Blockchain technology is a decentralized, distributed database or ledger that stores ownership records of digital assets in a digital format. Blockchain technology is unique as it ensures the security of a data record without the need for a trusted third party. Blockchain technology is rapidly being adopted by various businesses like IBM and Samsung to develop a distributed network of IoT devices to eliminate the need for a central system to control communication between devices for tasks such as software updates, energy usage tracking, error handling, etc.
In 2021, the global market size for blockchain technology was estimated to be worth USD 5.92 billion and is expected to expand from 2022 to 2030 at a compound annual growth rate of 85.9%. Thus, there is a huge scope for professionals in the blockchain industry, and there are various blockchain jobs in India to have a successful career. There is a shortage of supply of Blockchain professionals in the job market; therefore, now is the right time to launch your career in the domain. The future scope of blockchain technology is bright, and its benefits will lure more businesses to invest in it.
If you are wondering how to learn Blockchain, then read on to learn about the concepts that are essential in blockchain technology.
Important concepts to learn in blockchain technology
Blockchain technology cannot be tampered with as it is a chain of blocks where each block contains data value validated by nodes in the network rather than a central authority. The data stored on a blockchain cannot be deleted or changed. A new block needs to be added to update any information. So, how to learn blockchain development? To understand and assess the value of blockchain technology, we need to understand some important concepts.
Blockchain technology is decentralized, which means that the data is not stored in one particular place, so there is no central system. The stored data in Blockchain is dispersed across various computers, which are known as nodes. Users can interact directly with each other since there is no central entity that has control over the data.
Consensus algorithms are a type of algorithm that allows the nodes in a blockchain network to reach a decision regarding a transaction’s validation procedure. These form the core of the blockchain infrastructure as it keeps the system completely transparent and free of errors.
Smart contracts serve as the foundation for blockchain-based applications. They are based on the idea of contractually governing transactions between two or more parties. Smart contracts enable users to control ownership by controlling the amount of data disclosed.
Mining is the process of assembling or validating transactions to the distributed ledger. It primarily entails creating a hash of a block that can be avoided from being forged. Thus, it safeguards the system’s integrity without the requirement of a central system.
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What are the various jobs in the blockchain industry?
Here are some blockchain jobs that you can pursue:
Blockchain Developer – The role of a Blockchain Developer is to secure digital transactions by creating systems that can record and store blockchain data so that it cannot be changed or hacked. Blockchain Developer salary is ₹ 6.5 LPA.
Blockchain UX Designer – A Blockchain UX Designer is in charge of developing innovative, simple, and user-friendly interfaces to ensure client engagement. Blockchain UX Designer salary is ₹ 5.4 LPA.
Blockchain Architect – A Blockchain Architect develops blockchain solutions and defines the infrastructure by understanding security requirements. Blockchain Architect salary is ₹ 21.0 LPA.
Blockchain Engineer – The role of a Blockchain Engineer is to execute and develop a digital blockchain that can be used for business solutions. Blockchain Engineer salary is ₹ 9.9 LPA.
Blockchain Project Manager – A Blockchain Project Manager manages and supervises the entire working cycle of a blockchain project. Blockchain Project Manager salary is ₹ 4.8 LPA.
Blockchain Consultant – A Blockchain Consultant assists new blockchain firms in developing strategies that can optimize business efficiency and help them grow and expand. Blockchain Consultant salary is ₹ 15.5 LPA.
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Master fundamental Blockchain technology concepts by enrolling in an online MCA from MUJ
So, how to become a blockchain developer in India? If you want to pursue a career in the Blockchain industry, then you can pursue the online MCA course offered by Manipal University Jaipur. Manipal University Jaipur is a NAAC A+ accredited university that aims to provide the highest level of knowledge to the students. The MCA course curriculum covers all the important concepts of software and programming, including cryptography and Blockchain, which will help you develop a strong base for launching your career in the blockchain industry. The MCA course is a 2-year program that is divided into 4 semesters and is offered through an online medium.
In addition to a strong academic foundation, the program helps students develop practical skills and experience that are highly valued in the job market. Students also get free access to paid Coursera content to upskill themselves so that they can have successful careers. Thus, to start your career in the Blockchain sector, pursuing the MCA degree from Manipal University Jaipur is the ideal choice.
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