Understanding Blockchain Technology

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.

Blockchain Elements

Distributed ledger technology

All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort that’s typical of traditional business networks.

Immutable records

No participant can change or tamper with a transaction after it’s been recorded to the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.

Smart contracts

To speed transactions, a set of rules — called a smart contract is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers, including terms for travel insurance to be paid and much more.

Blockchain Flow

As each transaction occurs, it is recorded as a “block” of data

Those transactions show the movement of an asset that can be tangible (a product) or intangible (intellectual). The data block can record the information of your choice: who, what, when, where, how much and even the condition — such as the temperature of a food shipment.

Each block is connected to the ones before and after it

These blocks form a chain of data as an asset moves from place to place or ownership changes hands. The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks.

Transactions are blocked together in an irreversible chain: a blockchain

Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-evident, delivering the key strength of immutability. This removes the possibility of tampering by a malicious actor — and builds a ledger of transactions you and other network members can trust.

Blockchain Benefits

Greater trust

With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data, and that your confidential blockchain records will be shared only with network members to whom you have specifically granted access

Greater security

Consensus on data accuracy is required from all network members, and all validated transactions are immutable because they are recorded permanently. No one, not even a system administrator, can delete a transaction.

More efficiencies

With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated. And to speed transactions, a set of rules — called a smart contract — can be stored on the blockchain and executed automatically.

Stanley Ng (Stan) 黄宝明

Stan is a trainer, consultant, and coach for the past 15 years and has personally trained, consulted, and coached over 5,000 professionals from 45 fortune 500 companies. Stan is currently an active VMware Certified Instructor and Google Cloud Authorised Trainer delivering authorised IT trainings. Started his career as an IT engineer in 2005. By 2007, he led a team of 27 professionals from 5 countries managing large projects of over 10,000 users. From 2008 onwards, he started delivering training for fortune 500 companies. 

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Bitcoin vs Ethereum

Bitcoin (BTC) and Ethereum (ETH) are arguably the two most popular cryptocurrencies out there and have greatly contributed to the sector’s growth. Bitcoin was the first cryptocurrency ever to be created and is seen as digital gold or “gold 2.0,” while Ethereum can be seen as a decentralized computer for the world. 

Bitcoin is seen as digital gold because it is scarce and durable like the precious metal, but it can be easily stored and divided. Ethereum is seen as a decentralized computer for the world because the network is used to run decentralized applications (DApps), meaning applications that aren’t under the control of a central authority.

Bitcoin (BTC)

  • Founded 2009
  • Store of value / medium of exchange
  • Proof-of-Work
  • Block time 10 minutes
  • Max supply 21 million

Ethereum (ETH)

  • Founded 2015
  • Platform for immutable programmable smart contracts
  • Proof-of-Stake
  • Block time 12 - 14 seconds
  • Unlimited supply

Bitcoin (BTC)

Bitcoin was launched in January 2009 as a peer-to-peer digital currency by an anonymous developer using the pseudonym Satoshi Nakamoto. The impetus for a decentralised currency that could not be manipulated by governments or large financial institutions came out of the 2008 global financial crisis. 

Bitcoin is intended to be a global currency that anyone can use to transfer money and pay for goods and services. But its high price volatility against fiat currencies has attracted investors using it as a form of “digital gold” to diversify their portfolios and traders looking to speculate on price swings.

The bitcoin cryptocurrency coin runs on the Bitcoin blockchain, a network of computers and servers that processes transactions and stores the data on a decentralised ledger. 

Blockchain networks like ethereum or bitcoin do not require an intermediary to process transactions, unlike the traditional system that uses banks as intermediaries to facilitate transactions.

The Bitcoin blockchain operates a PoW consensus algorithm, in which miners verify transactions and add them to the chain in new blocks by solving cryptographic calculations. Miners receive bitcoins as a reward for their work at a rate that reduces by half every four years in a process known as “halving”. 

The maximum supply of bitcoin has been capped at 21 million, so a slower rate of new coin creation limits supply while demand is expected to increase as adoption grows. 

Some market observers have become critical of Bitcoin, as bitcoin mining has become somewhat centralised among large groups of mining pools that have set up extensive installations of expensive computer equipment. As the number of bitcoin miners grows, the difficulty of the cryptographic calculations increases, requiring more processing power. This results in bitcoin consuming massive volumes of electricity. 

