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Cryptocurrency Wallet Development Realizes the Future of Payments

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The advancement in technology is undeniable. And everything nowadays is available at our fingertips. In recent years, the number of users investing in digital currencies is rising. Thus, Ethereum and Bitcoin always stay at the peak.

Cryptocurrencies can be stored in various wallet options. This article is going to cover everything you need to know about crypto wallet development.

What is Cryptocurrency?

Cryptocurrencies refer to a type of virtual currency that is secured by cryptography.

Almost every cryptocurrency is created on distributed ledgers and makes use of decentralized networks that are further integrated with blockchain wallet development technology.

How do cryptocurrency wallets function?

  • The crypto transactions are stored in a blockchain network by the wallet that cannot be altered.
  • When a user sends cryptocurrencies to another user, he is transferring the ownership of the coin to the receiver.
  • It consists of both private and public keys that are associated with the currencies.
  • Only if the private key matches the public key, the users are allowed to make a transfer of their digital coins.
  • The private key is used for validating the transaction, whereas the public key is utilized to receive the funds.

Types of cryptocurrency wallets:

The types of cryptocurrency wallets are described below:

  • Desktop wallets:

One can easily download desktop wallets on a PC or laptop. Most of them are secure, and the security will not be compromised until there is a cyberattack.

  • Virtual wallets:

Based on the cloud, virtual wallets are accessible from any location. With the implementation of blockchain technology, it is safer and convenient but is still vulnerable to cyberattacks.

  • Mobile wallets:

Through a mobile app, mobile cryptocurrency wallets can be used. Several retail stores accept payments through this type of wallet.

  • Hardware wallets:

These wallets do not store any private keys of the users online. Instead, the keys are stored on a hardware drive.

  • Paper wallets:

This type of wallet is considered to be the most secure one. It generates printable private and public keys. It can handle easy fund transfer, and it has a QR code facility for user convenience.

Current Cryptocurrency trends in the market:

The first cryptocurrency was bitcoin. And the ones that are developed after bitcoin are often called Altcoins, which serve as the best alternative to fiat currency.

The fluctuation of monetary value, investment growth in the capital, cross-border remittance, and transparency have drastically influenced the market growth.

The leading wallets in 2021:

According to popular providers of wallet development services, Cryptocurrency wallets can be divided into two major categories, namely,

  1. Hardware wallet:

The hardware wallets for cryptocurrency are:

Ledger Nano S: It is a super-secure hardware wallet for cryptocurrency. It has its OS called BOLOS and features 2-feature authentication.

Trezor One: Modern cryptography is integrated with Trezor One. It also uses 2-factor authentication for transaction authentication.

2. Software wallet:

The software wallets for cryptocurrencies are:

Coinbase: It is efficient in creating open financial infrastructure. It has over 35 million users currently.

Gemini: It is accessible via both PC and mobile. Gemini can track real-time cryptocurrency prices. The users can set price alerts to get immediately notified during price fluctuations.

Steps for development of cryptocurrency wallet:

Follow the below processes for cryptocurrency wallet development:

3. Define your cryptocurrency app type:

As there are already existing concepts, you do not need to reinvent. Just learn from your competitors, speed up your development process, and define the crowdfunding app concept.

4. Evaluate the existing market scenario:

It is not time for you to analyze the market. Perform a SWOT analysis for your cryptocurrency wallet development to overpower your competition.

5. Design UI/UX:

Identify user flow and create user-friendly information architecture. And focus on making a high-quality UI.

6. Develop technical architecture and backend:

Aspects like database, UI, service tools, and workflow needs to be considered. After the technical architecture is ready, opt for backend development. Create internally and bind external APIs to build a robust backend.

7. Frontend development:

Work on making a responsive design, and make sure that the user experience is top-notch. The most crucial thing about creating a frontend is that it needs to be reliable.

8. Testing:

Finally, test the app, and compare it with the original requirement document. If any errors or bugs are found, it is fixed by the development team. And the QA team verifies it, and then only it is released.

The necessary features for cryptocurrency wallets:

The must-have features are:

  • User account management
  • QR-code scanning
  • Trading and exchange cryptos
  • Efficient security
  • Currency management
  • Push notifications
  • Seamless onboarding

Conclusion:

The dramatic rise of Bitcoin influenced the global monetary system. And this market will continue to grow and will be the future of digital payments.

