Understanding Blockchain Made Easy for Beginners | iCert Global

There is so much buzz about "blockchain" and "cryptocurrencies" in the tech community and even in the world in general. It is impossible to miss. So many people are investing in these digital money without knowing the nitty-gritty of how they actually work. That is why I created this simple-to-understand blog to describe what blockchain is and how it works. You can also be an expert by taking a course in blockchain technology.

Why is blockchain technology important?

The world was struck with an enormous monetary crisis in the form of a financial meltdown in 2008. In the midst of this chaos, someone or a bunch of people named "Satoshi Nakamoto" sensed the danger of banks and big companies having total control over our money. With every transaction or money transfer, we are dependent on banks or PayPal. They hold too much power, which can be explained better by:

• They can view all your personal information

• They can lock your account anytime

• You simply have to trust them

To solve this problem, Nakamoto had an innovative idea — an innovation that allowed people to send money directly to each other, without the use of a middleman. This revolutionary system involved a digital currency called Bitcoin, with the smart technology behind it called Blockchain.

What Is Blockchain Technology?

Blockchain is like a digital ledger that keeps a permanent record of "who has what." It uses strong computer programming that prevents anyone from altering the information in secret. Once something is inscribed on the blockchain, it cannot be erased or altered. That's why it is a secure and reliable means of recording different assets. People who are not familiar with each other can trust the records of the blockchain without needing to put direct trust in one another.

Issues Solved by Blockchain Technology

Blockchain was a breakthrough because it solved a big problem known as "double spending." Virtual money, such as Bitcoin, is just a computer file. Without protection, one could cheat by duplicating the file and spending it twice. Previously, banks prevented this by keeping track of everyone's money. But blockchain now makes these money records public, so everyone can look and see if someone is cheating.

It also cuts out middlemen like banks. This means that:

• They can be quicker and cheaper

• Your information is more secure because no bank holds it.

Every time a payment is made, every individual at the table carefully documents it in their notebook. If the four of them are all in consensus that the payment is genuine, it is entered into the notebook. This makes cheating impossible since every notebook has the same list. Blockchain therefore offers fairness and integrity—by having the same record for everyone.

Blockchain has the potential to eliminate intermediaries, i.e., banks or other companies, that have traditionally handled payments and records. This may potentially reduce some jobs, but the advantages outweigh the disadvantages. Some of the following fields may witness drastic change brought about by blockchain:

• Entertainment :  Blockchain enables fans to pay artists or writers directly. Most of the money will not go to Spotify or Amazon, and artists will be paid more.

• Cross-border payments : the movement of money across borders—can become faster, less expensive, and safer. The technology of blockchain guarantees the integrity of the transactions and avoids unnecessary expenses by excluding middlemen.

Identity Verifications, or KYC for short, now ask you to produce your ID over and over again for different banks or schemes. But if your ID was securely stored on the blockchain, you would only have to verify it once and have it securely stored, therefore safe and easy to share whenever needed.

How to obtain Blockchain certification? 

We are an Education Technology company providing certification training courses to accelerate careers of working professionals worldwide. We impart training through instructor-led classroom workshops, instructor-led live virtual training sessions, and self-paced e-learning courses.

We have successfully conducted training sessions in 108 countries across the globe and enabled thousands of working professionals to enhance the scope of their careers.

Our enterprise training portfolio includes in-demand and globally recognized certification training courses in Project Management, Quality Management, Business Analysis, IT Service Management, Agile and Scrum, Cyber Security, Data Science, and Emerging Technologies. Download our Enterprise Training Catalog from https://www.icertglobal.com/corporate-training-for-enterprises.php and https://www.icertglobal.com/index.php

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Conclusion

Blockchain is changing how we share and keep information safe. It enhances speed, security, and fairness by eliminating the intermediaries. To further your learning and become a professional, think about taking blockchain courses offered by iCert Global.

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