What is Blockchain technology?
Blockchain is a distributed software that lets companies track transactions transparently. Blockchain is surging onto the scene and demand for Blockchain skills is growing at the second fastest rate of any IT skill set. Blockchain courses will help enterprise clients keep up with the demands of business and the speed of technology, and provide both employers and workers the proven benefits of Blockchain skills certification. Blockchain training courses will help guide your organization from an initial high-level overview of what blockchain is, to in-depth, hands-on courses from Ethereum to Hyperledger.
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What is Etherium?
At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.
In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network. There is a second type of token that is used to pay miners fees for including transactions in their block, called gas, and every smart contract execution requires a certain amount of gas to be sent along with it to entice miners to put it in the blockchain.
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What is Hyperledger?
Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology. Think of it as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly reduce the cost and complexity of getting things done in the real world.
Only an Open Source, collaborative software development approach can ensure the transparency, longevity, interoperability and support required to bring blockchain technologies forward to mainstream commercial adoption. That is what Hyperledger is about – communities of software developers building blockchain frameworks and platforms.
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Benefits of Blockchain
Since multiple copies of a blockchain are kept and managed by consensus across a peer-to-peer network, no one peer can alter past transactions.
It is a fundamental cryptological law that it is relatively easy to set a problem that is very, very difficult to solve. What is relatively easy for a network of computers to do is, in practice, impossible even for much larger networks to undo. Implemented correctly, it can provide organizations with more trust in their security systems.
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The distributed nature of the ledger makes it resilient. Even if many peers go offline, the information is still accessible.
The combination of transparency and immutability also allows us to satisfy full public verifiability: anyone in the world can check for themselves that the rules of the system - in the case of digital currencies, that coins should be spent only once - are being followed. While information cannot be manipulated, it can be easily verified thanks to the size and power of the network.
The fact that all transactions are broadcast to all peers also makes the ledger transparent. However, the encrypted nature of the transactions means that privacy is also assured.
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Do I need Blockchain technology?
Any complicated new technology can be confusing. Will this streamline our business processes, enable us to scale, and inject transparency into the way we deliver our products or services? Or will this simply add complexity, process bloat, and absorb unnecessary addition development hours? Check out the decision chart below for a simplified way to determine if you might benefit from implementing Blockchain technology.
Download this easy decision chart to see if Blockchain is right for you
Understanding Blockchain terminology
Not sure what a Consensus Algorithm is? Can't explain the difference between a Ledger and a Node, or how a Transaction Pool works? Look no further than this one-page Blockchain Terminology reference sheet.