If you are unfamiliar with cryptos, you must not commence with the app development hectically. And you must take help from a professional cryptocurrency wallet development company to develop highly secured wallets.

Cryptocurrency Wallet Development Realizes the Future of Payments

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What algorithm is adopted to protect the security of Blockchain?

What algorithm is adopted to protect the security of Blockchain

If you have been following cryptocurrency over the last decade, you must have heard the word “Blockchain”,  the record-keeping methodology behind the Bitcoin network. Blockchain technology is basically a distributed database that keeps a continuous rising list of protected records from external emendation. Approximately 5% of the world population use this technology. But, is blockchain completely secure? Well, this can be estimated by evaluating the workings of a blockchain platform. This article will look into essential aspects of blockchain that make it an efficient and safe platform for digital transactions. 

Table of contents 

  • How does a blockchain network work?
  • Algorithm to protect blockchain security:
  • Private and public key
  • Hashing
  • Peer-to-peer network
  • Zero-knowledge proof
  • Closing thought

How does a blockchain network work?

The blockchain network dwells across a system of nodes. When new transactions happen, the blockchain is ascertained across this distributed system before these new transactions can be incorporated as the following blocks on the chain. Hence, the alliance of nodes is needed to put that block into the blockchain. Each block keeps collections of unique transactions and the outcomes of any blockchain executables.  The blockchain platform is trustable because an exact copy of the series, showing every transaction, is attached to the entire network. If somebody tries to cheat the system, they can be identified easily. 

However, sometimes a few things can go wrong in other areas of a blockchain-based application resulting in loss and compromise. For instance, weak access controls, inadequate communication security, certificate management protections, and loose key. For this reason, blockchain uses several algorithms to increase security and provide each user with a safe environment for carrying out transactions.

Algorithms used to protect the blockchain security:

  • Private and public keys

Blockchain technology makes use of asymmetric cryptography for securing transactions among users. In such networks, each user acquires a private and public key. These keys are created with random strings of numbers that are cryptographically linked. No user can surmise another user’s private key by looking at their public key. All users have an address that is emanated from the public key by utilizing a hash function. These addresses are used for sending and receiving investments on the blockchain, I.e. cryptocurrency. Users can view previous transactions and activities on the blockchain as blockchain networks are shared with all parties.

Users’ identities are kept hidden; Senders and receivers of prior transactions are embodied and implied by their addresses; 

This strategy prevents  a malevolent user from observing a specific address’s past transactions  to disclose information.

Private keys protect users’ identities and keep them secure through digital signatures. Private keys let users access personal wallets and funds on the blockchain; this adds a layer of identity authentication. Whenever individuals send money to other users, they should submit a digital signature produced and provided with the private key. This procedure prevents the theft of funds.

Before building transactions into blocks, blockchains hash every transaction. Hash pointers tie each block to its forebear by carrying a hash of the data in the previous block. Hence, a change made in any transaction will generate a completely different hash, which will then modify the hashes of all successive blocks. To produce a modification across the blockchain, around 51% of the system would have to agree to it. This process is termed a “51% attack.”

However, different blockchains employ different cryptography algorithms. The Bitcoin blockchain utilizes the SHA256 algorithm, which generates a 32-byte hash. Litecoin and Dogecoin both use Scrypt. It is one of the lighter and faster cryptography algorithms.

  • Peer-to-peer network    

In big corporations, an enormous amount of users’ personal data is stocked on solitary devices, which increases the risk of losing data if the system got hacked, mishandled, or lost. Blockchain intends to eliminate this dependence on a central authority. To accomplish this, blockchain works in a way where nodes in a blockchain system can affirm the legitimacy of a transaction instead of a third party.

Transactions between clients like sending and accepting digital money are conveyed to each node in the network. Nodes ensure credibility of transaction, before it gets documented as a block on the blockchain and check past transactions of the sender to make sure he/she didn’t double-spend or spend a more extensive amount of funds than they acquire.

Later on, agreement protocols like verification of work and confirmation of stake are sent by miners. These protocols permit nodes to arrive at an agreement state on the order and sum of transactions. When a transaction gets checked, it is distributed as a block on the blockchain. Users’ protection is expanded through the decentralized nature of blockchain, and no need for a central authority.

