Table of Content
Introduction to Blockchain
So, how late is too late to learn about Blockchain? Well, according to Gartner we are well into the trough of disillusionment when it comes to Blockchain technology. That means that interest in Blockchain has waned over time after a lot of the promised experiments and implementations have failed to deliver.
However, we believe that the Golden years of Blockchain Architecture adoption lie ahead of us. The pure profiteering and the malicious elements capitalizing on information asymmetry will slowly exit the market and then the magic begins. Gartner expects that Blockchain technology will become mainstream by 2028, when adopters don’t have to worry about scalability, interoperability and portability.
So what does all this mean? This means that you don’t have to worry that you’ve missed the boat. You can start learning about Blockchain development now and we still have plenty of time before the technology matures. Overall, it’s still a very exciting time to be in Blockchain development services, if you’re a developer it’s essential you learn about the platform to future proof your career.
In this quick guide, we cover all you need to know about Blockchain, the why, how it works, the use cases, the types, algorithms and much more. Just sit back with some coffee and enjoy the ride. If at any point the guide gets too dense or difficult to follow, simply ask for clarifications in the comments, we are happy to help.
What is Blockchain?
You have probably heard of Blockchain or the much-hyped Bitcoin which is a tokenized currency based on Blockchain. However, it can get difficult to understand exactly what the technology means if we look at it purely from the perspective of the currency.
At the most basic level a Blockchain can be considered as a manner or format in which digital information is being stored. The information is stored in the form of ‘Blocks’ which are interconnected through ‘Chains’, visualize a ‘Lego Snake’ of sorts that’s strung together, each of these blocks may be a different colour (Contain different information) but they are all interlinked and chopping off the string at any point changes the character of the whole.
Now, let’s introduce a new concept into the picture to explain the interlinking called 'hash’. The hash can be considered as an ‘Identifier’ that tells the world what information is in each block. So let’s consider one block is a mixture of Red Yellow and Green, the hash for the block will be RYG. Now this information or hash of this block is carried forward to the next block, let’s think about the strings as telephone lines in which the ‘hash’ is constantly broadcasted through the entire network, so every other block knows the colour (Information) of every other block. If there’s any change in the colour of a block (Information is changed/manipulated), then the entire network is immediately notified. This means that it is impossible to tamper with. And that is the entire essence of why Blockchain is so promising. It is an immutable and tamper proof ‘digital ledger’ or store of information.
Today, Blockchain is one of the fastest-growing technologies, with major players such as Microsoft, Amazon, and IBM investing in the domain and over 320,000 transactions happening per day purely on the Bitcoin Blockchain. Now that we know that Bitcoin is here to stay, let’s decode exactly what it means for the world and for bitcoin developers in particular.
Note: For an in depth understanding of Cryptocurrencies, ICOs and how they relate to Blockchain, read our blog.
How does Blockchain work?
To understand how Blockchain works, let us start by defining a few terms first:
- Block: Blockchain is technically a chain of data blocks. A block, in a literal form, can be thought of as a page in a ledger book. A block stores transactional information, it’s hash and a hash pointer to the previous Block in the Blockchain.
- Public and Private Keys: Public and private keys identify blockchain users. A public key is technically the public identity of a user, public key acts as the wallet id. A public key can be equated to the “Bank Account Number” of an individual which needs to be known before making any transaction. A private key is a user's auto-generated code that is used in the signing of a transaction, this can be thought of as the ‘OTP’ that is required to authorize any transaction and is revealed only to the individual making the transaction. Cryptography, the most crucial security component of Blockchain, is achieved through a combination of public and private keys.
Now, here is how Blockchain works when it comes to transactions.
For you to make a Blockchain transaction, you must have a wallet and a private key. You start a transaction by signing into your wallet and inputting the public key of the receiving user. Once you have signed off the transaction using your private key, a block containing transactional data is generated. The Block is then broadcasted to a decentralized system of nodes in the Blockchain for verification. After a successful verification, Block's hash is created, and the Block is added to the Blockchain. A block contains the following information:
- Sender’s identity in the form of a public key.
- Receiver’s id in the form of a public key.
