Blogs

5462

Blockchain has taken the world by storm. The distributed ledger has proven its mettle in every sphere of activity and the Indian industries have jumped on the bandwagon, even pioneering path-breaking blockchain-based solutions that set the stage for more developments to follow. From the banking sector to production, blockchain has made its way into the Indian Fintech ecosystem and is marking its presence in more profound ways with each passing day. Check out our free courses to get an edge over the competition. Blockchain, as the name suggests, uses a chain of cryptographically-linked blocks that are immutably stored. This ensures transparency through the decentralization of information which is shared across the network, replicated on all participating nodes rather than being stored on a central server prone to attacks. This is, in fact, the key to the power of this technology. Learn Software Development Programs from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Blockchain and KYC in the Indian Banking Space Banks have quickly realized the limitless opportunities this new technology holds in improving the efficiency of banking operations to guarantee, at the end of the day, a better customer experience. Amongst the multiple uses of the blockchain are the KYC (Know Your Customer) procedures so critical to the banking sector. Rapid globalization has transformed regions into globally positioned local units that are connected to the intercontinental network. Transactions frequently cross boundaries and necessitate KYC checks to ensure regulatory compliance. Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) Needless to say though, the KYC data quickly becomes huge and often unmanageable. It is here that the Indian banks, like their peers elsewhere in the world, have recognized the efficacy of blockchain to store KYC records in an unalterable, secure, and accessible manner. The State Bank of India (SBI), the largest Indian bank with a 450 million customer base, has taken the lead, becoming the first Indian bank to use KYC procedures, in addition, to automatically executing codes called smart contracts, all powered by blockchain. HDFC Bank too plans to use blockchain in its KYC and trade finance procedures. This, however, is not where the use of DLT (Distributed Ledger Technology) ends. blockchain will enable AML (Anti Money Laundering), asset inventory audits, and the validation of land records as well.   In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Java Bootcamp.   BankChain Blockchain and Indian Banks: A Step Further SBI, taking a step further, has now become one of the first Asian banks to have rolled out the use of blockchain for facilitating remittance. The technology promises cost-effective remittances, which can quickly add up in the voluminous equation that spans both retail and corporate ecosystems. BankChain,  a “community of banks” and currently has 37 members working on as many as 22 live projects. The consortium aims to usher in an era of the “internet of value” which could facilitate the easy, cost-effective, and secure movement of value across the world. Towards the realization of this aim, BankChain has developed what it calls B2 or the BankChain Blockchain. The platform allows member banks to set up nodes on the cloud or on-premise, becoming participants in this one of a kind “permission blockchain for the world’s banks”. 7 ways Blockchain is Revolutionizing the Automotive Industry Claims Management in The Insurance Industry The Indian insurance industry has been rapidly keeping up with the blockchain, which promises relief from the inefficiencies inherent in the claims management process leading to losses of the order of Rs. 10,000 crore each year. Cognizant, the IT behemoth recently partnered with Indian insurers including SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life, and Kotak Life to name a few, developing a secure data-sharing solution based on the Corda blockchain platform. Similar to the banking sector, the use of the distributed ledger will help facilitate record-keeping, due diligence, regulatory compliance, and of course, the prevention of frauds. The blockchain, as a true Six Sigma torchbearer, will ensure better customer experience through real-time data availability and transparency. Coupled with technologies based on Big Data, AI, and Machine Learning, the blockchain will help underwriters accomplish their jobs in a much more efficient way, thanks to the power of peer-to-peer networking that forms the core of the technology. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript IndiaChain: Blockchain For Public Good Announced by the NITI Aayog in 2017, IndiaChain is a mammoth project that will forever transform public administration, bringing in greater efficiency, transparency, and trust through the use of the blockchain. IndiaChain will be a colossal blockchain project that will allow streamlined record-keeping, efficient and transparent disbursement of government subsidies, well-regulated supply chain management, and systematic tax monitoring, to name just a few applications that immediately come to mind. Armed with the blockchain, the system would feature useful apps encouraging organizations to use the platform to make their own, similar to the UPI interface so ubiquitous today. IndiaChain would also integrate several “sidechains” which could be utilized for industry-specific functions with their own logic set but maintaining their links with the main blockchain. IndiaChain will also help breathe new life into the education sector that struggles with fraudulent degrees and certifications. Partnering with IIT Bombay and the DU colleges, the project will develop a platform to issue digital certificates for degrees secured with the distributed ledger. The digital certification platform will help eliminate the huge costs associated with the routine degree verification procedures used by companies hiring candidates. What’s more, IndiaChain will be integrated with the digital infrastructure developed around the Aadhar database, termed IndiaStack.   Another potential use of IndiaChain is in the healthcare and pharmaceuticals industry that necessitates the management of massive data. Beyond doubt, such industries need a secure and efficient system for optimal functioning; one that the blockchain so realistically promises to deliver. Growing Demand for Software Engineers in Blockchain Technology Looking into the Future The world as we know it is changing. Bleeding-edge technologies such as blockchain, AI, cloud computing, machine learning, and big data have made their presence felt in India, a constitutional republic that stands to benefit tremendously with the might of decentralization, the paradigm shift that resonates so deeply with the spirit of our nation; a revolution we have known closely as the largest democracy in the world. Blockchain brings the power back where it belongs – Into the hands of the people. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.

