Blockchain first gained wide recognition as the record-keeping technology behind the Bitcoin network. But blockchain’s benefits go far beyond cryptocurrency. Industries from banking and insurance, to art dealers and established tech companies, are implementing blockchain into their operations.
Blockchain is also being used to manage and sign contracts, and audit product origin. It can be used in voting platforms, managing titles and deeds, and other applications. Basically, blockchain can be applied to any multi-step transaction needing verification and traceability.
With its benefits and versatility, the market for blockchain technology is growing by leaps and bounds.
If you’re interested in taking the leap in and learning about the brave new world of blockchain technology, Simplilearn is launching its new Professional Blockchain Certification Training, in partnership with the Indian Institute of Technology, Kanpur (IIT Kanpur).
Professional Blockchain Certification Training will provide you with expertise in applications such as:
- Ethereum – an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables smart contracts and Distributed Applications (DApps) to be built and run without any downtime, fraud, control, or interference from a third party.
- Bitcoin – A type of cryptocurrency, Bitcoin is basically a computer file that is stored in a 'digital wallet' app on a computer or smartphone. People can send Bitcoins, or parts of them, to each other's digital wallets, while every individual transaction is recorded in a public record, or the blockchain.
- Hyperledger – A global enterprise blockchain project that provides the required framework, standards and guidelines, and other tools to build open-source blockchains and related applications for use across various industries.
- Ripple – Serving as both a cryptocurrency and a digital payment network for financial transactions, Ripple blockchain uses a common ledger managed by a network of independent servers that continuously compare and validate transaction records.
- Multichain – A platform that helps users establish private blockchains that can be used by the organizations for financial transactions.
Blockchain in Action
Consider the opportunities and growth in blockchain technology:
- Centralized and commercial banks are using blockchain technology for payment processing and issuing digital currencies, because it quickly and inexpensively enables cross-border payments compared to traditional transactions. For example, in September 2019, Mastercard unveiled a partnership with enterprise blockchain provider R3, to develop a blockchain-based global payment offering.
- The global demand for digital payment systems, which relies on multiple parties to process transactions, is boosting the demand for blockchain technology to secure the transactions.
- Financial service providers are looking to blockchain technology to enhance stock exchange processes. In January 2021, SBI Holdings, partnered with Sumitomo Mitsui Financial Group to launch a digital stock exchange in the country by 2022.
- Blockchain technology is a tool used by two British hospitals to monitor the storage of the temperature-sensitive COVID-19 vaccines.
- In the art world, just this past March, a digital work of art by Mike Winkelmann, Beeple, sold for $69.3 million at a Christie's online auction. To date, this was the most expensive digital asset sold with non-fungible tokens (NFT), which are assigned by an accepted blockchain clearinghouse. An NFT attaches to the digital artwork permanently and marks it as original, official, and unique.
It’s a brave new world, indeed.
How Blockchain Works
Blockchain began in 1991 as a way to store digital data so that it could not be modified. It was subsequently used to form the Bitcoin cryptocurrency.
Simply put, blockchain is an open, distributed public ledger that can be accessed by several parties involved in a transaction. It records information in a way that makes it difficult to change, hack, or cheat the system. It can provide secure transactions, reduce compliance costs and speed up data transfer processing.
Blockchain differentiates from a traditional database in how it stores information and data.
- Blockchains store data and information in "blocks" that are then chained together.
- Any new data is entered into a new block. When the block is filled with data, it is then chained onto the previous block, and so on. This chains the data together in chronological order.
- Once a blockchain contains written data, it is hard to change it. This feature enhances the security of cryptocurrency. In a blockchain network, a copy of the blockchain is present to every user.
- For Bitcoin, blockchain is used in a decentralized way so that no single person or group has control — rather, all users collectively retain control.
Blockchain can be used to:
- Store digital records: This includes digitized identity documents, ownership documents, financial documents, access management codes, and medical records.
- Exchange digital assets: Parties can exchange ownership of digital assets in real time, without banks, stock exchanges, or payment processors.
- Execute smart contracts: Self-governing contracts that simplify and automate lengthy business processes.
Some of the notable players operating in the blockchain technology market include IBM Corporation, Microsoft, Linux Foundation, BTL Group Ltd., and many more.
Decipher the global craze surrounding Bitcoin and Cryptocurrencies with the Blockchain Certification Course! Click here for the course preview!
Get Started Today on This Blockchain Certification Program
This is your perfect opportunity to take a bold step and learn about — and start a rewarding career in — the expanding world of blockchain. Simplilearn makes learning about blockchain easy, providing instruction via live, online classes with a faculty support team intent on helping you succeed. In this program, students receive over 70 hours of applied learning, the opportunity to work on real-world projects in interactive labs, masterclasses from IIT Kanpur faculty, a capstone project — and, upon completion, a blockchain certificate from Simplilearn and IIT Kanpur.
Whether you’re looking to expand your skills, launch a new career, or just want to learn more about the technology behind cryptocurrency, Simplilearn’s Professional Blockchain Certification Training, in partnership with IIT Kanpur, will open you up to new possibilities.