- Block's hash code.
- Hash code of the Block it is attached to.
Any manipulation of Block’s data results in the change of the hash code. Blocks are chronologically added to the Blockchain according to the time they are verified. The addition of a block in Blockchain triggers the auto-synchronization of the ledger across the Blockchain network. Blocks are publicly available data; for example, Bitcoin's Blockchain Explorer.
What are Nodes and Masternodes in Blockchain Technology?
Blockchain data is stored in distributed ledgers, also known as nodes. A Blockchain node is your typical computer system. Computer systems, or in this case nodes, are the core building blocks of Blockchain infrastructure. Nodes, in a Blockchain, are all connected in a peer-to-peer stack, synchronizing, and exchanging information.
The figure below is a graphical representation of a Blockchain network consisting of 7 nodes, all connected.
After mining, the Block is broadcasted to all the nodes in the network for verification. Nodes save the Block on top of other blocks if verification is successful; afterward, there's synchronization with other nodes to make sure every detail of the transaction is validated.
A node with a full copy of all Blockchain transactions is called a full node.
Anyone can run a node; there are no preconditions set for having one. Nodes are commonly run by Blockchain enthusiasts who want to promote Blockchain technology.
Just as there are supercomputers, so are super nodes! Masternodes are but nodes with advanced software specifications. They are assigned extra tasks, on top of the common node's validation, storage, and broadcasting. The additional responsibilities a Masternode does are the governance of the voting process and law enforcement in Blockchain.
The figure below is a graphical representation of a Blockchain network consisting of 5 regular nodes and two master nodes, all connected.
Operating a masternode is not for everyone; since that authority can be easily abused. Masternode operators are paid for their service. Blockchain users who want to run a masternode must deposit a percentage of their cryptocurrency as collateral. Any masternode administrator who contravenes Blockchain regulations will lose their cryptocurrency under guarantee.
What is Mining and Staking in Blockchain Development?
As you have already known by now, Blockchain is a database; and as a database, it needs to be periodically fed with data. Nodes are responsible for the creation and feeding of Blockchain data into the database. The nodes in charge of this process are called Miners.
Miners add new transactions into a block; this practice is known as mining.
Since there is a reward in block building, miners compete for the chance to build the blocks. Consensus algorithms were developed to manage these competitions, Proof of Work chief among them.
With Proof of Work, miners compete for mining by solving a defined puzzle—guessing of an algorithmic hash. Miners using sophisticated computer systems churn out a colossal amount of hashes until they come to a solution. The first miner to solve the hash is awarded a chance to build a block by adding transactions. A built block is then broadcasted by the miner to the rest of the nodes in Blockchain for verification. A successful check leads to the Block being added to the Blockchain. Successful miners are rewarded in the form of cryptocurrency. The same process is repeated for the next transactions.
Odds of a miner emerging a winner depends on their computing power. The more computing power a miner has, the higher the probability of winning a chance to mine a block. Mining is an intensive process; hashing is generally limited to 10minutes, which means you only have 10 minutes to solve the hash puzzle. Bitcoin, for example, at the end of 2019, had a mining difficulty of about 12 trillion.
Staking means putting funds in your cryptocurrency wallet as a form of a bet in Blockchain’s block formation.
Just as mining is to the Proof of Work algorithm, Staking is to Proof of Stake algorithm. Users, in Proof of Work, compete for block building by solving a hash puzzle (mining); however, users in Proof of Stake compete for block building by stake ownership. In other words, users with a large number of stakes have the highest probability of forming Blockchain blocks.
Users who carry out block formations are selected based on the stake they have committed, so if you have pledged the highest stake, chances that you will be picked are very high.
Because some users cannot financially compete--users with fewer funds pool together their resources and pledge a stake as a group. They share the rewards if they are successful in being picked to form a block.
PoS, as compared to PoW, is less tedious and requires no sophisticated hardware to run the process. The absence of advanced hardware with high computing power means PoS is cost-effective and economical in energy consumption. The design of the PoS algorithm, also means there is room for easy scalability.
