As many believe, cryptocurrency would replace banks while also protecting confidentiality and privacy in financial transactions. But this is only scratching the surface; cryptocurrency is just one application of blockchain technology, with investors having invested significant sums studying its fundamental components. New applications of this revolutionary tech continue to emerge. For instance, non-fungible token use cases are being developed with each passing day.
Blockchain technology will have a lasting influence on our lives, which promises to open up many exciting new opportunities for blockchain engineers. While its developer roadmap may be challenging at times, its path certainly offers ample promise for growth and exploration.
Blockchain Services
Blockchain technology has quickly become a focal point of business operations across a range of sectors, including consumer goods manufacturing, financial service providers, health care organizations, life science researchers and public organizations. Deloitte can assist companies and organizations in achieving many of their blockchain implementation goals--innovation/ideation development strategy development, prototyping product development.
Ideation And Innovation
- Identifying relevant use cases is a continuous process to reap the benefits of Blockchain technologies.
- Work with clients to assess existing processes, goals, and pains to brainstorm blockchain domains.
- Our thought leadership and ecosystem tracking will help clients understand the full range of innovation opportunities in blockchain technology.
Strategy Development
- Lead clients to define blockchain goals and objectives in their unique journey, with a strategy to determine "where to play" and "how to win".
- Create comprehensive business cases that will enable executives to buy in and drive business, technology integration, talent, and consortium operating models.
- Prioritized/selected use cases can be used to develop strategies for piloting and implementing blockchain-based solutions.
Prototyping
- Accelerate the build of blockchain prototypes by leveraging our expertise in technology, knowledge of the industry and partnerships across platforms to meet unique client requirements.
- Use our library of 30 proof-of-concept solutions as accelerators for supply chain, loyalty programs, Know Your Customer (KYC), payments, identity, trade finance and more.
- Create an agile and iterative approach to adapt to the rapid changes that occur in the ecosystem.
Product Development
- We will mobilize our highly-trained and technically-savvy global blockchain practitioners not only to reengineer business processes but also to build applications.
- We are delivering as a team and in partnership with blockchain technology vendors to meet client needs.
- We offer a broad range of services across compliance, technology talent, operations and tax to integrate your Blockchain solution.
What Is Blockchain Technology?
Blockchains are digital ledgers designed to secure information by making it difficult or impossible to change, hack or manipulate the system. Each computer in a network uses its copy of this electronic ledger that replicates and distributes transactions throughout.
Blockchain technology services is an architecture for storing public transaction records (known as blocks) across multiple databases in a distributed network of peer-to-peer connections known as the "chain." It is sometimes referred to as a digital database.
This ledger features a digital signature to verify and protect all transactions made in it, providing additional layers of security to keep information stored therein. Digital ledgers can be described as Google Spreadsheets that are shared among multiple computers on a network and used for recording transactions based on actual purchases. Anyone viewing this data cannot alter it in any way - a fantastic fact indeed!
Why Is Blockchain Popular?
Imagine sending money from your account to friends or family using online banking, using their account number. Your bank will update its records once this transaction has taken place - does that sound easy enough? But many of us overlook an issue that could become serious later.
Blockchain technology was designed to counter this vulnerability of online transactions.Blockchain, or digital ledger, has emerged as an innovative technology with much acclaim recently. Let's dive deeper into its concept to gain further understanding.
Businesses rely on accurate recording of transactions and data, often handled either internally or by third parties like lawyers, brokers and bankers - either of which can increase costs or timeframe. Blockchain allows faster transactions with reduced time/cost associated.
Many people mistakenly associate blockchain and Bitcoin as synonymous concepts. However, this is simply not the case. Blockchain technology supports various industries, including finance, supply chain management and manufacturing. At the same time, Bitcoin acts as a currency that relies heavily on Blockchain security measures for its protection.
Types of Blockchain
There are several types of blockchains. The types of blockchains are:
Private Blockchain Networks
Private blockchain networks are typically operated within closed networks and work well for companies and organizations with confidential transactions. A private blockchain enables businesses to customize their parameters, such as access/authorization preferences and security features, all while remaining under one authority's management.
Public Blockchain Networks
Public blockchains were responsible for the birth and spread of Bitcoin and other cryptocurrencies while also helping popularize distributed ledger technology (DLT). Public blockchains played an instrumental role in popularizing DLT. Public blockchains can overcome some challenges like security flaws or centralization; data is distributed over the peer-to-peer network rather than being stored centrally; to verify the authenticity of information, a consensus algorithm such as Proof of Stake (PoS) or Proof of Work is typically employed.
