data so that it could reach the next closest multiple of 512-bit.

SHA-2 is presently one of the favorite algorithms in the cryptography community, although with certain setbacks like in the SHA-1 algorithm. After its introduction in 2001, SHA-2 has been through substantial changes over the years with the arrival of four variants. The four different variants include SHA-256, SHA-224, SHA-512, and SHA-384, with SHA-256 being a widely adopted cryptographic algorithm. 

SHA-256 can create a 256-bit message digest through the use of 512-bit block size, while SHA-224 utilizes a truncated version of SHA-256 for creating a 224-bit message digest using the 512-bit block size. SHA-512 could create a 512-bit message digest by using the 1024-bit block size, and SHA-384 utilizes a truncated version of SHA-512. SHA-384 can generate a 384-bit message digest by leveraging a 1024-bit block size. 

The SHA-3 algorithms are the latest additions in secure hashing algorithms showing the importance of hashing in blockchain. SHA-3 came into existence in 2015 and fall on the same lines as MD5 algorithm standards. It has the capability to serve as a replacement for SHA-2 while also offering similar variants and hash lengths. The only difference of SHA-3 is that it presents possibilities of better security. 

• MD2- Message Digest

The MD2 Message Digest algorithm came forward in 1989 as an alternative for offering secure hash functions for 8-bit processors. MD2 helps in padding up the message to the length of multiples of 16-bit and the creation of a 16-byte checksum. 

MD4 is an enhanced alternative to MD2 and provides padding for a message to a length that is 64-bit smaller than 512-bit multiples. Subsequently, it could process 512-bit blocks of the message in different rounds for producing a 128-bit message digest. 

MD5 is the latest version of message digest algorithm and could offer the same padding requirements as MD4. In addition, it brings some additional security features which end up reducing the speed of producing message digest. 

Digital Signature in Blockchain

Now, the next important point in our discussion would refer to digital signature in blockchain. Digital signatures are basically cryptographic proof systems that can help in establishing trust on the blockchain. Trust in the blockchain system could ensure proving that the message could originate from a particular source, thereby ruling out any concerns of hacking or other discrepancies. Digital signatures can be considered as the digital counterparts of stamped seals or handwritten signatures. 

However, they are capable of offering better security with the reduced possibility of identity theft or impersonation. Digital signatures follow the specific precedents of asymmetric cryptography by linking two different keys with mathematical links. The keys include a private key and a public key. It is possible to deploy a digital signature system with the help of a secure hash function. The importance of a digital signature in blockchain largely revolves around two primary objectives such as,

1. Digital signatures ensure that the message received by a recipient has come from the sender claiming to have sent the information. The property is known as non-repudiation.
2. Digital signatures also provide assurance to recipients about the fact that messages have not been through any modifications in transit. As a result, infrastructures can find better safeguards against malicious intermediaries or unintentional modifications.  

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Relationship between Hashing and Digital Signatures         

Now that you know ‘what is hashing and digital signature in the blockchain?’ it is important to find out the link between them. In the case of blockchain, a digital signature system focuses on three basic phases such as hashing, signature, and verification. Let us take a look at the working of a blockchain-based digital signature.

• Step 1:

First of all, the blockchain hashes the message or digital data through the submission of data via a hashing algorithm. The algorithm helps in generating a hash value or the message digest with messages differing profoundly in size only to give the same length of hash values upon hashing. As we already know, this is the most fundamental trait in a hash function and exhibits a clear influence on digital signatures. Hashing is mandatory in most blockchain applications for the flexibility in using fixed-length message digests for the complete process.

• Step 2:

The next step in the working of digital signature in blockchain refers to signing. The sender of the message must sign it after hashing of information in the message. At this point of the process, public key cryptography plays a critical role. Many digital signature algorithms offer unique mechanisms, albeit with the single approach of asymmetric cryptography. Since digital signatures are related directly to the content in each message, digitally signed messages are likely to have different digital signatures. 

• Step 3:

The final step in the use of blockchain-based digital signature refers to verification. Recipients could easily check the validity of digital signatures through the use of a public key. The signature could work as a unique digital fingerprint of the concerned message. However, it is also important to pay attention to the secure storage and management of keys for avoiding unwanted circumstances. 

The applications of digital signature in blockchain could help in achieving the important results of non-repudiation, authentication, and data integrity. As a result, hashing and digital signatures have prominent contributions in improving the security of blockchain applications. 

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Bottom Line

On a final note, readers could understand the answer to ‘what is hashing and digital signature in the blockchain?’ carefully. The wide-ranging use cases of hashing and digital signature across the blockchain ecosystem could support different sectors. Some of the notable applications of hashing and digital signatures include the execution of financial transactions and agreements with high security and data integrity. 

The demand for blockchain applications is growing substantially. Therefore, a clear impression of the significance of hashing and digital signature in blockchain can help you leverage their potential. Learn more about hashing and digital signature, and how they related to each other for enhancing blockchain applications.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

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