Popular Blockchain Algorithms
As you already understand, Blockchain, as a decentralized system, consists of nodes (computers) that are independent and owned by different parties. These nodes need to coordinate with each other to ensure the ledger information is kept up to date, accurate, and consistent across the network; this coordination and agreement are achieved through an approach known as a consensus algorithm. Any consensus algorithm must address all sets of threats that may disrupt the ledger. Examples of Blockchain attacks include:
- 51% Attack: This is an attack where rogue nodes with more than 50% consensus bargaining power adversely control the Blockchain network; and consequently, the validation of Blockchain transactions. For example, in block mining, node/nodes with an overall majority mining power can manipulate block transactions.
- DOS Attack: The consensus algorithm must be able to detect and prevent a rogue node/nodes from overloading the Blockchain network with disruptive traffic. For example, in block mining, a rogue miner can build and serve a vast amount of blocks, therefore creating confusion within the Blockchain.
The following Consensus Algorithms aims at picking a preferable miner to build/mine Blockchain blocks.
Proof of Work (PoW)
After a Blockchain transaction is initiated, the transaction needs to be placed in a block. Miners are the nodes responsible for this process, and there is a reward for every successful activity. Block transactions are very competitive and so, miners are put in a competitional challenge for this process. The puzzling problem is to find a very long hash value; a successful miner earns a chance to build a block and consequently wins cryptocurrency coins as a reward. The whole of this process is called Proof of Work (PoW).
The complexity of the hash puzzle depends on the number of miners available; the more the miners, the more complex the puzzle is. It takes about 10 minutes to solve the puzzle. Bitcoin and Ethereum use PoW.
The following is a graphical representation flow of PoW.
Proof of Stake (PoS)
Proof of Work is a very high energy-consuming process. It also requires very high computational specifications; some chip makers create customized chips exclusively for mining.
Disadvantages of PoW led to the development of Proof of Stake. They aim to achieve the same purpose – find a miner to mine or validate block transactions, but PoS is economically viable. There is no challenge in picking a miner in PoS; miners are selected depending on the number of stakes they have in their wallets. Stake in Blockchain refers to cryptocurrencies. The higher the amount of stake a miner has, the higher the probability of earning a chance to mine a block; basically, a miner rich in stake has a higher mining power. A miner with 10% of cryptocurrency, theoretically, has a 10% mining power.
The following figure is a depiction of a ‘stake owned to mining chance’ ratio.
Hybrid (PoW and PoS)
A pure PoW algorithm system is a threat to the core feature of Blockchain—decentralization; a miner can hold so much monopoly that they can start manipulating the system. A pure PoS, on the other hand, can result in the disfranchisement of the miner, in the sense that a miner with a large amount of stake will always be on the winning side. While miners with less stake will be on the losing side in mining.
The hybrid system aims at utilizing PoW and PoS strengths, but mitigating their weaknesses. With this system, a miner mines Blockchain blocks, Blockchain stakeholder votes on the mined blocks, blocks are validated if the miner gets the majority votes.
Real-world applications of Blockchain
Blockchain is not only limited to cryptocurrencies; you can store, track, and refer to transactions of anything of value; from medical records to electoral votes.
Let’s look at a scenario of land ownership dispute: With Blockchain technology, every sale transaction or change of ownership is digitally captured and stored. You can refer to the transactions to know who was the owner at each period, and under what circumstances did they come to own it. With that kind of flexibility, it is effortless to settle land disputes of such nature. Similarly, any circumstance where a tamper proof record of information is needed, a blockchain solution is very apt.
Here are some other real-world applications of Blockchain.
How many times do you wonder if those drugs you pick from your pharmacy are genuine or counterfeit? The pharmaceutical supply chain is such a mess to a point drug counterfeiting is becoming a global phenomenon. According to a report by WHO, 10% of medicines in Developing countries are counterfeits or substandard. The United States had to enact a law to force Pharmaceutical parties to keep a detailed source and destination record for their drugs.
Blockchain based supply chains can help users to find information about medical products on the Blockchain network. Information such as the manufacturer, manufactured date, and standards can be found in minutes. For Pharmaceutical stakeholders, users will be able to track and monitor medical products right from the manufacturer's doorstep to their destination.