Ethereum (ETH)

What is the difference between bitcoin and ethereum? The Ethereum blockchain, with ether as its native cryptocurrency coin, was launched in 2015 by a group of developers including Vitalik Buterin. following an initial coin offering (ICO) in 2014. The ICO raised financing to develop the project, which Buterin had outlined in a whitepaper in 2013.

One of the key differentiators between Bitcoin vs Ethereum is that while Bitcoin is designed as a digital currency platform, Ethereum is an application development platform, with ether used to enable operations and transactions. Thousands of cryptocurrency token projects have emerged in recent years that run on the Ethereum blockchain, adhering to the ERC-20 compatibility standard.

The Ethereum blockchain can store and execute automatic smart contracts, which enables project developers to create decentralised applications (dApps), including decentralised finance (DeFi) products and services as well as non-fungible tokens (NFTs). Although other smart contract platforms have gained prominence, Ethereum remains the most popular choice for dApp developers.

The Ethereum blockchain has run a PoW algorithm since its launch, but has long planned to shift to a PoS mechanism as part of the introduction of its Ethereum 2.0 upgrade. The upgrade aims to enable the Ethereum blockchain to scale up to accommodate more and faster transactions while increasing efficiency and reducing high transaction costs, known as gas fees.

Stanley Ng (Stan) 黄宝明

Stan is a trainer, consultant, and coach for the past 15 years and has personally trained, consulted, and coached over 5,000 professionals from 45 fortune 500 companies. Stan is currently an active VMware Certified Instructor and Google Cloud Authorised Trainer delivering authorised IT trainings. Started his career as an IT engineer in 2005. By 2007, he led a team of 27 professionals from 5 countries managing large projects of over 10,000 users. From 2008 onwards, he started delivering training for fortune 500 companies. 

  • WSQ Advanced Certificate in Training & Assessment (ACTA)
  • VMware Certified Instructor (VCI)
  • VMware Certified Professional Data Center Virtualization (VCP-DCV)
  • VMware Certified Professional Cloud Management Automation (VCP-CMA)
  • VMware Certified Professional Network Virtualization (VCP-NV)
  • VMware Certified Professional Digital Workspace (VCP-DW)
  • EC-Council Certified Instructor (CEI)
  • EC-Council Certified Ethical Hacker (CEH)
  • Microsoft Certified Technology Specialist (MCTS) Hyper V
  • Certified Commvault Instructor (CCI)
  • CompTIA Certified Cloud+ & Mobility+
  • Cisco Certified Network Associate (CCNA)
  • Juniper Network Certified Instructor (JNCI)
  • CompTIA Certified Instructor
  • Symantec Certified Instructor
  • Google Cloud Authorised Trainer
  • AWS Certified Cloud Practitioner
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After the course, I make $300 weekly as a freelance copywriter working from home.
Cait (United States)
After the course, I'm able to market properties on my own property blog which I designed.
Chelsea (United States)
After the course, I generate 5 times more leads and my customer base has tripled!
Diana (United States)
After the course, I provide facebook marketing as a service and make an extra $17k a month.
Ankit (India)
After the course, my perspective of running a successful business totally changed.
Ivan (Romania)
After the course, I make an extra stream of income from home and spend quality time with my kids.
Liz (United States)
After the course, my sales increased by 39% over the last 90 days!
Simon (United Kingdom)
After the course, I setup a new business generating over $15k monthly designing ecommerce sites.
Filiyann (United Kingdom)
After the course, I now have an ecommerce website where clients can order and pay online anytime.
Douglas (Malaysia)
After the course, I secure a job as the interviewer was impressed with the way I answered the questions.
Xiwen (China)
After the course, I witness a 67% increase in overall sales because of good copywriting.
Kraig (United States)
After the course, I have head-hunters inviting me for interviews and I'm confident I'll secure a job soon!
Dan (United States)
After the course, I learnt valuable experience and got a comprehensive property investment checklist.
Jade (United States)
After the course, I maximize my marketing ROI, increase conversion and enhance brand loyalty.
Mirza (Bosnia and Herzegovina)
After the course, a fresh email newsletter is automatically send weekly to my customers.
Karen (Romania)