Origin And Working Of Blockchain
Learning Objective: In this module, you will be introduced to the Blockchain technology and learn about its working and properties.
How does our current financial system work?
What can be the possible solution?
What is a distributed system?
What is Blockchain?
How does a Blockchain work?
Properties of Blockchain
Evolution of Blockchain
Cryptocurrency And Blockchain
Learning Objective: In this module, you will learn about the concept of cryptocurrencies, predominantly Bitcoin, and Blockchain structure along with cryptography and consensus mechanisms.
Anonymity and Pseudonymity in Cryptocurrency
What is inside a block?
Hash Functions and Merkle Trees
Components of Blockchain Ecosystem
Cryptography and Consensus Algorithms
Types of Blockchain
Side Chains: another type of Blockchain
Working of a Blockchain
Learning Objective: In this module, you will learn about Bitcoin mechanisms and how the Bitcoin network works. You will understand why transactions with Bitcoins are secure and efficient.
What is Bitcoin?
Why use Bitcoins?
Bitcoin Trading: Buying, selling and storing Bitcoins
Structure of a Bitcoin Transaction
Scripting language in Bitcoin
Applications of Bitcoin script
Nodes in a Bitcoin Network
Setting up bitcoin wallet
Creating a paper wallet
Bitcoin Transaction tracking
Learning Objective: In this module, you will learn how Bitcoin mining works and how blocks are added in the Blockchain. You will also be taught how to mine Bitcoin from your own personal computer.
What is Bitcoin Mining?
Types of Mining
Mining and Consensus
Assembling and selecting chains of blocks
Mining and the hashing race
Installing Bitcoin Mining software
Mining Bitcoin on your PC
Introduction To Ethereum
Learning Objective: In this module, you will learn about Ethereum and how it uses the Blockchain technology to create a vast variety of decentralized applications with the help of Smart Contracts.
What is Ethereum?
Introducing Smart Contracts
Cryptocurrency in Ethereum
Mining in Ethereum
Consensus Mechanism in Ethereum
Platform Functions used in Ethereum
Technologies that support Ethereum
Ethereum Programming Language
Components for development of Ethereum DApps
Editors and tools
Ethereum Test Networks
Setting up Metamask and MIST Wallet
Learning Objective: In this module, you will learn to develop your own Smart Contracts using Solidity on the Remix IDE.
Layout of Source File
Structure of a Contract
Special Variables and Functions
Expressions and Control Structures
Visibility for Functions and State Variables
Coding experience on Solidity language
Learning Objective: In this module, you will learn the advanced concepts of solidity including importing libraries, modifiers, and event handling. Also, you will learn how to incorporate a front-end GUI to your solidity contracts using Truffle and web3.js.
Importing Smart Contracts
Events and Logging
Error Handling and Exceptions
Gas Limit and Loops
Sending and Receiving Ether
Setting up the development environment
Creating an interactive GUI for your smart contract using Web3.js And Truffle
Developing A DApp Using Truffle
Learning Objective: In this module, you will learn how to develop a DApp service using concepts of Solidity and deploy it on a local test Blockchain, Ganache.
Developing a DApp
Compile and Deploy the Smart Contract
Publish the DApp
Connecting to DApp
Ganache Output for Transaction Migration
Connect the contract to an interactive GUI based on web3.js
Deploy the using Metamask
Deploying a DApp that runs on a test network
Learning Objective: In this module, you will learn about Hyperledger project to develop an enterprise-grade and open-source distributed ledger framework. You will be taught about the Hyperledger architecture, its consensus mechanism, and about four major Hyperledger frameworks.
Introduction to Hyperledger
Hyperledger API and Application Model
Exploring Hyperledger frameworks
Business Network Deployment on Hyperledger Composer Playground
Create and Deploy a Business Network on Hyperledger Composer Playground
Test the business network definition
Transfer the commodity between the participants
Setting Up Development Environment Using Hyperledger Composer
Learning Objective: In this module, you will learn about Hyperledger Fabric and how to develop business networks using Hyperledger Composer. Also, you will be deploying and testing your business network.
Setting up Development Environment using Composer
Developing business networks
Testing business networks
Introduction to Hyperledger Fabric
Hyperledger Fabric Model
Various ways to create Hyperledger Fabric Blockchain Network
Set up Hyperledger Fabric Blockchain using Hyperledger Composer locally
Develop a business network
Deploy and Test business networks
Create And Deploy Your Private Blockchain On MultiChain
Learning Objective: In this module, you will learn about MultiChain platform. You will be able to setup your private Blockchain environment. Also, you will be able to customize your Blockchain parameters as per your requirements.
What Is MultiChain?