Blockchain Development Services can help bring order to the Pharmaceutical supply chain since medical products can easily be verified.
Note: Read more on how Blockchain can revolutionize the Pharmaceutical Supply Chain.
Internet of Things (IoT)
IoT is a group of interoperating smart devices connected through wireless technology. Think of home automation, where a smart alarm wakes you up and goes on to command a smart coffee maker to make you coffee; or in fleet telematics where smart devices in the vehicle continuously send fleet information to central command for analysis. All these smart devices collect and share information.
With Blockchain app development solution, a lot can be achieved in IoT. IoT devices will be able to note down their collected feeds, behavioral, and diagnostic data. These data can then be broadcast to other nodes in the ecosystem for storage and examination. Because of its decentralized feature, IoT infrastructure will be scalable enough to accommodate many more devices and features. Blockchain’s robust data protection features against manipulation come in handy when dealing with malicious hackers or phishers.
Ethereum light node (smart home light) and Ethereum BlockCharge (electric vehicles charge systems) are examples of real-word IoT application of the Blockchain.
File storage systems are customarily centralized, cloud solutions offered by companies like Google Drive are concentrated into a few systems. In this era of sophisticated cyber-attacks, centralized systems are always the target, and they can be breached, exposing stored data to high vulnerability. Additionally, data centrally stored can quickly be tampered with, either intentionally or accidentally.
With Blockchain, your files are distributed to several encrypted storage systems, and access to Blockchain data is next to impossible due to very sophisticated encryptions. Features like these create robust and tamper-proof protection to your data. Additionally, any compromise of one system does not affect your data in terms of loss or unauthorized access.
As a voter, you have no idea what happens to your vote after you have cast it. The inability to track your vote until counted doesn't ascertain much confidence in the process. It is not surprising when you hear the now-famous phrase "my vote doesn't count"; voters have lost faith in our voting systems.
With Blockchain, as a voter, you merely log in, and after verification, you cast your vote. You can then monitor your vote until it is counted. A vote already cast under Blockchain cannot be tampered with in any way. Blockchain offers the security of a ballot and transparency of the election process.
Note: Learn more about how Blockchain fuels business innovation with our in depth blog.
Blockchain Development as a Career
Leading Business institutions are turning to Blockchain to incorporate its strengths into their business infrastructure. All this attention and enthusiasm has created a surge in demand for Blockchain skills. According to Upwork, enterprise Blockchain solution development-related jobs were among the most in-demand jobs on its platform. TechCrunch states that Blockchain engineering is among the fastest-growing career paths on the market; it estimates that there are 14 available job vacancies for every Blockchain developer. So right now the demand for the skill set is at an all time high and there aren’t many with the kind of skills to excel in this space. Developers who get into Blockchain development early stand to gain from this early mover advantage.
If you want to explore a career in Blockchain Technology, here are some of the Blockchain careers you should explore:
- Blockchain Solutions Architect – A Blockchain Solutions’ Architect is simply a problem solver; they explore ways of applying Blockchain solutions to a real-world problem. Solution ideation and design is their purview. They draw up possible Blockchain solutions, then emulate those solutions, and communicate those plans to stakeholders—like developers.
- Blockchain Project Manager – Blockchain project managers are people who lead all technical and non-technical staff undertaking a Blockchain project. They oversee the design, development and implementation of a Blockchain project. Technical skills in Blockchain, Organization and communication skills are the requirements here.
- Blockchain UX designer – Blockchain UX designers are responsible for a Blockchain app's user interface design. They shape an application's layout to be appealing and user-friendly. Artistic skills and attention to detail are among the strongest suits here.
- Blockchain Legal Consultant – Blockchain is uncharted territory for many organizations; legal issues may arise while adopting the technology. Blockchain Legal Consultants are there to offer counsel in Blockchain development and implementations. International law is an advisable skill here.
Popular Blockchain Types
There are three main types of Blockchain:
Public Blockchain, as the name suggests, is a platform for the public; in literal terms, it is a Blockchain “for the people, by the people and of the people." It is an open-source platform that allows anyone to participate, either as a user, a miner, or a developer. Public Blockchain is widely based on Power of Work and Power of Stake consensus algorithms, and all transactions are open to anyone to refer to.
