Cryptocurrency is a web-based digital asset that is designed to function as a medium of exchange. It uses cryptography (encryption techniques) to help process secure and successful financial transactions, create monetary units and verify the fund transfers. Whereas a blockchain is a technology that activates and makes the existence of cryptocurrency more operational. A blockchain is a digital ledger that consists of secure transactional records that are linked with strong cryptography. It makes transactions possible without the involvement of a middleman such as a bank or other central clearing authority.
Financial transactions using cryptocurrency rely upon blockchain that makes the transactions super secure and almost unhackable. Here is an example to help explain the relationship between cryptocurrency and blockchain technology. Every time an individual uses cryptocurrency to conduct a transaction, the transaction is made secure and permanently recorded in the digital ledger known as blockchain.
upGrad is an online education imparting service provider that, in collaboration with elite universities and institutes offers top-class certified courses data, product and digital fields like data science, product management, machine learning, digital marketing, software development, blockchain technology etc.
Amongst the 22 courses offered, upGrad offers three types of different level courses relating to blockchain namely, postgraduate diploma in software development with specialization in blockchain, executive program in Blockchain Technology management and postgraduation certification in Blockchain Technology.
Postgraduate diploma in software development with specialisation in Blockchain:
Offers the opportunity to become a Blockchain Developer by learning coding and creating smart contracts. This course is taught online with a program fee of Rs2,25,000 for a duration of 11 months (10-14 hours per week recommended). No cost EMI options are also available at Rs.16,667 per month.
- Eligibility criteria
Bachelor’s degree in Engineering, Science or Mathematics (B.E., B.Tech. , B.Sc., BCA/MCA) with no prior coding experience required.
- Who will benefit most from learning this program?
Software Developers, Engineers, IT Professionals, Analysts, Technical Leads and other data and digital field associated individuals.
- Specialized knowledge of various skills:
- Job opportunities after completing the program:
Executive program in Blockchain Technology management:
Offered as a five-month course (6-10 hours per week recommended), this upGrad program can help you become the first generation leader of the Blockchain Revolution. It teaches in-demand skills, makes you capable of publishing your own sector-specific white paper and engage with top and leading industries. The entire program requires a fee of Rs.1,00,000. upGrad also offers the option to avail no-cost EMI payment at Rs.15,000 per month.
- Eligibility criteria:
Individuals who have at least 3 years of work experience in the IT industry (software developer roles are preferred) and a strong inclination towards mathematics is preferred.
- Who will benefit most from learning this program?
Software Developers, Project Managers, IT Managers, Pre-sales Consultants, Solution Architects, Technical Architects, Domain Experts, etc.
- Top skills one will learn:
Blockchain development, build Solutions/ Prototype/Proof of concepts, smart contracts, Consensus Algorithms, Distributed Ledger, Distributed apps, P2P networks for transaction requests and processing, ICOs, cryptography etc.
- Job opportunities after completion of the course:
The executive upGrad course in blockchain management will land you in posts like Blockchain Application consultant, Blockchain Consultant, Blockchain Application Architect, Business and Integration Architect, Business Analyst, Blockchain Consulting – Solution Design & Implementation, Blockchain – Program Manager, Blockchain Managers, Blockchain Consultant hyperledger fabric etc.
PG Certification in Blockchain Technology:
A detailed course in the development and operation of the blockchain technology, the PG certification in blockchain technology is very similar to the PG diploma course specialized in blockchain technology. Offered against a fee of Rs,1.00,000 for a duration of six months (10-14 hours a week) the course gives the opportunity to learn about smart contracts, build chaincodes as well as blockchain coding from scratch.
Here are a few benefits of blockchain technology and the reasons why it is a hot topic in the technology world:
With the increased use of cryptocurrency i.e digital medium of exchange for online monetary transactions, blockchain has become one of the most demanded and fastest-growing skills in the IT industries.
- Enhanced security:
The digital platforms are all filled with hackers and people who can access data through illegal means. Blockchain has strong cryptography, multiple consensuses required for changes and heavy verification process which makes it nearly impossible for hackers to breach any information and get access to steal data.
- Greater transparency:
The use of blockchain technology not only assures safe and secure transactions but also makes the transactions more transparent. With the almost unhackable encryption schemes, it is nearly impossible to make incorrect changes in the digital ledger. Every party who is associated with the transaction will have the same documents and any changes will require agreement (consensus) of all participants.
- Increased speed and efficiency:
Trading and conducting financial transactions using traditional and paper-heavy processes is not time efficient. Blockchain makes the task much easier and automates it quickly with utmost efficiency and security. The decentralized digital ledger having the same records also makes financial settlements based on the earlier transaction records more convenient.
Cryptocurrency and blockchain are revolutionizing the digital world and are having great and positive impacts on various industries. The banking sector, real estate business, healthcare and even the government are accepting the introduction and use of cryptocurrency and blockchain technology because of its multiple beneficial features. Be it safe transactions, increased efficiency, improved traceability of transactions and trading records, transparency or reduced costs blockchain offers all these benefits and more. Understanding and recognizing the significance and the impact of cryptocurrency and blockchain technology Prime Minister Narendra Modi stated that ‘Disruptive technologies such as Blockchain and the Internet of Things will have a profound impact on the way we live and work’.