Permissioned Blockchain Networks
Permissioned blockchain networks, also referred to as hybrid or private blockchains with restricted access only for authorized individuals, are private blockchains. Organizations often set up these types of networks to take advantage of both worlds; additionally, they allow better structuring for who may participate and which transactions take place within them.
Consortium Blockchains
Consortium Blockchains provide similar public and private components as permissioned Blockchains; however, multiple organizations will manage a single network of consortium blockchains. Though initial setup may prove more challenging, consortium Blockchains offer superior security while encouraging greater collaboration across organizations.
Hybrid Blockchains
Hybrid Blockchains combine both public and private chains. Certain parts of a hybrid Blockchain are transparent to all participants. At the same time, other sections remain private, accessible only to authorized participants. Hybrid blockchains are ideal in situations that require both privacy and transparency - for example, supply chain management, where multiple parties may share certain information while keeping sensitive data private.
Sidechains
Sidechains are independent blockchains that operate concurrently with the main chain, offering increased functionality and scalability for developers experimenting with new applications or features without impacting or affecting their integrity. Sidechains can be used to build decentralized applications or implement specific consensus mechanisms. At the same time, they're also used to manage transactions on the main blockchain in order to reduce congestion and improve scalability.
Blockchain Layers
Multiple blockchain layers refer to stacking multiple blockchain layers on top of each other. Each layer features its own rules, functionality and consensus mechanism; these interactions may be interacted with by other layers for increased scalability. For instance, Lightning Network provides faster and cheaper transactions between users by creating payment channels.
Transaction Process
Blockchain technology is distinguished by its capacity for verifying and authorizing transactions. When two people wish to conduct a transaction using public and private keys, for example, one party will attach the transaction details directly onto their public key before compiling all this data into one block.
The block includes digital signs, timestamps and any relevant or important data about transactions - although no individual names are disclosed within it. When distributed across all nodes of a network, transactions will only be completed once an appropriate individual matches his private key against it and completes the transaction successfully.
Basics of Blockchain
You must first understand the materials that you are using. In the Blockchain Foundation course, you will learn about:
- Describe a blockchain.
- What is its function?
- How does blockchain communication work?
- Can you connect your blockchain with web applications?
Due to its popularity and robust developer communities, it is recommended that you start using Ethereum's blockchain.
Master Smart Contracts & Solidity
Smart contracts, like any contract, detail the terms and conditions of an agreement. What distinguishes smart contracts from conventional ones is that they run as code on blockchains such as Ethereum. This enables complex peer-to-peer applications that take advantage of its reliability, security, and accessibility - such as lending, insurance and logistics applications that take full advantage of blockchain's reliability, security and accessibility features.
Solidity is a high-level object-oriented programming language designed for use with Ethereum Virtual Machine. Solidity provides users with a way to develop intelligent contracts that control accounts within its state. Solidity provides programs that automate this control with curly-bracket programming language explicitly designed to work within this environment.
Solidity was inspired by JavaScript, Python, and C++ - for more details on its sources of inspiration, please see the section on linguistic influence. Solidity offers inheritance, libraries and advanced user-defined types; additionally, it is statically typed for improved type safety and can create contracts suitable for applications such as voting, crowdfunding and blind bidding.
Learn About Decentralized Applications
Decentralized apps (dApps), also referred to as digital apps, are programs that run across a network of computers rather than being centrally managed by one entity. DApps or "apps" exist independently from jurisdiction and authority - often created on Ethereum for gaming, finance and social networking purposes.
Web apps such as Uber or Twitter run on computers owned and managed exclusively by one company, giving that business complete control of how the application functions despite having multiple users accessing its front end. BitTorrent, Tor, and Popcorn Time are examples of P2P applications that involve many users consuming, feeding or seeding simultaneously or performing both tasks at the same time.
Once you understand Solidity and smart contracts, you will be able to design, test, and deploy intelligent contracts successfully. Once deployed, users should be able to interact with the dApp through its user-friendly front end. Create your dApp using this interface; web applications tend to be the most common, but mobile apps can also be developed using HTML/CSS/JavaScript code similar to regular websites.
