Bitcoin returned to the limelight in the year 2016 and since then it has been buzzing around for a while now. With the sudden boom in bitcoin, other cryptocurrencies and related technologies suddenly became important. Since 1990s various companies have incurred huge loss while working with e-currencies and this made people automatically dismiss e-currency. Cryptocurrencies are something that needs to be dealt with thorough understanding and full knowledge about the market, types of cryptocurrency and most importantly the technology behind them. The blockchain technology was used by Satoshi Nakamoto to create bitcoin. Apart from Bitcoin, there are different types of cryptocurrencies in the market, like Litecoin (LTC), Ethereum (ETH), Ripple, Bitcoin Cash and many more. Today, there are various companies providing best blockchain training in Noida and one must fully understand the process of blockchain before entering the world of e-currency.
The founder of bitcoin is an individual or a group that prefers to go by the pseudonym, Satoshi Nakamoto. They conceptualized the first blockchain in the year 2008. Blockchain acts as a public ledger that stores and maintains all the transactions. The blockchain is increasing and getting bigger at a very fast pace due to the addition of new blocks in every 5 to 10 minutes in order to maintain all the transactions that took place in recent times. Earlier Blockchain was used in cryptography and data structures.
Satoshi Nakamoto modified Ralph Merkle’s Hash Tree to create blockchain that helped in securing the data. Hash tree or Merkel tree is an algorithm that prevented the change in data during the transfer process. Apart from cryptocurrency, this algorithm has been beneficial for other domains as well, like Real estate, Elections & Surveys, Logistics, Banking and Finance, and many more. The same algorithm was used by Satoshi Nakamoto to create a secured chain of blocks preserving codes related to the transactions. Each block is interconnected with the previous block, thus creating a chain where the history of data is preserved and prevented. Blockchain cannot be cheated by the users as it is hosted by millions of computers simultaneously and the best part is that there is no centralized power. In short, blockchain is a digital ledger for economic transactions that are recorded with the help of codes, therefore, preventing any type of fraud.
Mentioned below are some of the characteristics of blockchain:
The blockchain is still at a developing stage and therefore is difficult to understand without getting into the codes. KVCH is the best Blockchain training center in Noida that provides training from the industry experts. Candidates are offered live online sessions and are made to work on real-time projects that prepares the candidate for the industry. In addition to this, candidates are awarded a globally recognized certificate. KVCH even provide corporate training in blockchain technology.