  • Zero-knowledge proofs

Zero-knowledge proof is a Consensual decision-making process in which one party confirms to another party that data is credible. In this process, the “prover” does not disclose any data about the transaction. This can be achieved through detailed cryptographic techniques. This maintains the decentralized nature of blockchain while reducing transparency; zero-knowledge proofs reflect nothing regarding a transaction except its validity.

Closing Thought

Through the combined use of different algorithms, blockchains are able to fulfil high degrees of security as a distributed system. However, these fields of knowledge must be appropriately assigned. By understanding the algorithm, a user can become a blockchain expert. A careful symmetry between security and decentralization is essential for building a dependable and effective cryptocurrency network. 

To learn more about Blockchain technology and become a Blockchain expert, check out various courses as well as certifications available with Blockchain Council.

What algorithm is adopted to protect the security of Blockchain?

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Is Blockchain a Good Career? How to Get Started?

Is Blockchain a Good Career? How to Get Started?

Are you confused and wondering how to get started as a Blockchain Professional? Well, this article has got you covered. 

Table of Contents 

  • What Exactly is Blockchain? Why is it Gaining Momentum?
  • Tips to Start Blockchain Career
  • Top Highest Paying Blockchain Jobs 
  • Concluding Lines 

What Exactly is Blockchain? Why is it Gaining Momentum?

Blockchain can be defined as a decentralized distributed trustworthy digital ledger that keeps track of transactional records in an immutable manner. Blockchain’s significant highlights are that technology provides complete transparency, reliability, immutability, security, and privacy. 

There is a lot of hype around Blockchain technology, and this is because of its actual potential. Technology has started impacting multiple applications such as financial and technical sectors by utilizing smart contracts and other revolutionary applications. Claims have been made about its ability to provide aid in the supply chain, healthcare, music and entertainment, logistics, and others. Its peculiar features make Blockchain appropriate for every industry, and it seems like it is going to be a relevant subject of conversation for many upcoming years. 

Tips to Start Blockchain Career

The increasing popularity of Blockchain for various practical use cases has resulted in a rising demand for Blockchain jobs. Here is an outline of the best tips for starting a career in the blockchain space.

  • Learn Blockchain Fundamentals

In order to start your career in this domain, it is essential to understand and learn what its fundamentals are. Blockchain fundamentals include understanding how the technology works, its benefits and use-cases, what are smart contracts, concepts of networking, cryptography, consensus mechanisms, decentralized applications(dApps), etc. These 

fundamentals not only improve the basic knowledge but helps in building the foundation for understanding its practical uses.

  • Understand Data Structures and Develop Programming Knowledge

Due to Blockchain’s complex structure, it is essential to learn data structures. Also, programming expertise is mandatory in order to become a Blockchain Developer. You can learn any programming languages such as Java, Solidity, C++, Python, JavaScript, Ruby, C#, etc. but remember that you need fluency in at least one of these. 

  • Focus on learning Blockchain Security

Blockchain learning is incomplete without learning about its security. Therefore, it is important to learn Merkle Tree, cryptographic hashing, private key, and public-key cryptography, etc. Learn about Blockchain’s inherent security features and associated risk, and understand the best security practices for Blockchain infrastructure. In order to become a Blockchain developer, one must know how to mitigate Blockchain security risk.

  • Augment Profile with Hands-on Experience

 If you are a beginner, learn Blockchain fundamentals and get involved in an internship or an entry-level position in a startup to identify your interest areas while learning on the job.

  • Attend Webinars

If you are thinking of a career in the Blockchain space, attending free and paid webinars can prove to be really beneficial. Such webinars can provide an introduction to the world of Blockchain, explains functional and business knowledge related to Blockchain, and most importantly, keeps you up-to-date regarding the latest versions and announcements taking place. 

  • Participate in Events and Conferences

The interest in Blockchain space is booming and showing no sign of slowing down. If you want to get started in this domain, it is important to find your way around the industry dynamics. Thus, attending events and conferences can help you develop your industry knowledge as senior industry leaders, and Blockchain enthusiasts all around the globe gather at events and conferences.

