{"id":67934,"date":"2018-11-02T08:34:50","date_gmt":"2018-11-02T08:34:50","guid":{"rendered":"https:\/\/www.whizlabs.com\/blog\/?p=67934"},"modified":"2024-01-16T02:56:05","modified_gmt":"2024-01-16T08:26:05","slug":"learn-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.whizlabs.com\/blog\/learn-blockchain-technology\/","title":{"rendered":"What is Blockchain Technology &#8211; A Beginner&#8217;s Guide"},"content":{"rendered":"<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\">Bitcoin and Cryptocurrency took the world by storm in 2018 and over the period we have seen its growing craze for financial actions like a currency exchange. However, Bitcoin is not something very new concept. Introduced in 2008, this digital currency is an application of Blockchain technology, an innovation by a group of people with the pseudonym Satoshi Nakamoto. <\/span><\/p>\n<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\">Blockchain technology is possibly the next biggest thing after the internet in the tech world not only because of Bitcoin application but also for its other potential uses. Today, companies are on the verge to create decentralized internet using Blockchain technology.<\/span><\/p>\n<blockquote><p>Preparing to become a Certified Blockchain Expert? Follow this <a href=\"https:\/\/www.whizlabs.com\/blog\/certified-blockchain-expert-preparation\/\" target=\"_blank\" rel=\"noopener noreferrer\">Certified Blockchain Expert preparation guide<\/a> and get ready to pass the exam.<\/p><\/blockquote>\n<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\">Though we are much talking about Bitcoin, Blockchain, and other technical jargons today, only a few of us know about how it works and why has it become a hype? Hence, in this blog, we will discuss the basics of Blockchain technology and its applications.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ea7e02;color:#ea7e02\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ea7e02;color:#ea7e02\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.whizlabs.com\/blog\/learn-blockchain-technology\/#Introduction_to_Blockchain_Technology\" >Introduction to Blockchain Technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.whizlabs.com\/blog\/learn-blockchain-technology\/#How_does_Blockchain_Work\" >How does Blockchain Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.whizlabs.com\/blog\/learn-blockchain-technology\/#What_are_the_Different_Types_of_Blockchain\" >What are the Different Types of Blockchain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.whizlabs.com\/blog\/learn-blockchain-technology\/#What_are_the_Different_Blockchain_Technology_Applications\" >What are the Different Blockchain Technology Applications?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.whizlabs.com\/blog\/learn-blockchain-technology\/#What_are_the_Main_Benefits_of_Blockchain_Technology\" >What are the Main Benefits of Blockchain Technology?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"p6\" style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Introduction_to_Blockchain_Technology\"><\/span><span class=\"s1\">Introduction to Blockchain Technology<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p7\" style=\"text-align: justify;\"><span class=\"s1\">To a layman, Blockchain is a public financial ledger or a record of transactions where each of the transaction is authenticated and authorized. The Blockchain is designed as a decentralized network of millions of computers which are commonly termed as \u2018nodes.&#8217; It is a distributed database architecture where each of the nodes plays the role of administrator of the network that joins the network voluntarily. As no centralized information exists in Blockchain architecture, hence it is literally impossible to hack the information.<\/span><\/p>\n<p><span class=\"s1\"><img decoding=\"async\" class=\"aligncenter wp-image-67940 size-full\" src=\"https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/sites\/2\/2018\/10\/centralized.jpg\" alt=\"introduction to blockchain technology\" width=\"711\" height=\"197\" srcset=\"https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/centralized.jpg 711w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/centralized-300x83.jpg 300w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/centralized-640x177.jpg 640w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/centralized-681x189.jpg 681w\" sizes=\"(max-width: 711px) 100vw, 711px\" \/><\/span><\/p>\n<p class=\"p9\" style=\"text-align: justify;\"><span class=\"s2\">Blockchain architecture <\/span><span class=\"s1\">maintains a growing list of ordered records which is known as blocks. Each block maintains a timestamp and a link to a previous block.<\/span><\/p>\n<blockquote><p><strong>Try Now:<\/strong>\u00a0<a href=\"https:\/\/www.whizlabs.com\/certified-blockchain-expert\/free-test\/\" target=\"_blank\" rel=\"noopener follow noreferrer\" data-wpel-link=\"internal\">Certified Blockchain Expert Free Test<\/a><\/p><\/blockquote>\n<h2 class=\"p10\" style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"How_does_Blockchain_Work\"><\/span><span class=\"s1\">How does Blockchain Work?