The following features commonly characterize public Blockchain:
- Anyone can run a node, and anyone can mine. There are no defined set of rules for joining Public Blockchain.
- Anyone can initiate and carry out a transaction.
- Anyone can analyze Public Blockchain blocks and transactions.
Advantages of Public Blockchain
- Trustworthy: Trust and confidence in Public Blockchain are achieved through a consensus algorithm where it certifies transactions and transaction parties.
- Transparency: Due to its openness, anyone can audit every transaction captured in the system. Additionally, digital ledgers are readily available to users.
- Secured: The existence of a considerable number of participants in Public Blockchain means a significant amount of distributed nodes; this makes it very hard for unauthorized access or manipulation.
Private Blockchain is a restrictive and permission-based Blockchain that is operated in a private network. Private Blockchain is a private property operated by organizations. Participants in a Private Blockchain Development are reservedly added; their read and write privileges are selectively granted by a central party.
Private Blockchain is commonly described as :
- Private Blockchain is centralized.
- Joining the network is restrictive; participants require approval to join
- Transactions are carried out only by a few individuals who have been given that right.
Private Blockchain is deployed in areas that require restrictive access, for example, voting and asset ownership.
Disadvantages of Private Blockchain
High resource consumption: Proof of Work is an extremely intensive process that requires specialized hardware like GPU. These ever-active systems consume a high amount of energy.
- Lower transaction rate: Due to a limited number of participants in a Private Blockchain, it is time-consuming to complete transactions; since transactors to transaction ratio is small.
- Scalability: Considering the small number of transactors in a private Blockchain, the addition of other transactions results in a slower transaction rate.
Multichain is an example of a Private Blockchain.
This is a Blockchain operated by a consortium of individuals or organizations. The consortium may be financial institutions (like banks). Consortium Blockchain is a select type of Private Blockchain, but with more flexibility, in the sense that it is decentralized. User and Mining nodes are pre-defined. The participating consortium can mine and carry out transactions, and they also evaluate the Blockchain audits.
An introduction to Decentralized Applications (Dapps)
Decentralized Apps are similar to Mobile apps that we use in our day-to-day life. What sets apart a dApp is that no one is the sole owner of the App. Also, there is no centralized database or cloud server hosting the Application. To explain it simpler, when you download any app from Google Play Store or Apple App Store, the apps are hosted on respective company’s server. On top of that, these apps store your data on the server of the creator of the app. Like Facebook or Twitter, you download the app from the Play Store, but your data is stored on Facebook’s or Twitter’s server.
Unlike this approach, dApps are completely decentralized. They may be available on the Google Play Store or App Store, but your data isn’t stored on any centralized server. Instead, your data is stored directly on the Blockchain, which you can access using the App.
With a decentralized app, all other parties are eliminated, and only the user interacts with the app. User's information is stored in multiple Blockchain nodes, with the sole right of access or manipulation left to the user.
For an application to be considered decentralized; it must be characterized by:
- Decentralized: Decentralization is the core feature of a Dapp; a Dapp must autonomously operate with no central authority, and its data must be distributedly stored in the Blockchain network.
- Open source: Dapp’s data and records of operation must be cryptographically stored in a public Blockchain, and any changes on data must be merited on a consensus between participating nodes. App’s building codes must also be open for general evaluation and scrutiny.
- Consensus Protocol: A Dapp must come up with its consensus protocol that offers proof of value and also administers generation of tokens.
- Incentive: An application must be an incentive to be considered a Dapp. It must generate cryptographic tokens as rewards for users managing their transactions.
Types of Dapps
From their functions to how they utilize Blockchain, Dapps are not all the same. Here are the main types of Dapp:
- Type 1: Decentralized applications are Dapps that have and manage their Blockchain. Bitcoin is a prime example of a type 1 Dapp.
- Type 2: Decentralized applications run on Type 1 Blockchain infrastructure, but they have their protocol and generate their tokens to incentive network participants. Omni Protocol is an example of a Type 2 decentralized application.
