Complete know-how on how to get started with Blockchain and putting it to use

 Want to be a blockchain developer? If you are looking for a beginner’s guide to know how you can start with blockchain application development then this guide can be quite helpful for you. Blockchain works as a foundation base for cryptocurrencies and this technology has the potential to diversify the way we work. Due to its rising popularity more and more are searching for ways to gain more knowledge about blockchain development.

The basic concept of blockchain –

As depicted by a blockchain development company in Kolkata, blockchain is a peer-to-peer ledger system or digital ledger technology allowing the network participants to transact in a decentralized environment. For being a decentralized network each peer in the network has to carry a copy of the ledger. In terms of a copy of the ledger, only a minimum sized copy is required in order to stay connected and be functional in the blockchain network.

To be a successful blockchain developer in the industry you need to have sound knowledge and understand the concepts like Consensus, Hash functions, Distributed ledger technology, etc. Blockchain was initially developed for supporting Bitcoins and other cryptocurrencies, but now even blockchain application development is getting more attention with the development of several blockchain-backed applications developed to serve many purposes.

Concept of the blockchain architecture for beginners –

Once you get the basic idea about how blockchain functions and all its components, it is now time to learn about the blockchain architecture including components such as transactions, blocks, and consensus. The above are the key components, but apart from all the above, there are many other components like the public, private, and consortium blockchain architecture as well. To get into what goes into blockchain application development let us know more about the key components –

·         Blocks

In simple words, ‘’block” in the word blockchain comprises the total number of blocks stored. These blocks are basically stored in a linear way where the succeeding block is attached to the preceding block. However, one important thing to note is that the data structure stored in each block is determined by the type of blockchain and how it handles data. Say, for example, in a Bitcoin blockchain each block contains all the information regarding transactions which the receiver, the sender, and the total number of Bitcoin being transferred.

 Transaction

After knowing about the blocks let us know about the transactions happening within a blockchain network. A transaction will be counted when one peer sends information to another peer in the network and it can be called as the key element of any blockchain. According to the blockchain developers of a top blockchain development company, transactions include the information of the sender, receiver, and its value. The transaction is quite similar to the ones happening with a credit card, but there is a catch, the transactions here are conducted without a centralized authority.

 Consensus

Consensus is an important part of blockchain architecture and is the method through which transactions are validated. However, there can be different consensus for every blockchain network. Say, for example, Bitcoin uses Proof-of-Work (PoW), on the other hand, Ethereum uses the Proof-of-Stake (PoS) consensus. Consensus is a set of rules written in an algorithm that should be followed by all in the network, and to impose a consensus every blockchain node should participate as well.

However, being a beginner in this realm, it is best to start with a beginner’s guide which can guide you on gaining more knowledge about blockchain development by simply explaining everything. You get to be a part of a top blockchain development company with the proper know-how about this revolutionizing technology and understand how it can help in shaping our economy in the near future.