by Drish Mahnot

22 Jan 2019

Blogs

5847

Time is changing fast! The onset of technologies such as blockchain has tremendously changed the very face of the technology industry forever. While the tech space is no stranger to rapidly changing skills demanded from professionals, the rise of blockchain has uniquely affected the industry in terms of the explosive growth in opportunities it is currently experiencing. How has blockchain necessitated new skills and learning goals? What does the future look like in terms of blockchain jobs and careers? This article discusses the career dynamics in the blockchain space and how those with a profound understanding of the technology will be valuable assets for cutting-edge projects of the future. Check out our free courses to get an edge over the competition Learn Software Development Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Demand surges for blockchain roles The rise of blockchain resulted in more and more companies and start-ups raising the requisite capital to grow and scale, necessitating the need to hire experienced professionals with the desired skill set for the venture to eventually scale. The demand soon catapulted over the supply. According to Glassdoor, the average starting salary in the blockchain space is $32,000 higher than the median US salary. The writing on the wall is clear. What’s more? ‘Blockchain developer’ topped LinkedIn’s recently published list of the top 5 emerging careers in 2018. This comes despite the fact that these last few months have seen fluctuations in cryptocurrency trends. In fact, recent data from Hired has revealed that blockchain developers command salaries of the order of $175,000. This is, in fact, quite expected considering the scarcity of talent in this booming niche. Check out upGrad’s Advanced Certification in Cloud Computing  Some of the companies hiring blockchain experts include leading enterprises such as IBM, ConsenSys, and Chainyard. The two former companies are responsible for posting 12% of the open jobs each according to Glassdoor reports. 51% Attack in Blockchain Technology [Explained] Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Blockchain developer This boom in Blockchain has led to the most in-demand role of ‘Blockchain Developer’. This technical role necessitates skills in languages like Solidity and Go Language which is used to create automatically executing agreements called smart contracts or chain codes on blockchain platforms. In addition, proficiency in C++, Java, Javascript, NODE.JS, and HTML can prove valuable. A blockchain developer will greatly benefit from having a deep understanding of data structure and possessing algorithm skills. ” upGrad’s Exclusive Software Development Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4 ” Check out upGrad’s Advanced Certification in Cyber Security Other Job Roles in Blockchain Like other firms, blockchain companies and start-ups will need project managers to help steer the company’s efforts in the desired direction. Enterprises have also been seeking talented blockchain architects with expertise in designing and leveraging blockchain platforms such as the Hyperledger fabric, Ethereum, and Corda to name a few. Blockchain quality engineers are tasked with ensuring the maintenance of quality in all aspects of blockchain implementation. Blockchain technology has created some roles which are not all technical in nature and function. It is increasingly common to come across openings for roles in blockchain operations,  business, and design as data reveals. Blockchain attorneys and legal consultants are highly sought after professionals who advise companies over regulatory compliance— a space that has seen a lot of activity in recent months. Blockchain jobs and roles will only continue to increase with time if experts are to be believed and this will usher in an era where blockchain administrators, blockchain architects, blockchain sales professionals, and blockchain security experts will help make Distributed Ledger Technology (DLT) products, services, and projects a part and parcel of the real world. The rise of the freelance economy In recent years, the freelance economy has grown by leaps and bounds. More and more professionals are now opting to work remotely, ditching offices in favour of flexible workspaces. When it comes to freelancing, blockchain development has grown by a rate of more than 6000% since the previous year. According to Upwork, the well-known freelancing portal, blockchain freelancers earn anywhere between $65/hour and $250/hour. The company has also revealed that blockchain is the fastest growing of the 5000+ skills listed on the website. Blockchain Technology Use Cases in the Banking Sector[Explained] Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses India and Blockchain Jobs As per latest reports released by LinkedIn, 1 out of 10 jobs announced in the blockchain niches posted from India. Blockchain developers, smart contract developers, and blockchain generalists are in high demand. Several conglomerates and leading players across sectors in India have announced large blockchain projects to tackle different use cases. Even the country’s Government think tank, NITI Aayog has announced IndiaChain –  an indicator of the immense opportunities for growth in this sector in the nation. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Ever Increasing Demand Distributed Ledger Technology (DLT) has been disrupting businesses and industries with the promise of greater trust, security, and transparency. Blockchain, the immutable ledger that stores data in a redundant and cryptographically secure manner needs a new generation of experts who understand the nuances of the technology to help enterprises and start-ups build chains that are efficient, secure, and scalable. From supply chain to healthcare and education to real estate, the blockchain has found uses in multiple spheres. The true potential of the technology will be further amplified when skilled minds join forces to create powerful solutions to bring blockchain applications to the real world. Given the fast-paced transformation, the demand for blockchain developers and other roles is ever increasing and immediate. The success of these endeavours though depends on effective instructional learning and courses that could help bright minds harness their talents. Arming them with all essential tools and knowledge resources, such programs will form the pillars of strength on which will rest the success of the blockchain revolution. Only a great foundation, after all, bears the weight of a colossal edifice. If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know?