Privacy and Permissions in MultiChain
Mining in MultiChain
Multiple configurable Blockchains using MultiChain
Setting up a Private Blockchain
Setting up a private Blockchain
Create a private Blockchain
Connect to your Blockchain
Create a new asset and sending it between nodes
Perform mining between nodes
Prospects Of Blockchain
Learning Objective: In this module, you will understand how Blockchain is essentially shaping the future economics. Discussions on various use cases of Blockchain will clear the missing segment of the picture.
Blockchain prospering our world
Blockchain transforming business and professionalism
Discussing practical use-cases of Blockchain
Real case scenarios of Blockchain
How governments around the world are using Blockchain?
What exactly is Blockchain?
Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. … Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.
How does a block chain work?
Blockchain technology is an open distributed ledger that can record transactions of two parties securely and efficiently. As it is distributed, Blockchain is typically managed by a peer-to-peer network working simultaneously together to solve complex mathematical problems in order to validate new blocks
What is Blockchain example?
One of the more famous examples of Blockchain in action is Bitcoin. This is a digital currency (commonly called a cryptocurrency). … Bitcoin Atom (BCA) is a fork of Bitcoin and provides a truly decentralised way of exchanging cryptocurrencies without trading fees and no exchange hacks.
Who is the biggest Blockchain company?
What it does: As mentioned earlier, IBM is the largest company in the world embracing blockchain. With over $200 million invested in research and development, the tech giant is leading the way for companies to integrate hyperledgers and the IBM cloud into their systems.
How do I learn Blockchain?
Top 10 Free Resources To Learn Blockchain
2| Blockchain And Deep Learning: Future Of AI. …
3| Bitcoin And Cryptocurrency Technologies. …
4| Bitcoin And Cryptocurrencies. …
5| Introduction To Cryptocurrencies And Blockchain. …
6| Introduction To Hyperledger Blockchain Technologies. …
7| Blockchain Theory 101. …
8| Introduction To Enterprise Blockchain.
Is Blockchain a software?
While some industry groups are working toward standardizing versions of blockchain software, there are also hundreds of startups working on their own versions of the distributed ledger technology. Each digital record or transaction in the electronic ledger is called a block.
A Brief Introduction To Blockchain – For Normal People
If you’ve attempted to dive into this mysterious thing called blockchain, you’d be forgiven for recoiling in horror at the sheer opaqueness of the technical jargon that is often used to frame it. So before we get into what a crytpocurrency is and how blockchain technology might change the world, let’s discuss what blockchain actually is.
In the simplest terms, a blockchain is a digital ledger of transactions, not unlike the ledgers we have been using for hundreds of years to record sales and purchases. The function of this digital ledger is, in fact, pretty much identical to a traditional ledger in that it records debits and credits between people. That is the core concept behind blockchain; the difference is who holds the ledger and who verifies the transactions.
With traditional transactions, a payment from one person to another involves some kind of intermediary to facilitate the transaction. Let’s say Rob wants to transfer £20 to Melanie. He can either give her cash in the form of a £20 note, or he can use some kind of banking app to transfer the money directly to her bank account. In both cases, a bank is the intermediary verifying the transaction: Rob’s funds are verified when he takes the money out of a cash machine, or they are verified by the app when he makes the digital transfer. The bank decides if the transaction should go ahead. The bank also holds the record of all transactions made by Rob, and is solely responsible for updating it whenever Rob pays someone or receives money into his account. In other words, the bank holds and controls the ledger, and everything flows through the bank.
That’s a lot of responsibility, so it’s important that Rob feels he can trust his bank otherwise he would not risk his money with them. He needs to feel confident that the bank will not defraud him, will not lose his money, will not be robbed, and will not disappear overnight. This need for trust has underpinned pretty much every major behaviour and facet of the monolithic finance industry, to the extent that even when it was discovered that banks were being irresponsible with our money during the financial crisis of 2008, the government (another intermediary) chose to bail them out rather than risk destroying the final fragments of trust by letting them collapse.
Blockchains operate differently in one key respect: they are entirely decentralised. There is no central clearing house like a bank, and there is no central ledger held by one entity. Instead, the ledger is distributed across a vast network of computers, called nodes, each of which holds a copy of the entire ledger on their respective hard drives. These nodes are connected to one another via a piece of software called a peer-to-peer (P2P) client, which synchronises data across the network of nodes and makes sure that everybody has the same version of the ledger at any given point in time.
When a new transaction is entered into a blockchain, it is first encrypted using state-of-the-art cryptographic technology. Once encrypted, the transaction is converted to something called a block, which is basically the term used for an encrypted group of new transactions. That block is then sent (or broadcast) into the network of computer nodes, where it is verified by the nodes and, once verified, passed on through the network so that the block can be added to the end of the ledger on everybody’s computer, under the list of all previous blocks. This is called the chain, hence the tech is referred to as a blockchain.
