Blockchain is a technology for storing data in a chain of sequentially connected blocks on computers. Every block has a special code named a hash. It even contains the hash of the prior block in the chain. Once an entry has been added to the thread, it cannot be changed. Hence the name block (block) and chain (chain).
Blockchain is a kind of distributed ledger. Distributed Ledger Technology (DLT) allows you to keep records on multiple computers, known as “nodes” or “nodes.” Any blockchain user can be a node, but it requires a lot of computer power to work. Blockchains are open (public) and closed.
Essence:
- Blockchain is a particular type of database.
- It differs from a regular database in how it stores information; blockchain developer company data in blocks, which are then linked together.
- As new data arrives, it is entered into a new block. Once a block is filled with data, it is linked to the previous block, causing the data to be chained together in chronological order.
- Various types of information can be stored on a blockchain, but the most common use remains a ledger for cryptocurrency transactions.
- In the case of Bitcoin, the blockchain is decentralized so that no one person or group of people has control – more precisely, all users collectively retain control.
- Decentralized blockchains are immutable, meaning the data entered cannot be changed. For Bitcoin, transactions are permanently recorded and available for anyone to view.
Table Of Contents
What does a blockchain developer do?
Blockchains developer or an engineer – IT specialist, programmer. It examines the technological needs of a company wishing to use the blockchains and following them:
- develops decentralized exchange protocols;
- designs and implements blockchains network architecture;
- Develops and monitors intelligent contracts – digital “rules” that prevent interference in the work or change in the content of blocks;
- integrates blockchains solutions with other software applications;
- Tests the quality of decisions made, etc.
The key aspect of the work of a blockchain developer (engineer) is data encryption using unique algorithms and codes, which requires excellent knowledge of Solidity, C++, Golang, and Java programming languages. He also needs to understand what blockchain, cryptography, and mining are. An essential skill for a blockchain engineer is working with application programming interfaces (APIs), the ability to work with peer-to-peer networks (P2P), and managing consensus algorithms, which allow blockchains to be decentralized. Any mistake by a specialist risks unauthorized access to confidential company data. More info read here: https://unicsoft.com/blog/8-top-blockchain-development-companies-in-2022/.
What will change thanks to the blockchain in the first place
First, the blockchains will digitize everything still on paper: certificates of ownership, insurance, securities, and documents that require a guarantee of authenticity. At first, the technology will interest banks: it opens up great opportunities for them but threatens to take a significant part of their work.