  • Join Professional Courses 

If you are a beginner in Blockchain but passionate about learning, then, in that case, the Blockchain Certification course is a perfect choice for you. Such courses provide a complete understanding of technology and offer valuable tips that ensure you have an in-depth understanding of Blockchain and its implementation. Also, certified candidates gain the ability to solve real use case scenarios in blockchain applications. 

Top Highest Paying Blockchain Jobs 

As the domain of Blockchain is exploding, it is creating lots and lots of career opportunities for technocrats. Technological advancements are increasingly bringing this decentralized distributed ledger technology to the mainstream. Let’s enlist some of the leading job roles in the Blockchain space. 

  • Blockchain Project Manager
  • Blockchain Developer 
  • Smart Contract Developer  
  • Blockchain Architect 
  • Blockchain Software Engineers 

According to Glassdoor, the national average salary for a Blockchain Developer is $1,01,689 in the United States, and the national average salary of a developer is ₹5,07,137 in India.

Concluding Lines

Blockchain, without a doubt, is a good career, offering tremendous job opportunities to beginners and professionals.

Now comes the question, from where to grab all fundamental, technical and practical knowledge to start a career in Blockchain quickly? Professional courses offered by Blockchain Council can help you develop the necessary skills and knowledge required for an exciting future. 

Hope the tips mentioned above will definitely help you in starting your career in the Blockchain space. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Is Blockchain a Good Career? How to Get Started?

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Why integrating Blockchain and ERP is a Great Idea

The ERP software centralizes all business data, empowering businesses to fully control the inner processes and make informed choices for the future. In addition, all data is updated in real-time, which is crucial for the smooth functioning of all industry sectors. Constant communication between functions reduces the chance of severe errors, while immediate access makes identifying potential setbacks in the ongoing processes. They create an ERP system to integrate with blockchain. Hence, companies have everything they demand, setting the perfect stipulations for business growth. Blockchain promotes the existing privileges of ERP system to a different level. These centralized business methods become accessible across multiple industries.

Trusted source

The integration enabled the optimization of all operations of several different companies and trusted data-sharing, which is particularly beneficial if we have financial transactions. Financial institutions and banks can enjoy more control over internal data operations, giving them a solid security grip. Financial organizations handle sensitive info with blockchain – they are sure to provide services with the least risk.

Database optimization

ERP’s optimizes database administration framework; blockchain employs a real-time scalable database that supports verification of purposes, stages and applications.

Theoretically, Blockchain and ERP have a significant portion in common. ERP runs on a system of a single modification of data. Blockchain also controls a single table of data which is shared by millions of buyers on the web.

The information is available to each member node in the blockchain, yet none can alter or change the report without any agreement. This feature of the distributed ledger variation is the most critical point in integrating ERP with Blockchain. Such type of coordination can be effective in building up trust between various organizations.

Let us check out some of the advantages of integrating ERP systems into a blockchain.

Speeds up the processes

The creation of intelligent contracts presents testimony to the equivalent. After integrating blockchain with the ERP system, it’s easier to optimize internal data control, business process flow, and company-wide transactions. Blockchain shares stable data, stores all the activities between stakeholders — companies, vendors, and suppliers.

Transparent transaction

Blockchain has changed how intercompany transfer takes place within the parent company with its subsidiaries. Nearly half of industry leaders will adopt blockchain as the primary intercompany transaction management. Blockchain is also offering supply chain actions more transparency.

Facilitates risk-free payment procedure

Blockchain soothes payment transactions and assures the risk-free and automated. It provides a p2p transaction facility that supports the trade of financial resources in a risk-free atmosphere. Since it functions on a decentralized model, hackers find it difficult to penetrate the system and steal the money. Furthermore, blockchain also ensures that every transaction is submissive to laws.

Secures data records

Blockchain helps to track the user who performs any change in it. Also, it confirms authorized personnel by using digital signatures based on public-key cryptography and holds the secret key to determine the owner. When integrated with an ERP system, businesses function ideally and earn higher profits in the long run.

Why integrating Blockchain and ERP is a Great Idea

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How Can Blockchain Reduce Cyber Risks?

How Can Blockchain Reduce Cyber Risks

If you are new to the concept of Blockchain and wondering what roles it plays in reducing and preventing cyber risks, this article has got you covered. Let’s delve deeper and get started.