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p11\" style=\"text-align: justify;\"><span class=\"s1\">The working pieces of Blockchain technology are:<\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li12\"><span class=\"s1\">A P2P network<\/span><\/li>\n<li class=\"li12\"><span class=\"s1\">Cryptography hashing<\/span><\/li>\n<li class=\"li12\"><span class=\"s1\">Data structure algorithms<\/span><\/li>\n<li class=\"li12\"><span class=\"s1\">A distributed time stamping server<\/span><\/li>\n<li class=\"li12\"><span class=\"s1\">Digital signature<\/span><\/li>\n<li class=\"li12\"><span class=\"s1\">Automatic but conditional execution of scripts<\/span><\/li>\n<\/ul>\n<h4 class=\"p13\" style=\"text-align: justify;\"><span class=\"s1\">Overview of the Blockchain Process Flow <\/span><\/h4>\n<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\">In a Blockchain flow, data exchange is referred to as a <i>transaction.<\/i> When a new transaction or a modification to an existing transaction takes place, the majority of the nodes within a Blockchain network execute algorithms to evaluate and verify that individual block. Here a <a href=\"https:\/\/lunarpen.com\/blog\/digital-signature-vs-electronic-signature\/\" target=\"_blank\" rel=\"noopener noreferrer\">digital signature<\/a> associated with the transaction signs and authorizes a transaction digitally. It consists of two cryptographic keys known as <i>the public key<\/i> and a <i>private key.<\/i><b><i>\u00a0<\/i><\/b>A <i>private key<\/i> is similar to a password for an account.<\/span><\/p>\n<p><span class=\"s1\"><img decoding=\"async\" class=\"aligncenter wp-image-67941 size-full\" src=\"https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/sites\/2\/2018\/10\/flow.jpg\" alt=\"how does blockchain work?\" width=\"891\" height=\"594\" srcset=\"https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/flow.jpg 891w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/flow-300x200.jpg 300w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/flow-768x512.jpg 768w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/flow-630x420.jpg 630w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/flow-640x427.jpg 640w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/flow-681x454.jpg 681w\" sizes=\"(max-width: 891px) 100vw, 891px\" \/><\/span><\/p>\n<p class=\"p7\" style=\"text-align: justify;\"><span class=\"s1\">If the signature and history of the transaction are valid, then the verified record of that transaction is added to the ledger (consolidated records of all exchanged data<\/span><span class=\"s4\">)<\/span><span class=\"s1\">. This verified record is known as <i>a block<\/i>.<\/span><\/p>\n<h4 class=\"p14\" style=\"text-align: justify;\"><span class=\"s1\">How does a Block Get Added in the Blockchain?<\/span><\/h4>\n<p class=\"p7\" style=\"text-align: justify;\"><span class=\"s1\">The Blockchain technology works on data structure algorithm and cryptographic hashing. To get added in the Blockchain, a block must have the answer to a <span class=\"s5\">cryptographic hash function<\/span><\/span><span class=\"s5\"> which is indeed a complex mathematical problem to be solved. The possible solution of such a problem is a random number that needs to be combined with the previous block content. <\/span><\/p>\n<p class=\"p7\" style=\"text-align: justify;\"><span class=\"s5\">Though it ideally takes a year for a computer to solve this highly complex algorithm generated problem, however, as the Blockchain network consists of a huge number of computers the probability of solving the problem becomes high. Hence, it takes 10 minutes on an average to solve such problems. Now, the node which solves the hash code gets the right to add the new block in the chain.<\/span><\/p>\n<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\">Once one transaction is finished, it creates a secure and unique hash code using a cryptographic hashing technique that associates the transaction with the next block.<\/span> <span class=\"s7\">Thus it puts the blocks one after the other to organize a time-related chain. Hence, it is known as <i>Blockchain.<\/i><\/span><\/p>\n<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s7\">If the majority of the blocks deny the entry of a new or modified transaction, then it will not be added into the ledger. Thus Blockchain runs without any unifying authority and in a distributed <\/span><span class=\"s1\">consensus model. As a result, Blockchain has its inbuilt robustness with no single entity that controls its flow and no single point of failure. Thus the architecture as a whole is durable.<\/span><\/p>\n<h4 class=\"p6\" style=\"text-align: justify;\"><span class=\"s1\">What is the Mining Pool in Blockchain Technology?<\/span><\/h4>\n<p class=\"p1\" style=\"text-align: justify;\"><span class=\"s5\">As we have mentioned above that it takes around one year for a computer to solve a block. Hence the nodes together make groups. Thus they divide the number of assumptions on the hashcode to solve the next block. As a result, it makes the process faster. These groups are called\u00a0<i>mining<\/i> pools<i>.<\/i><\/span><\/p>\n<h2 class=\"p17\" style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"What_are_the_Different_Types_of_Blockchain\"><\/span><span class=\"s1\">What are the Different Types of Blockchain?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\">Blockchain technology can be categorized into three types based on its working principles:<\/span><\/p>\n<ol class=\"ol1\" style=\"text-align: justify;\">\n<li class=\"li4\"><span class=\"s1\">Public Blockchain \u2013 Ethereum, Bitcoin, Litecoin<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Private Blockchain \u2013 Internal to an organization <\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Federated Blockchain \u2013 R3, EWF, B3I <\/span><\/li>\n<\/ol>\n<h4 class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\"><i>Features of Public Blockchain<\/i><\/span><\/h4>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li4\"><span class=\"s1\">It works on Proof of Work (PoW) consensus algorithms and follows related protocols. Public Blockchain does not need any permission as it is open source.