by Drish Mahnot

22 Jan 2019

Blogs

5178

Through the design of the technology, we know that the blockchain is immune to attack from any individual member of the network. However, what happens if the blockchain comes under attack from a large group of participants? More precisely, what happens if a group successfully takes control of over 50% of the computing power of the blockchain? Such a scenario is known as a 51% attack, and it is one of the few real vulnerabilities of a blockchain. Learn Software Engineering Programs from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. To understand the problems posed by a 51% attack, we must return to the fundamentals of the blockchain and recall the process of adding a new block to the chain. Members of a network compete to be the first to compute a valid seal for the block and claim a reward. Inevitably, a group of individuals in control of over half the computing power of the network can monopolize this process and claim all the rewards for themselves. Such a situation allows this group to be the only entity to benefit from the rewards of the blockchain by preventing other members from adding blocks to the chain. This is possible because majority rule is among the fundamental concepts of a blockchain. Check out our free courses to get an edge over the competition.  Another possible consequence of a 51% attack is known as double spending, and this is significantly more harmful than the prior one. Double spending occurs when a group of individuals successfully reverse completed transactions in a blockchain, allowing them to retrieve their money and spend it again. This is the digital equivalent of counterfeiting. It is made possible during a 51% attack due to the fundamental idea that the longest chain of a blockchain is the true one. Ironically, this is the same safeguard that makes double spending impossible when attempted by an ordinary member of the network. 7 ways Blockchain is Revolutionizing the Automotive Industry In order to understand how double spending may occur, let us consider the following example. Imagine a network in which there exists an alliance that controls over half the computing power of the network. Suppose that A, a member of the alliance, buys a house from B, an ordinary member of the blockchain. The transfer of money from A to B is recorded by each ordinary member of the network, but all members of the alliance secretly do not add this transaction to their records. The ongoing block is then completed and added to the chain by the honest individuals but secretly ignored by the alliance. There are now two versions of the blockchain in the network- the actual one with the recorded transaction, and the false one. As of this moment, the true blockchain is longer and accepted by the network, so the false version is kept secret by the alliance temporarily. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Check out upGrad’s Advanced Certification in DevOps  The alliance now continue to record the ongoing transactions in the network, as well as privately conducting meaningless transactions among themselves. These transactions are not announced to the network and allow the alliance to generate blocks at a faster rate than the true blockchain. As the alliance possesses over half the computing power of the network, it is possible for it to add blocks to the false blockchain at a higher rate than the blocks added to the true blockchain. At some point, the length of the false blockchain exceeds that of the true blockchain, and the alliance now broadcasts this to the entire network. The network is then forced to accept this version of the blockchain as it is the longest version, and the transaction conducted between A and B is effectively reversed, allowing A to spend the same money on something else. What is Blockchain Technology? [Explained] Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Thus, the alliance can monopolize the claiming of rewards and double spend money. They can also block transactions of other members using a similar procedure to that of double spending. They cannot forge a new transaction between ordinary members, however, as this requires the private keys of the members between which the transaction occurs. It is also quite difficult for them to modify blocks that have already been stored in the blockchain as this requires a very vast majority of the computing power of the blockchain to be feasible. The further back the blocks in the chain, the more secure they are. The frailties of the blockchain exposed by a 51% attack lead us to the conclusion that the more nodes in a network, the more secure it is. This is simply because it is significantly easier to gain the majority in a network of 10 people than in a network of a million. In order to compete with the computing power of a distributed network with nodes worldwide, an ordinary individual would have to spend vast amounts resources in the form of money, electricity and time, or form an alliance that is far too large and distributed to organize efficiently. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) In general, the largest blockchains are quite safe from a 51% attack. However, there have been some significant instances of 51% attacks in notable blockchains in the past. For example, ghash.io, a mining pool in the bitcoin network, briefly controlled over half the blockchain’s computing power in July 2014, which resulted in the pool voluntarily relinquishing some of its shares so as to not monopolize the mining of cryptocurrency. Bitcoin Gold was not quite as fortunate when it suffered a 51% attack during May 2018, and the malicious attackers successfully managed to double spend over 18 million dollars worth of cryptocurrency. Growing Demand for Software Engineers in Blockchain Technology The very fundamentals of a blockchain rely on the assumption that the majority in the blockchain is honest. This exposes the biggest weakness of a blockchain and its main true area of vulnerability. A dishonest majority can cause vast damage to the blockchain. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.