- Type 3: Decentralized applications are Dapp applications that utilize Type 3 protocols to issue their tokens. For example, SAFE Network uses the Omni Protocol to deliver 'safecoins.'
Building Dapps on Ethereum
An application developer can develop a decentralized app by designing its front end layout and user interface, and the developer can then add a few functions that call the rest of the back end code through a P2P protocol. The back end code and the rest of the app’s data are distributed on the Blockchain network.
Basic skills for building a Dapp are as follows:
- Basic Understanding of the Blockchain
- Basic Understanding of HTML & CSS
Ethereum is most suitable for building a Dapp owed to its feature that creates smart contracts. Ethereum smart contracts are applications that control the transfer of digital currencies from one party to another in the Blockchain. However, the scope of Smart Contract is not limited to just transferring cryptocurrencies, it has varied purpose. For example, you can design game characters as ERC721 Token on Ethereum Blockchain and integrate the same inside your game. Players can play with it, buy and sell, or trade inside the game itself.
Dapp uses Web3 API to connect to smart contracts.
The following is a graphical process of building an app on Ethereum; the app is a counter that gets current count and increment. The app has two controls-- getCount and increment.
N/B: Project illustrated in this section was sourced from Programtheblockchain.com
web3.js documentation describes libraries you can use in your projects. With this project, we grab web3.min.js and include it with the following script.
Alt Text - Blockchain Dapp Development Web3.js Installation
Connecting to a node
For Dapp to operate in Blockchain, it needs to connect to Ethereum nodes. This connection is enabled by Web3 class through a 'provider,' which allows a Dapp to connect to a node directly. HttpProvider is an example of a provider.
The following code creates a Web3 instance.
Interacting with a smart contract
For a Dapp to interact with a smart contract, it should have a contract's address and Interface. The address is the location of the contract, and Interface defines the contract’s functions and events. The code below establishes contact between Dapp and Contract.
Calling view functions
View functions enable the display of requested information, getCount, in this case, acts as a view function-- it retrieves the current count. View functions are not Blockchain transactions
The Dapp calls on this function through a. call function.
You can see how the whole Counter dApp works here….But you need to have a Ropsten test network account
And that’s it for building a Dapp in Ethereum!
Need Development Services? Avail Blockchain Development Services from Intuz.
Building a Blockchain: Resources and Tutorials
The Internet is home to millions of publications and articles; any subject you can think of learning is readily available on the Internet. The most genuine and substantial learning resources are found on the .org and .edu domains. Google also has a scholar/journal and book subdomains that publish millions of copies.
Blockchain, on the surface, is easy to understand; but deep into and it gets murkier. Here are a few resources to get started with.
If you are looking to advance your knowledge in Blockchain development, here are a few enhanced resources.
- Ethereum Blockchain Developer: Build Projects Using Solidity: This resource will help you have a deep understanding of developing Ethereum based projects using Solidity, deployment of smart contracts is also discussed.
- Bitcoin and Cryptocurrency Technologies, Princeton University, Coursera This course provides in-depth learning resources on Blockchain, cryptocurrency, and cryptography.
- IBM Blockchain Essentials is a short but substantial course for beginners; you will earn a basic understanding of Blockchain; and how Blockchain is deployed in Hyperledger Fabric and IBM.
- IBM Blockchain foundation developer is a more advanced course on Blockchain as compared to IBM Blockchain essential. The target audience of this course is those with a basic understanding of Blockchain.
- Cryptozombies is an online game that educates on Blockchain development in Solidity.
- Blockgeeks have Blockchain courses for every level, starting with beginners up to the experts.
- Codementor Blockchain Learning Centre
- Medium Blockchain
- EDX - Harness the power of Blockchain and cryptocurrencies
For practice, IBM Blockchain and Microsoft Azure Blockchain are the notable Blockchain cloud providers. With a Blockchain cloud account, you can build and simulate a Blockchain network according to your skill set and interest.
Blockchain FAQs: All you Need to Know
What is Blockchain?