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">You can determine the new blocks with their existing state as it is an open source. Also, you can download the code and validate transactions in the network. <\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">It makes possible transactions all through the network.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Public Blockchain allows transparent transactions in an anonymous or pseudonymous way.<\/span><\/li>\n<\/ul>\n<h4 class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\"><i>Features of Private Blockchain<\/i><\/span><\/h4>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li4\"><span class=\"s1\">Private Blockchain decouples core Blockchain protocol from the smart contract layer. <\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Using private Blockchain, you can open up the scope of programmable transactions which is commonly known as\u00a0<span class=\"s9\"><i>Smart Contracts<\/i><\/span><\/span><span class=\"s10\"> and also <\/span><span class=\"s1\">online markets.<\/span><\/li>\n<\/ul>\n<h4 class=\"p4\" style=\"text-align: justify;\"><span class=\"s1\"><i>Features of Federated Blockchain <\/i><\/span><\/h4>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li4\"><span class=\"s1\">The leadership of a group operates it.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Verifying transactions using federated Blockchain technology is not possible.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">It has higher scalability and privacy.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">It is faster than other Blockchain technologies.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">It is controlled by a pre-selected set of nodes.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">It reduces data redundancies along with transaction costs.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Replacing legacy systems using it is easier.<\/span><\/li>\n<\/ul>\n<blockquote><p>Preparing for Certified Blockchain Expert (CBE) exam? Check your current level of preparation with the Whizlabs\u00a0<a href=\"https:\/\/www.whizlabs.com\/certified-blockchain-expert\/\" target=\"_blank\" rel=\"noopener follow noreferrer\" data-wpel-link=\"internal\">Certified Blockchain Expert Practice Tests<\/a>.<\/p><\/blockquote>\n<h2 class=\"p19\" style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"What_are_the_Different_Blockchain_Technology_Applications\"><\/span><span class=\"s11\">What are the Different Blockchain Technology Applications?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">The Blockchain technology is widely used in Fintech applications. Along with the Fintech application, Blockchain technology is used in below applications to create value in the business.\u00a0<\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li22\">\n<h4><span class=\"s12\"><span class=\"s13\">Smart Contracts<\/span><\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">Smart contracts are a way to do value exchange with transparency where no third party is involved in the transaction process<\/span><span class=\"s14\">. <\/span><span class=\"s1\">Distributed ledger like Blockchain technology enables s<\/span><span class=\"s1\">mart contracts when specified conditions are met.\u00a0Ethereum\u00a0is an open source public Blockchain technology that has the potential to leverage the smart contracts facility. With the current development of Blockchain technology, smart contracts can be automated using Bitcoin. <\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li23\">\n<h4><span class=\"s11\">Decentralized Sharing Economy<\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">With the decentralized network, the Blockchain technology enables peer-to-peer payments which ultimately results in a truly decentralized sharing economy.<\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li23\">\n<h4><span class=\"s11\">Crowdfunding<\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">With the growing popularity of Crowdfunding, Blockchain technology takes this interest to the next level by potentially developing crowd-sourced venture capital funds. Ethereum-based DAO (Decentralized Autonomous Organization) is one such Crowdfunding example which had raised an amount of USD 200 million within two months. Not to mention, this was another form of smart contracts.<\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li23\">\n<h4><span class=\"s11\">Transparent Governance<\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">Transparency matters a lot a when you are in a business and in that context Blockchain technology is changing the landscape of governance. As this distributed database technology enables full transparent and accessible contracts, organizations are in verge to take Blockchain based decision making. We can see Ethereum based smart contracts in use for maintaining digital assets or organizational information for data governance practice.