Master Crypto Wallets
Blockchain wallets are digital wallets that allow individuals to securely manage and store their funds such as Bitcoin, Ether and other cryptocurrencies. Users can instantly trade using instant trading features; all transactions have been cryptographically verified for maximum safety and are instant. Both mobile apps and web-based accessing of wallets is possible.
Blockchain wallets contain all of the features necessary for seamless money exchange between parties without risk. Similar to how PayPal or other payment channels handle funds transfers, cryptocurrency wallets allow parties to exchange cryptocurrency freely between themselves without risk. There are various crypto/blockchain wallets available, and steps for using your wallet for cryptocurrency transactions may vary depending on which type you own; generally speaking, though, the process should be straightforward and similar to sending digital cash.
Leinweber suggests you can send bitcoins by providing both their public address and amount.When dealing with cryptocurrency, there is less recourse available compared to dealing with traditional money.
Build Blockchain Applications
Through our tutorial, we will explore how to develop a blockchain application. We have covered each step in the process as well as any advantages or disadvantages dApp creation may present to your business.
Create An App Idea
Before deciding on the technical development of a blockchain application, you must determine the issue that it will address. If you are working with cryptocurrency, it is possible that you would like to create a mobile wallet for cryptocurrencies, an app for exchanges, or even a solution that signals cryptocurrencies.
Choose a Blockchain Development Tech Stack
It would help if you now chose the technology stack that you will use for your future solution. The final technology list will be directly affected by your app idea and how you construct it. Ethereum, for example, is needed if you want to create an application that utilizes smart contracts.
Start Blockchain Application Development
The software development process is usually divided into two phases. The blockchain vendor will assess your requirements and those of your organization during the Discovery Stage, which is also known as the Pre-Development stage. This stage aims to gain a thorough understanding of your project, including all its requirements. The code base of an application is created. During development, a variety of professionals are involved, such as front-end and rear-end developers.
Deployment
When the code for the app is finished, you will need to deploy it on the primary network to make it public. When we discuss developing mobile apps, you'll have to submit your application to Google Play and Apple App Store. Engage a software developer. You can expect them to help you submit your app to the app store and complete all steps necessary without any problems.
Read more: What are Smart Contracts and How do Smart Contracts Work in Blockchain?
Blockchain Developers Need to Have Specific Skills
1. Blockchain Architecture
Make sure you understand the definition, advanced security features, integration benefits and limitations of blockchains before diving in as developers. Consensus mechanisms must also be understood, as well as distributed ledger technology. Eventually, read and comprehend your whitepaper on what constitutes a system using blockchain technology. Understanding blockchains is of vital importance; some notable examples are Ethereum, Bitcoin, Neo and Hyperledger.
2. Data Structures
You must have a deep understanding of data structures to be able to work as a Blockchain Engineer. While creating and implementing networks, blockchain engineers often work with various data structures.
The entire blockchain network is made up of blocks since they are a data structure. A block is a container for data structures that group transactions in the public ledger. The public ledger also includes the blockchain.
The block has a header, but the block is 10,000 times larger than the header. You can see that the blockchain's core concept is data structures. It is easier to understand complex ideas if you have a solid foundation.
3. Smart Contracts
Since Ethereum first hit the market, "smart contract" has quickly become a buzzword within the blockchain industry. These contracts are utilized by virtually all products utilizing blockchain-based solutions, demonstrating their sophisticated nature - they allow two parties to exchange goods or services directly without recourse to third-party intermediaries.
A vending machine can be seen as analogous to smart contracts in that both parties involved - you and the vending machines - receive their desired item with any extra change left after paying for and selecting their choice. There is no third party involved. Smart contracts are used extensively throughout many fields, such as law, construction and more.
4. Cryptography
Cryptography is the study of techniques designed to protect data from prying eyes. When developing blockchain apps, you should have some basic knowledge of cryptography topics.Public-key cryptography, for example, is an often discussed subject within blockchain and cryptocurrency transactions.
To conduct cryptocurrency transactions successfully, one will require a wallet with a unique key that verifies ownership. Public/private keys serve to secure these cryptocurrency transactions. Cryptographic hashing is another fundamental concept of cryptography. Hashing involves creating an output from any input with predefined size specifications.
5. Languages of Programming
Are You Wanting to be a Blockchain Developer? Get Familiar with Object-Oriented Programming Languages - Java, C++ and Python will allow you to quickly develop applications supporting Blockchain Technology as well as undertake other related tasks quickly and efficiently. With these skills in place, you can begin a career in blockchain development. For advanced skills development, consider taking an online course such as Blockchain Solutions Architect.