Blockchain started as a cryptocurrency platform, a currency that is owned and regulated by no one. Decentralization is the core component of Blockchain; cryptography is the core feature.
What is Blockchain’s real life application?
Blockchain is a relatively new technology, but the decentralization features of cryptocurrency is being used in real-life applications. An organization’s information can be distributedly and securely stored and monitored in multiple storage systems. Take, for example, a supply chain that utilizes Blockchain to track and retrieve feedback on products’ state; all this in real-time.
What is the programming language for Blockchain?
What is a smart contract Blockchain?
Typical forms of agreements and contracts involve the stakeholders and other third parties (like courts or law enforcement) that facilitate the creation and implementation of these agreements. With Smart Contracts, the third party component is eliminated. A smart contract offers a platform that facilitates drawing up contracts; storage of these contracts and enforcement.
How do I get started with Blockchain?
As a user, you can join Blockchain anytime, anywhere, and with no preconditions. Blockchain offers an API that connects you to it; download it from blockchain.info.
As a developer, though, you have to learn all about Blockchain and its development. Online resources are the best place to start; for example, IBM Blockchain Essentials.
What are my career prospects as a Blockchain developer?
As earlier noted, Blockchain-related is one of the fastest-growing job fields in the job market. It is estimated that there are multiple job openings for every Blockchain developer. More and more companies and organizations are investing in Blockchain. Your career prospects in Blockchain relatively depends on the level of your enthusiasm with the field, and how much effort you put in learning about Blockchain.
What’s a Blockchain developer’s salary?
The average yearly salary of a Blockchain developer is $150,000 per year in the United States, with the experienced developers earning up to $175,000 annually.
What are the skills needed as a Blockchain developer?
What are some helpful resources for Blockchain engineers?
Kindly refer to 'Blockchain development as a career” section in this article for a more in-depth discussion.
Which protocol should I build my Dapp on?
Proof of Work and Proof of Stake are the two standard and effective protocols to base your decentralized app on.
What are some popular tools for Blockchain developers?
Solidity, Geth, Blockchain Testnet, and Blockchain-as-a-service are among the popular tools in Blockchain development.
Where do I find Blockchain development companies?
There are multiple Blockchain companies around the globe; the United States, Europe, and China have the highest number. If you are looking for a Blockchain development company, ensure that the Blockchain Company has skilled developers and has a history of developing reputable Blockchain applications. Online resources will help you identify and know about different Blockchain development companies — for example, blockchain-council.org.
Looking Forward: The Future of Blockchain
Along with technological advances like AI, Blockchain for the last two years has grown tremendously. Records, Contracts, and Transactions are the core structures of our Financial, supply chain, and legal systems, among others. They protect assets and provide the basis for an organization's decisions. But in this era of technological advances, we have not paid much attention to coming up with better tools and ways to manage these basic structures, even as information is turning digital. Blockchain provides the solution!
Here are the ways Blockchain will possibly shape the society in the next few years:
- Government Cryptocurrency—Today, Governments around the globe are very cautious with Blockchain; they opine that it is highly uncertain. With continuous Blockchain advances and adoption, government currencies are inevitably going crypto in the coming years. Cryptocurrency offers more efficiency, effortless settlement processes, and easy traceability.
- Identity systems on Blockchain—Current identify systems are sluggish, unscalable, and prone to unauthorized access. With Blockchain, everything is decentralized, from the collection of identity information, verification, to storing in multiple impenetrable nodes.
- World Trade on Blockchain—Current trade relationships are faced with manipulation, unfairness, and trust issues. In a supply chain, for example, rogue participants manipulate monetary or product figures while others supply substandard products. With Blockchain, every stakeholder in the supply chain will be able to verify, trace, and monitor every supply and transaction.
- Integration of Smart Contracts—The regular creation and enforcement of contracts and agreements is a tedious process, and sometimes unfairness comes up. Future contracts are certainly Blockchain-based. Imagine this scenario where payments are automatically made after supply. Smart contracts will automatically be governing terms and conditions without any user’s input.
Government leaders, leading business organizations, and technology enthusiasts are coming out in large numbers in support and funding of Blockchain. Blockchain’s future is definitely optimistic.