by Drish Mahnot

16 Jan 2019

Blogs

5293

Once you know what is blockchain technology, you understand that the sealing mechanism is the key to the successful and accurate maintenance of a blockchain. But how can these stringent requirements be fulfilled? The conditions imposed on the sealing mechanism of a blockchain are satisfied using a hash function. Learn Online Software Development Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. The mathematical definition of a hash function is a function that takes a variable length numerical input and returns a number of fixed length as output. In order to work with strings of characters, ASCII codes can be used to convert characters into integers and vice versa. The output returned by the hash function is known as the hash value. Most popular hash functions have a fixed hash value size lying between 160 and 512 bits. All blockchains impose target conditions on the output of the hash function when a block is an input to it. To fulfil these target conditions, a seal is computed and concatenated to the block being stored. This seal encrypts the contents of the block and preserves their integrity. This is because any change to the block would drastically change its corresponding hash value, and cause it to escape the target conditions. The computed seal is commonly known as a nonce. A common target condition that the nonce must satisfy is ensuring that the leading ‘n’ characters of the output hash be zero. The value of ‘n’ sets the level of difficulty in the blockchain, which may be adjusted periodically as per the requirements of the network. Blockchain Applications in Supply Chain Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Check out our free courses to get an edge over the competition  There are three important properties that hash functions must satisfy in order to be used effectively in the blockchain. Given the hash value output by the function, it must be computationally difficult to find any input that, when hashed, returns the given output. This is known as pre-image resistance. In other words, the hash function should be computationally expensive to reverse. Similarly, given the input to the function, it must be difficult to compute any other input to the same function that outputs the same hash value as the original input. This is known as collision resistance. However, given any input to the hash function, it should be easy to compute the corresponding value output by the hash function. This is to ensure easy verification of the integrity of the contents of the blockchain. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses The first two properties given above are critical because they slow down the rate of computation of the nonce, or proof of work. This causes the rate at which blocks are added to the chain to be limited by the rate of computation of the nonce, and not the rate at which transactions occur. This is absolutely crucial because it prevents dishonest individuals in the network from generating and adding blocks of false transactions to the chain at a quicker rate than the network itself. This is because a single individual cannot compete with the computing power of a large network, and thus the longest chain of blocks always belongs to the majority in the network itself. This allows us to be able to safely accept the longest chain as the real blockchain under the assumption that the majority in the network is honest. The vulnerabilities of a blockchain in the case of a dishonest majority have already been discussed in a prior article. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Java Bootcamp  Applications of Blockchain in Healthcare There are many different forms of hash functions that are used in cryptography. MD5 is the most popular hash function of the Message Digest family, which also consists of MD2, MD4 and MD6. The SHA family, consisting of SHA-0, SHA-1, SHA-2 and SHA-3, is another popular set of algorithms used for hashing. RIPEMD and Whirlpool are other common hash functions. These functions all implement different techniques to obtain the properties of pre-image and collision resistance. The sealing mechanism of the blockchain ensures that transactions cannot be falsified after the blocks have been added to the chain. But how are any imposters in the network prevented from faking a transaction between two members of the network? In other words, how can the identity of the members involved in the transaction be verified in an anonymous network distributed across the globe? upGrad’s Exclusive Software Development Webinar for you – SAAS Business – What is So Different? document.createElement('video'); https://cdn.upgrad.com/blog/mausmi-ambastha.mp4 Verification of any transaction conducted in a blockchain network requires a digital signature. Each member of the blockchain network is assigned a public key and a private key. The public key of each member is known to all members of the network, but the private key remains secret and is known only to the individual it is assigned to. Any message encrypted using the private key of a member node can only be decrypted using the corresponding public key of the pair, and vice versa. This allows nodes to approve transactions by signing them with their private key. This can now only be decrypted by their corresponding public key, thus verifying them as the senders. The transaction can similarly be encrypted by the receiver as well in order to confirm their involvement in the transaction. 7 ways Blockchain is Revolutionizing the Automotive Industry Check out upGrad’s Full Stack Development Bootcamp (JS/MERN)  This mechanism allows nodes to authenticate transactions by verifying the identities of the nodes involved while still maintaining their anonymity. The digital signature and the concept of public and private keys prevents other nodes from making false transactions on your behalf even in the event of a 51% attack. Thus, it is an elegant way of ensuring the security as well as the anonymity of individual members of the network. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.

by Drish Mahnot

16 Jan 2019