<\/span><\/p>\n<p><span class=\"s1\"><img decoding=\"async\" class=\"aligncenter wp-image-67939 size-full\" src=\"https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/sites\/2\/2018\/10\/application.jpg\" alt=\"blockchain technology applications\" width=\"927\" height=\"557\" srcset=\"https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/application.jpg 927w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/application-300x180.jpg 300w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/application-768x461.jpg 768w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/application-699x420.jpg 699w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/application-640x385.jpg 640w, https:\/\/www.whizlabs.com\/blog\/wp-content\/uploads\/2018\/10\/application-681x409.jpg 681w\" sizes=\"(max-width: 927px) 100vw, 927px\" \/><\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li23\">\n<h4><span class=\"s11\">Use in Supply Chain<\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">Blockchain technology provides transparency in products through auto-generated time-stamping which mentions the location and time of the product generation. This helps to strengthen the reliability of a business and certify that they are genuine.<\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li23\">\n<h4><span class=\"s11\">Empowering Web 3.0 for File Storage<\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\">The decentralization concept of Blockchain technology has spawned web 3.0 which is going to bring a revolutionary change in the web world. Now it is going to be Blockchain internet that has provided the concept of distributed file storage. Instead of Google drive, it has enabled us with technologies like Inter Planetary File System (IPFS). The main benefit of distributed file storage is &#8211; as the data is not centralized it protects data from hacking.<\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li23\">\n<h4><span class=\"s11\">Ease of KYC and AML Process<\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p20\" style=\"text-align: justify;\"><span class=\"s1\"><i>Know your customer<\/i> (KYC), and <i>anti-money laundering<\/i> (AML) are two widely accepted practices that can be potentially benefitted from being adapted to the Blockchain technology. As the financial institutions currently need to perform an intensive multi-step process for each of its customers, it is a costly affair for these institutions. However, if Blockchain is introduced to this process, it can reduce the costs through cross-institution client verification, while increasing analysis and monitoring effectiveness.<\/span><\/p>\n<blockquote><p>Also Read: High-Paying <a href=\"https:\/\/www.whizlabs.com\/blog\/highest-paying-blockchain-jobs\/\" target=\"_blank\" rel=\"noopener\">Blockchain Jobs<\/a> in 2024<\/p><\/blockquote>\n<h2 class=\"p1\"><span class=\"ez-toc-section\" id=\"What_are_the_Main_Benefits_of_Blockchain_Technology\"><\/span><span class=\"s1\">What are the Main Benefits of Blockchain Technology?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Blockchain technology has been widely accepted due to a number of benefits it provides. Let&#8217;s have a look at the main benefits of the blockchain technology:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">As there is no central authority to control the transaction it is an ideal ledger for joint ventures.<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">The digital signature and verification process used in Blockchain technology help to prevent fraudulent activity.<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">As in Blockchain architecture, there is no presence of centralized information it prevents loss of any information.<\/span><\/li>\n<\/ul>\n<h4 class=\"p24\" style=\"text-align: justify;\"><span class=\"s1\">Bottom Line<\/span><\/h4>\n<p class=\"p24\" style=\"text-align: justify;\"><span class=\"s1\">To conclude, Blockchain technology is the revolution in the IT world. It is perfect for individuals as well as businesses; it prevents the loss of data and any fraudulent activities. Are you looking for blockchain solutions or thinking to join blockchain training? Hyperledger, ConsenSys, The Ethereum Foundation, and BlockApps are some of the popular training bodies in the Blockchain technology which provide blockchain solution as well as blockchain training.<\/span><\/p>\n<p class=\"p24\" style=\"text-align: justify;\"><span class=\"s1\">If you want to be a Blockchain developer you must have in-depth concepts on it building blocks along with programming expertise. Whizlabs has launched the Practice tests for <a href=\"https:\/\/www.whizlabs.com\/certified-blockchain-expert\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s15\">Certified Blockchain Expert Certification<\/span><\/a> that will give you core concepts of Blockchain technology.<\/span><\/p>\n<p class=\"p24\" style=\"text-align: justify;\"><span class=\"s1\"><i>Hence, join us today and validate your skills as a Blockchain expert!<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and Cryptocurrency took the world by storm in 2018 and over the period we have seen its growing craze for financial actions like a currency exchange. However, Bitcoin is not something very new concept. Introduced in 2008, this digital currency is an application of Blockchain technology, an innovation by a group of people with the pseudonym Satoshi Nakamoto. Blockchain technology is possibly the next biggest thing after the internet in the tech world not only because of Bitcoin application but also for its other potential uses. Today, companies are on the verge to create decentralized internet using Blockchain technology. 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