Learn about Blockchain Platforms & Tools
Create a list of items to learn when you're on your way to the Blockchain developer roadmap.
IDE (Integrated Development Environment)
Once a blockchain programmer begins taking on more complex projects with multiple files and dependencies, switching to locally hosted and offline solutions like Hardhat and Truffle can often be beneficial. Hard Hat is an updated Node.js application that has recently taken over Solidity code compilation and transfer onto blockchains, offering both design and functional improvements.
Text Editor
Once Truffle Suite or Hardhat are installed, use a text editor such as Microsoft's Visual Studio Code to make programming simpler.
Browser and Wallet
Google Chrome and Metamask are great choices when it comes to managing funds and covering transaction costs; both can be configured for use with any EVM-compliant blockchain by adding networks. Phantom App is also available if working with Solana Development.
Terminal
The terminal looks similar to an MS-DOS prompt where commands can be entered. Windows, Mac and Linux can all run 95% of blockchain software; you can access PowerShell by pressing Windows+W and typing "PowerShell." Node software may only run on Linux, Docker or WSL - which was developed specifically to run both on Windows and Linux devices.
Access Point
An access point serves as the interface for communicating with an API and transmitting transactions into a decentralized system. An entry point is connected using web3 javascript.
Why Become a Blockchain Developer?
Knowledge of a rapidly evolving technology will help you to stand out when it comes to job prospects. Many blockchain developers also earn substantial salaries. Here are 5 reasons why you should become a Blockchain developer:
Career Opportunities
At a time when all IT jobs and software development opportunities are plentiful, blockchain development offers numerous career options to new developers. According to this profession offers numerous chances for building a career and finding talent.
Cryptocurrencies' rising popularity has resulted in a growing need for blockchain developers. By 2024, widespread adoption is anticipated; numerous industries have adopted blockchain technology, thus creating many growth opportunities and driving up demand month by month.
Blockchain Jobs Salary
Becoming a blockchain developer for financial gain is the primary motivation to become one. The recent surge in interest in blockchain tech is expected to see its industry triple within one year; India offers starting compensation of 7LPA but can increase up to 16LPA while other nations offer between $1,09766 and $2,000,766 per annum as salaries.
Compensation has changed rapidly across industries; therefore, it can be said that blockchain ushers in a new age of technology; computer enthusiasts attempt to understand its inner workings.
First Movers Advantage
According to reports, there are now over 18000 cryptocurrencies on the market, and there has been significant expansion in the blockchain market, projected to reach USD 3 trillion and 180 billion, respectively, by 2030.
Some industries may not yet feel the effects of blockchain technology due to its relative novelty. However, as time progresses, the demand will grow exponentially, and businesses will pay exorbitant rates for it. Start working on blockchain-related projects immediately, as decentralized technologies will increasingly dominate our future.
Government Involvement Bodies
Be surprised to know that some governments, like Brazil, employ blockchain technology for various applications - one being an electronic voting system using Ether tokens imposed by them in public contracts and bids in order to increase transparency.
Modern societies strive to achieve maximum security while simultaneously strengthening their systems, which explains why so many government agencies have begun discussing the deployment of blockchain technology with other organizations. One compelling argument for becoming a blockchain developer could be economic growth for your country.
The Most Demanding Job Roles
Since its conception, blockchain's market trend has seen steady change. Market response and capital investments indicate this will only continue. Tech giants such as Facebook are actively searching for qualified candidates within this field. At the same time, other industries require qualified personnel as well. Blockchain developers may become involved with various industries. Here are some professions where their skills might come in handy:
- Cryptocurrency Analyst.
- System Engineer.
- Solution Architect.
- Project Manager.
- UX Designer.
Conclusion
Blockchain technology benefits can be complementary to a future world with both decentralized and centralized models. The blockchain, like any new technology, disrupts at first. Still, over time, it can promote the development and growth of a broader ecosystem that incorporates both the old and innovations. In the past, the introduction of radio led to an increase in record sales. Ereaders like the Kindle also increased book sales. We get our news from blogs, Twitter and personal drone feeds, as well as the New York Times. YouTube and large entertainment companies both provide us with media. Over time, blockchain technology may be integrated into a larger ecosystem that includes both centralized and decentralized models.