Once approved and recorded into the ledger, the transaction can be completed. This is how cryptocurrencies like Bitcoin work.
Accountability and the removal of trust
What are the advantages of this system over a banking or central clearing system? Why would Rob use Bitcoin instead of normal currency?
The answer is trust. As mentioned before, with the banking system it is critical that Rob trusts his bank to protect his money and handle it properly. To ensure this happens, enormous regulatory systems exist to verify the actions of the banks and ensure they are fit for purpose. Governments then regulate the regulators, creating a sort of tiered system of checks whose sole purpose is to help prevent mistakes and bad behaviour. In other words, organisations like the Financial Services Authority exist precisely because banks can’t be trusted on their own. And banks frequently make mistakes and misbehave, as we have seen too many times. When you have a single source of authority, power tends to get abused or misused. The trust relationship between people and banks is awkward and precarious: we don’t really trust them but we don’t feel there is much alternative.
Blockchain systems, on the other hand, don’t need you to trust them at all. All transactions (or blocks) in a blockchain are verified by the nodes in the network before being added to the ledger, which means there is no single point of failure and no single approval channel. If a hacker wanted to successfully tamper with the ledger on a blockchain, they would have to simultaneously hack millions of computers, which is almost impossible. A hacker would also be pretty much unable to bring a blockchain network down, as, again, they would need to be able to shut down every single computer in a network of computers distributed around the world.
The encryption process itself is also a key factor. Blockchains like the Bitcoin one use deliberately difficult processes for their verification procedure. In the case of Bitcoin, blocks are verified by nodes performing a deliberately processor- and time-intensive series of calculations, often in the form of puzzles or complex mathematical problems, which mean that verification is neither instant nor accessible. Nodes that do commit the resource to verification of blocks are rewarded with a transaction fee and a bounty of newly-minted Bitcoins. This has the function of both incentivising people to become nodes (because processing blocks like this requires pretty powerful computers and a lot of electricity), whilst also handling the process of generating – or minting – units of the currency. This is referred to as mining, because it involves a considerable amount of effort (by a computer, in this case) to produce a new commodity. It also means that transactions are verified by the most independent way possible, more independent than a government-regulated organisation like the FSA.
This decentralised, democratic and highly secure nature of blockchains means that they can function without the need for regulation (they are self-regulating), government or other opaque intermediary. They work because people don’t trust each other, rather than in spite of.
Let the significance of that sink in for a while and the excitement around blockchain starts to make sense.
Where things get really interesting is the applications of blockchain beyond cryptocurrencies like Bitcoin. Given that one of the underlying principles of the blockchain system is the secure, independent verification of a transaction, it’s easy to imagine other ways in which this type of process can be valuable. Unsurprisingly, many such applications are already in use or development. Some of the best ones are:
Smart contracts (Ethereum): probably the most exciting blockchain development after Bitcoin, smart contracts are blocks that contain code that must be executed in order for the contract to be fulfilled. The code can be anything, as long as a computer can execute it, but in simple terms it means that you can use blockchain technology (with its independent verification, trustless architecture and security) to create a kind of escrow system for any kind of transaction. As an example, if you’re a web designer you could create a contract that verifies if a new client’s website is launched or not, and then automatically release the funds to you once it is. No more chasing or invoicing. Smart contracts are also being used to prove ownership of an asset such as property or art. The potential for reducing fraud with this approach is enormous.
Cloud storage (Storj): cloud computing has revolutionised the web and brought about the advent of Big Data which has, in turn, kick started the new AI revolution. But most cloud-based systems are run on servers stored in single-location server farms, owned by a single entity (Amazon, Rackspace, Google etc). This presents all the same problems as the banking system, in that you data is controlled by a single, opaque organisation which represents a single point of failure. Distributing data on a blockchain removes the trust issue entirely and also promises to increase reliability as it is so much harder to take a blockchain network down.
Digital identification (ShoCard): two of the biggest issues of our time are identify theft and data protection. With vast centralised services such as Facebook holding so much data about us, and efforts by various developed-world governments to store digital information about their citizens in a central database, the potential for abuse of our personal data is terrifying. Blockchain technology offers a potential solution to this by wrapping your key data up into an encrypted block that can be verified by the blockchain network whenever you need to prove your identity. The applications of this range from the obvious replacement of passports and I.D. cards to other areas such as replacing passwords. It could be huge.
Digital voting: highly topical in the wake of the investigation into Russia’s influence on the recent U.S. election, digital voting has long been suspected of being both unreliable and highly vulnerable to tampering. Blockchain technology offers a way of verifying that a voter’s vote was successfully sent while retaining their anonymity. It promises not only to reduce fraud in elections but also to increase general voter turnout as people will be able to vote on their mobile phones.
