Intellipaat is among the leading players in e-learning business. They have trained scores of young professionals in various emerging technologies. They have included the training on Blockchain as it is an undeniable means of providing security to transactions. Many Blockchain startups are mushrooming in metro cities. Soon job sites will be filled with vacancies on Blockchain. In Intellipaat’s training on Blockchain much about cryptocurrencies is professed. Let’s go through an overview of what the course will teach.

One of the main reason for the inception of the cryptocurrencies is the 2008 financial crisis. Banks misappropriated the public funds and charged high fees that was mainly responsible for the global depression. An anonymous group of people or person named Satoshi Nakamoto invented the digital currency system called bitcoin as an alternative to fiat currencies and banks. But there were several forms of digital currencies that had miserably failed but bitcoin survived and is now thriving. The reason is simply the Blockchain technology on which it is based. If you want to know more about how the industry uses the technology then you can learn Blockchain through Intellipaat.

The way how security works in cryptocurrencies is through cryptography. Hash codes are computed where input string of any length is taken and a fixed length output is put out. The SHA-256 is what is used by Bitcoin. Other cryptocurrencies have different cryptographic functions. Digital signatures are used to verify that a particular message originated from a verified source or not. After all they are an evolved version of real signatures. It is to be noted how central hashing and digital signatures are to the Blockchain world. Hashing gives the world state in the Blockchain network and digital signatures ensure the message comes from the rightful owner.

Bitcoins and other cryptocurrencies can be brought from online platforms such as Coinbase, Kraken, Bitstamp and Gatehub. In storing cryptocurrencies one has to be very careful in that it is quite risky to store them in exchanges. Sometimes hackers hack the entire exchange and siphon off huge amount of these currencies. Therefore, it is always good to store them in e-wallets. Bitcoin uses a simple scripting system for transactions i.e. script. It is stack-based and is processed from left to right and is purposefully not made turing complete.

Cryptocurrency mining

Miners are those people who have invested time and resources to create new bitcoins or other cryptocurrencies. In order to create new coins they solve math puzzles. In exchange for work done they get few coins as reward. This is a smart way to earn money and this the only incentive for miners. They are beyond any government control and there can only be a limited number of bitcoins in the world (21 million). It is estimated that by 2140 all of bitcoins will be mined.

Apart from mining they also help in transactions where they help in making the entire Blockchain secure. They do this by approving transactions before confirmation. This helps in nice transfer of money from one wallet to another and the network becomes secure as a consequence. Through proof-of-work the chance of fraud is eliminated. The reward for mining a block of bitcoin is 12.5 as of now. In four years that will be halved.

Ethereum as when compared to bitcoin gives 5 ether as mining reward. Hard hashing algorithm Ethash is used for proof-of-work here. Ghost protocol in Ethereum ensures that there are no centralized mining pools. Unlike Bitcoin, Ethereum’s internal code is Turing complete and anything can be calculated with enough computing power and time.

Conclusion

IBM CEO has said ‘Blockchain will do for trusted transactions what the internet did for information.’ This in itself is enough to portray the importance of the technology. Be it in supply chain, smart contracts, voting or content Blockchain can be applied on it all and therefore entrepreneurs are finding solutions to imbue the technology in their companies. The vision of highly secure transactions will be norm of the day if growth of Blockchain technology goes in this direction.

Author Bio:

Vaishnavi Agrawal loves pursuing excellence through writing and have a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training.

The courses offered by Intellipaat address the unique needs of working professionals. She is based out of Bangalore and has an experience of 5 years in the field of content writing and blogging. Her work has been published on various sites related to Big Data Online Training, Business Intelligence, Project Management, Cloud Computing, IT, SAP, Project Management and more.