Blockchain Developer

Blockchain Developer

08:35 Hemanth 0 Comments

Blockchain is the world's leading software platform for digital assets. Offering the largest production block chain platform in the world, we are using new technology to build a radically better financial system. 

It's time money caught up. Digital assets, like bitcoin and ether, allow users to transact directly without any third-party intermediary.

With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information.

Descending to ground level, however, the differences that make blockchain technology unique become more clear. While both run on distributed networks (the internet), Wikipedia is built into the World Wide Web (WWW) using a client-server network model.

1. Learning to drive business outcomes
2. Embracing blockchain expertise as a service
3. Master of interoperability
4. Distributed ledger expertise
5. Be a “T” shape person
6. Know the platforms
7. Understand blockchain security
8. Learn to simplify
9. Drive blockchain architecture patterns
10. Know standards and ecosystems

The distributed database created by blockchain technology has a fundamentally different digital backbone. This is also the most distinct and important feature of blockchain technology.

Blockchain technology has the potential to significantly reduce the costs and time involved in cross-border banking transactions, increasing banks' efficiency but putting pressure on their fees and commissions, Moody's Investors Service said in a report in London on Tuesday.

Moody's report focuses on two specific areas in order to assess the potential disruption that Blockchain could cause - cross-border transactions and fee and commission income. The report notes that these are just two of the channels through which the technology is likely to impact bank operations. 

However, the report said, while making cross-border transactions faster and less expensive would be credit positive for banks, these efficiencies could also compress their fees and commissions, a credit negative.

Blockchain has the potential to substantially change how a wide range of financial services are executed. Banks could benefit significantly from the development and implementation of blockchain technologies in terms of enhanced efficiency, cost savings and risk reduction," said Colin Ellis, Moody's Managing Director -- Credit Strategy and the report's co-author.

Banking systems with significant cross-border transactions -- including those in the United Kingdom, Belgium and Switzerland -- may see the most disruption from the technology that underpins crypto-currencies such as Bitcoin, the report said.

A blockchain also referred as block chain, is a process of continuously growing list of records, known as blocks that are linked and secured using cryptography.

Each of the blocks created contains a hash pointer that links previous block, a timestamp and a transaction data. 

Design wise these block chains are inherently resistant to data modification. A blockchain can work as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way."

To be used as a distributed ledger, a blockchain has to be managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once data is recorded in any block, it can't be altered retroactively without altering all subsequent blocks that requires a collusion of the network majority.

Secured by its design, blockchains are a kind of distributed computing system having high Byzantine fault tolerance. It makes blockchains highly suitable for the recording of data such as events, medical records, and other records. The data management activities, such as identity management, transaction processing, documenting provenance, or food traceability can also be performed easily. 

In 2008, Satoshi Nakamoto conceptualized the first distributed blockchain and implemented it the following year as a core component of the bitcoin - a digital currency. Blockchain serves as the public ledger for all bitcoin transactions done online. 

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