Table of Contents 

  • Overview 
  • Role of Blockchain in Combating Cyber Risks
  • Concluding Lines 

Overview 

As technology is progressing, the vulnerability risks associated with cybersecurity are catching up at a rapid rate. Considering the complexity and risk associated, there is an urgent need to protect the entire system.

Today, cyber-attacks have become more complicated due to advanced ransomware and the increasing threat of professional cyber organizations. Blockchain is gaining momentum these days as a result of the rising incidence of cyberattacks. Blockchain describes itself as a peer-to-peer(P2P), decentralized distributed ledger that operates without involving any central authority. Due to its decentralized, immutable, and transparent nature, Blockchains can help in improving cyber defence and preventing fraudulent activities from taking place.

Want to gain an in-depth understanding of Blockchain and become a Certified Blockchain Expert? We are here to assist you.

Role of Blockchain in Combating Cyber Risks

Let’s delve deep and explore the role of Blockchain technology in reducing and preventing cyber risks.

Authentication and Authorization control

Restricting only authorized parties to access the appropriate task is one of the common concerns for organizations. In public Blockchain, there is no need to control network access as everyone has the right to participate and access the entire network. But private Blockchains require appropriate security controls to protect network access from unauthorized users. But as the technology is advancing, it is incorporating authentication and authorization controls to provide authentication, authorization, and encryption to adequately guard data access. 

But what if by chance an attacker or any third-party gains access then? In that case, he will not be able to read or retrieve any information stored on the Blockchain network. Thus technology helps maintain confidentiality by utilizing cryptographic algorithms, which are hard to break. 

Use-Case in Threat Intelligence 

Threat intelligence is a high-level process that involves gathering valuable insights about an emerging or existing cyberthreat. But the major issue related to threat intelligence is that companies spend a lot of time researching the same threats, while others are left unnoticed. Blockchain, with its decentralization, peer-to-peer oriented architecture, can help in maintaining synchronization between different parties, thus transforming the threat intelligence process. 

Moreover, Blockchain’s decentralized infrastructure also acts as an anti-tampering infrastructure that helps detect everything in real-time. Even if an attacker tries to delete every proof of his presence by deleting every log which can link him with an incident, Blockchain’s immutable design does not let it happen.

Data Consistency and Integrity

Maintaining data consistency and ensuring Integrity is crucial for all organizations and enterprises. Blockchain’s ability to offer immutability and transparency ensures data integrity. Technology makes use of sequential hashing and cryptography, and this combination makes data tempering almost impossible. The technology ensures that all transactional records are digitally signed and timestamped, meaning organizations can trace back each transaction and identify the corresponding party whenever required. In the Blockchain, non-repudiation is ensured, meaning no one can deny the transaction and behavior in the transaction, which further ensures the reliability of the system.

Ensures Accuracy and Quality of the Information 

Blockchain helps prevent cyberattacks, but it also helps in ensuring accuracy and maintaining the quality of information. While it can not guarantee or enhance data quality, it is responsible for the information’s accuracy and durability after it has been entered into the Blockchain. As long as the data input is reliable, Blockchain technology can act as a powerful tool for transforming data output, as the technologies’ near real-time capabilities allow companies to validate transactional data quicker and take more constructive measures.

Ensuring Timely and Reliable Access

Availability is another use-case where Blockchain could be put to use. DDoS, being one of the most common types of attacks, can cause the most disruption to internet services, and Blockchain can provide a viable solution in dealing with this. Although technology has already suffered from a DDOS attack in the past, this is something that is not frequent.

DDoS attacks on blockchains are not regular. This is because they are costly as they strive to defeat the network with large volumes of small transactions.

Concluding Lines 

As we have read, it is clear that Blockchain is much more than just cryptocurrencies. It has the potential to be applied to multiple industries as a trusted infrastructure. As far as you will dig Blockchain, you will realize its capabilities and possibilities, ranging from a vast spectrum of functionalities and covering various use cases. The true potential will be realized in the subsequent years that will decide where Blockchain will stand?

If you want to gain a complete understanding of Blockchain’s inherent security features and associated risk and knowledge of best security practices for Blockchain infrastructure, you can enroll in Blockchain Council and become a Certified Blockchain Security Professional.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

How Can Blockchain Reduce Cyber Risks?

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