Blockchain technology is still very much in its infancy and most of the applications are a long way from general use. Even Bitcoin, the most established blockchain platform, is subject to huge volatility indicative of its relative newcomer status. However, the potential for blockchain to solve some of the major problems we face today makes it an extraordinarily exciting and seductive technology to follow. I will certainly be keeping an eye out.
What Is Blockchain?
Blockchain is an irrefutably resourceful invention which is practically bringing about a revolution in the global business market. Its evolution has brought with it a greater good, not only for businesses but for its beneficiaries as well. But since it’s revelation to the world, a vision of its operational activities is still unclear. The main question stick in everyone’s mind is – What is Blockchain?
To start with, Blockchain technology serves as a platform that allows the transit of digital information without the risk of being copied. It has, in a way, laid the foundation of a strong backbone of a new kind of internet space. Originally designed to deal with Bitcoin – trying to explain the layman about the functions of its algorithms, the hash functions, and digital signature property, today, the technology buffs are finding other potential uses of this immaculate invention which could pave the way to the onset of an entirely new business dealing process in the world.
Blockchain, to define in all respects, is a kind of algorithm and data distribution structure for the management of electronic cash without the intervention of any centralized administration, programmed to record all the financial transactions as well as everything that holds value.
The Working of Blockchain
Blockchain can be comprehended as Distributed Ledger technology which was originally devised to support the Bitcoin cryptocurrency. But post heavy criticism and rejection, the technology was revised for use in things more productive.
To give a clear picture, imagine a spreadsheet that’s practically augmented tons to times across a plethora of computing systems. And then imagine that these networks are designed to update this spreadsheet from time to time. This is exactly what blockchain is.
Information that’s stored on a blockchain is a shared sheet whose data is reconciled from time to time. It’s a practical way that speaks of many obvious benefits. To being with, the blockchain data doesn’t exist in one single place. This means that everything stored in there is open for public view and verification. Further, there isn’t any centralized information storing platform which hackers can corrupt. It’s practically accessed over a million computing systems side-by-side, and its data can be consulted by any individual with an internet connection.
Durability and Authenticity of Blockchain
Blockchain technology is something that minims the internet space. It’s chic robust in nature. Similar to offering data to the general public through the World Wide Web, blocks of authentic information are stored on blockchain platform which is identically visible on all networks.
Vital to note, blockchain cannot be controlled by a single people, entity or identity, and has no one point of failure. Just like the internet has proven itself as a durable space since last 30 years, blockchain too will serve as an authentic, reliable global stage for business transaction as it continues to develop.
Transparency and Incorruptible Nature
Veterans of the industry claim that blockchain lives in a state of consciousness. It practically checks on itself every now and then. It’s similar to a self-auditing technology where its network reconciles every transaction, known as a block, which happens aboard at regular intervals.
This gives birth to two major properties of blockchain – it’s highly transparent, and at the same time, it cannot be corrupted. Each and every transaction that takes place on this server is embedded within the network, hence, making the entire thing very much visible all the time to the public. Furthermore, to edit or omit information on blockchain asks for a humongous amount of efforts and a strong computing power. Amid this, frauds can be easily identified. Hence, it’s termed incorruptible.
Users of Blockchain
There isn’t a defined rule or regulation about who shall or can make use of this immaculate technology. Though at present, its potential users are banks, commercial giants and global economies only, the technology is open for the day to day transactions of the general public as well. The only drawback blockchain is facing is global acceptance.
About the Course
Edureka’s Blockchain and Ethereum Certification Training provides you with an in-depth knowledge of the technology underlying various platforms such as Bitcoin, Ethereum, Hyperledger and MultiChain. As a beginner, you will be learning the importance of consensus in transactions, how transactions are stored on Blockchain, history of Bitcoin and how to use Bitcoin. You will be then taught about the Ethereum platform and how to develop custom smart contracts using Solidity and Remix IDE and deploy them on the test Blockchain network using Truffle, TestRPC and Web3.js. You will learn how to setup a private Blockchain using Multichain platform and cover the practical use cases of Blockchain in various industries.
What will you learn?
Blockchain and Ethereum Certification Training provides you developer-level insights into the Blockchain technology and its platforms. The course will provide an overview of the structure and mechanism of Blockchain. You will be able to understand how Bitcoin transactions are stored and mined on a Blockchain. You will be able to develop your private Blockchain and deploy smart contracts on Ethereum. You will also learn how to develop and test your business network on Hyperledger Composer and how-to setup a private Blockchain on MultiChain platform. Detailed analysis of use-cases will ascertain you about how the Blockchain technology is shaping the future of world.
Who should go for this training?
The course is ideal for anyone with a technical background including:
What are the pre-requisites for this Course?