What is Blockchain Technology?

Blockchain is the present & future of information technology. It is a system of recording information. That makes it impossible to hack or cheat the system. 

A blockchain is typically a digital record of transactions that is copied and disseminated across the complete network of computer systems on the blockchain.

Blockchain technology is the most hyped technology of recent times and therefore, the Best Engineering Colleges in India emphasize learning such technologies. It is used to maintain the privacy and secrecy of the data in the fields of:

  • Finance
  • Trade
  • Stock exchange
  • Digital identity verification Syndicated lending
  • Hedge funding

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Origin of the Present & Future of Information Technology: Blockchain

This technique was originally developed in the year 1991 by a group of researchers with the purpose to timestamp digital documents so that it was not possible to backdate them.

But this technology became famous when Satoshi Nakamoto used this technology to create the most famous cryptocurrencies called Bitcoin.

A blockchain is a distributed ledger that is completely open to anyone. It has an interesting property that once the data is recorded inside a blockchain, it becomes very difficult to change it.

How Does Blockchain Work

Well, let’s take a closer look at the blockchain. Each block contains:

  • Some data.
  • Hash of the block (like a fingerprint).
  • Hash of the previous block data stored inside the block depends on the type of the blockchain. 

For example, the Bitcoin blockchain stores the details about the transactions like the information of the sender, receiver, and the amount of the Bitcoins that are to be transacted.

Blockchain is like P2P software, that is, peer-to-peer software. The system of every peer is part of the chain making it impossible for anyone to breach this orientation. For example: If a person wants to hack into the P2P chain, he will have to hack into all the peer systems at the same time, which is just next to impossible, thus making the system breach-proof of any perilous activities.

Future Opportunities

There is a world economic forum report that says that 10% of the Global GDP of the world would be stored on blockchain by 2025. It also says that 20% of the financial institutions have undertaken blockchain projects in one form or the other. Also, 2.3 billion dollars would be spent on blockchain projects by 2021. Students who are learning blockchain technology at the Top B.Tech. College in Rajasthan will benefit greatly. 

To me, blockchain is the driving force of the new business model and the new career opportunities, and the new technologies that are yet to come which will change the world in terms of the financial storing of data also it is a known fact that for every blockchain developer there are around 14 Jobs available in the world right now it is the number one and the fastest growing scale on the various job sites also these job sites give 200% better salary to what they give to an average developer. The biggest impediments for these job sites are to find the right talent and equipment that would fulfill these roles.

From the student’s perspective, it becomes a concern that he or she will have to learn from the best of engineering colleges which- can help them to learn about these latest emerging technologies of the world. One such Institute, which believes in absorbing the latest technology, is Arya College. With the best of faculties having profound knowledge in such fields the college offers the best of SDP (student development programs) to make the student amass these requirements which are quintessential for any good job placement.

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As the present & future of information technology, Blockchain will change the way we communicate with our world. The movement of self-renunciation of the user from the trusted 3rd party agencies with their information will be marked by the biggest transformation in the history of information technology.

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