Blockchain For Dummies

  • Most of the world of cryptocurrency technology such as Bitcoin relies on the form of databases with the advantage of being able to track large and safe transaction volumes. The technology used by many digital currencies is Blockchain technology

    The Blockchain technology was first implemented in 2009 and was revolutionized with Blockchain 2.0 in 2014. The Blockchain technology consists of blocks that hold transactions, where each block is interconnected through cryptography, thus forming a network.

    In line with the development of the digital world, cryptocurrency for the future is transformed into a proposition that is one of the interesting topics on the market even though it may not have the infrastructure like traditional banking

    Even in some developing countries in the world, there are those who have implemented Blockchain-based national currencies, such as Bitcoin, and the use of this technology has also been used by several large charity projects to help those who do not have bank accounts.

    Blockchain also has the potential to be used outside the scope of digital currencies and attracts many traditional financial institutions to be adopted.

    Blockchain Definition

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    The BlockChain is a transaction recording technology integrated with modern technology, which has a unique, irreversible code that revolutionizes the workings of the internet, banking, and other things.

    The meaning of the word BlockChain comes from Block and Chain, each of which has its own meaning. Chain (chain) is a unique chain recording and is a flow of all consistent stages of an item/transaction. Block (special box) is a place/boundary/special area to accommodate all item changes/transactions that occur during the process chain.

    Blockchain Explained

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    The Blockchain system consists of two types of records, transactions, and blocks. One block in one block. What is unique about the Blockchain is that each block contains a cryptographic hash that creates a network. The cryptographic hash function takes data from the previous block and converts it into a concise string. This string allows the system to easily activate the existence of sabotage.

    With this method, it means that each block does not need to have a series, the hash allows each block to verify its integrity. Each block will ask for validity from the previous block. The only thing that keeps the network safe. This technology is also decentralized, every computer with installed software has a Blockchain, which is constantly updated with new blocks. There is no centralized server that holds the transaction, and because each new block must meet the requirements in the chain or network, no one can overwrite the previous transaction.

    Other transaction requirements, i.e. can be used to determine valid entries. In Bitcoin, for example, valid transactions must be digitally transferred, and one or more unused outputs from the previous transaction must be issued, and the number of transactions that cannot exceed the number of inputs

    What are the biggest Blockchain databases?

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    The popularity of the Blockchain has exploded in recent years and has gotten supporters in the technology and financial sectors. Bitcoin helped boost the popularity of the technology because it is arguably the most widely used in the sector.

    R3 recently developed the Blockchain-Esque technology that can be used by banking institutions, and in May 2017 managed to raise $ 107 million from supporters such as Intel, HSBC, and Bank of America.

    Hyperledge is another major player, who voiced the open-source cross-sector collaboration created by the Linux Foundation to popularize the Blockchain-based ledger

    Some companies in accounting also say that they are testing Blockchain technology, such as Ernst and Young, which has announced new technology, namely making digital wallets available to all employees in Switzerland.

    IBM announced in March 2017 that it would build its own 'Blockchain as a service' offered based on Hyperledger, which allows customers to build a secure block network.

    The London Stock Exchange also stated that it was ready to start using Blockchain technology to increase transparency for unregistered business share information, which shows the positive impact of technology.

    How secure is blockchain?

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    Because of its sophisticated cryptographic protection system, Blockchain offers a far safer experience than traditional banking.

    The fact that the technology is decentralized, and cannot be changed or edited makes it ideal for financial transactions and storing important information.

    Technology blockchain is useful for maintaining user privacy, however, sometimes this is considered a payment method that can be misused for cybercriminals because the Bitcoin network node does not have to reveal the identity of the person making or receiving payments

    What is Blockchain Technology

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    Blockchain technology is technology that does not use third parties in a data exchange process which in this case occurs in the transaction process.

    Simply put, if you buy something at the store by paying using a debit card, the store will believe the balance you entered has entered into their account.

    Well, the third party referred to here is a Bank company that is the liaison between the buyer and seller in making transactions using the debit card.

    Then what happens if the bank gets a disruption to their services? Of course, this makes you unable to make transactions using a bank.

    The Blockchain system does not use third parties as a center but uses many parties or computers that are spread on the network itself.

    This will make irresponsible people have difficulty making burglary on the system and have a disruption that is unlikely to occur.

    The bank records all financial transactions they carry out in a ledger. Well, the difference is that Blockchain technology is not managed by one organization, but by a lot that is publicly distributed.

    So this is the main force of the Blockchain.

    Blockchain technology also provides solutions to reduce corruption.

    This is because the transaction data will be immediately discovered because the public can see the transaction history in real time.


    What is Blockchain 2.0?

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    When Blockchain grew and developed, companies began to think of new applications for this technology. In 2014, 'Blockchain 2.0' was popularized as a general term for this new ecosystem, which saw technology being used smarter and more advanced. For example, smart contracts can process payments when the project is complete.

    Blockchain 2.0 has the potential to open technology to be used in other industries outside the financial sector. In the music business, for example, Blockchain 2.0 can be used to manage copyrights and collect royalties from streaming and digital downloads. This can be used for asset registers, managing things such as property, vehicles or machinery and introducing the ability to fill data accurately based on usage.

    Blockchain Wallet

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    Blockchain wallet is a place for you to save your Bitcoin balance efficiently and safely. There are several types of wallets that you can choose and install on your PC / Laptop, smartphone, tablet or in the cloud.

    How to make a bitcoin wallet You can visit sites or companies that offer services in providing a secure Bitcoin wallet like: Blockchain.info, Hive or BitGo

    You can create a blockchain wallet by registering on one of the sites above, all you need is an email address and password, you must keep it in a safe place, after registering the system will send an email for verification and you must follow the steps required

    Blockchain Developer Salary

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    The job market in the blockchain industry is growing tremendously starting in 2017

    At that time the price of large Bitcoin and cryptocurrency rose very sharply, triggering the development of cryptomarkets and new blockchain projects, and until in this year 2019, still so many demands for blockchain project

    From several analyzes, it has been noted that the development of the labor market in the Blockchain industry is that on average those who work in the Blockchain industry get higher wages than being employees of regular commercial companies.

    Where to find the blockchain job

    It's quite difficult to find job openings directly if you visit the company's website.

    Chances are that new startups will advertise certain positions on their web pages, but relatively well-established blockchain projects won't usually do this

    From several reference sources, the most popular sites for blockchain work are indeed.com, AngelList, Blockchainjobz, Linkedin, Crypto Jobs List, Blocktribe, Joblift, and Upwork.

    If you have skills in the blockchain field, you can find job openings on the site, and for them, this is a challenge for high-paying jobs

    Jobs in the blockchain field are available when most entry-level positions and internships; blockchain engineer; blockchain project manager; and blockchain developers.

    The best career opportunities now in financial services, government institutions and in technology companies, all companies are looking for ways to develop blockchain technology to create new efficiency.