cyber security

 

What is Cyber Security?

Cyber security is a discipline that covers how to defend devices and services from electronic attacks by nefarious actors such as hackers, spammers, and cybercriminals. While some components of cyber security are designed to strike first, most of today's professionals focus more on determining the best way to defend all assets, from computers and smartphones to networks and databases, from attacks.

Cyber security has been used as a catch-all term in the media to describe the process of protection against every form of cybercrime, from identity theft to international digital weapons. These labels are valid, but they fail to capture the true nature of cyber security for those without a computer science degree or experience in the digital industry.

Cisco Systems, the tech conglomerate specializing in networking, the cloud, and security, defines cyber security as “…the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users; or interrupting normal business processes.”

The Scale of the Cyber Security Threat

According to Forbes, 2022 will present us with a pack of diverse and terrifying cyber security challenges, everything from supply chain disruption to increased smart device risks to a continued cyber security talent drought.

According to Cybercrime Magazine, cybercrime will cost the world $10.5 trillion annually by 2025! Furthermore, global cybercrime costs are predicted to rise by almost 15 percent yearly over the next four years.

Concepts such as the pandemic, cryptocurrency, and the rise in remote working are coming together to create a target-rich environment for criminals to take advantage of.

How Does Cyber Security Work? The Challenges of Cyber Security

Cyber security encompasses technologies, processes, and methods to defend computer systems, data, and networks from attacks. To best answer the question “what is cyber security” and how cyber security works, we must divide it into a series of subdomains:

Application Security

Application security covers the implementation of different defenses in an organization’s software and services against a diverse range of threats. This sub-domain requires cyber security experts to write secure code, design secure application architectures, implement robust data input validation, and more, to minimize the chance of unauthorized access or modification of application resources. 

Cloud Security

Cloud security relates to creating secure cloud architectures and applications for companies that use cloud service providers like Amazon Web Services, Google, Azure, Rackspace, etc.

Identity Management and Data Security

This subdomain covers activities, frameworks, and processes that enable authorization and authentication of legitimate individuals to an organization’s information systems. These measures involve implementing powerful information storage mechanisms that secure the data, whether in transition or residing on a server or computer. In addition, this sub-domain makes greater use of authentication protocols, whether two-factor or multi-factor.

Mobile Security

Mobile security is a big deal today as more people rely on mobile devices. This subdomain protects organizational and personal information stored on mobile devices like tablets, cell phones, and laptops from different threats like unauthorized access, device loss or theft, malware, viruses, etc. In addition, mobile security employs authentication and education to help amplify security.

Network Security

Network security covers hardware and software mechanisms that protect the network and infrastructure from disruptions, unauthorized access, and other abuses. Effective network security protects organizational assets against a wide range of threats from within or outside the organization.

Disaster Recovery and Business Continuity Planning

Not all threats are human-based. The DR BC subdomain covers processes, alerts, monitoring, and plans designed to help organizations prepare for keeping their business-critical systems running during and after any sort of incident (massive power outages, fires, natural disasters), and resuming and recovering lost operations and systems in the incident’s aftermath. 

User Education

Knowledge is power, and staff awareness of cyber threats is valuable in the cyber security puzzle. Giving business staff training on the fundamentals of computer security is critical in raising awareness about industry best practices, organizational procedures and policies, monitoring, and reporting suspicious, malicious activities. This subdomain covers cyber security-related classes, programs, and certifications.

What is Cyber Security and Types of Cyber Threats

Cybercrime is defined as any unauthorized activity involving a computer, device, or network. There are three generally recognized classifications of cybercrime: computer-assisted crimes, crimes where the computer itself is a target, and crimes where the computer is incidental to the crime rather than directly related.

Here is a list of common cyber threats:

• Cyberterrorism. This threat is a politically-based attack on computers and information technology to cause harm and create widespread social disruption.
• Malware. This threat encompasses ransomware, spyware, viruses, and worms. It can install harmful software, block access to your computer resources, disrupt the system, or covertly transmit information from your data storage.
• Trojans. Like the legendary Trojan Horse of mythology, this attack tricks users into thinking they're opening a harmless file. Instead, once the trojan is in place, it attacks the system, typically establishing a backdoor that allows access to cybercriminals.
• Botnets. This especially hideous attack involves large-scale cyberattacks conducted by remotely controlled malware-infected devices. Think of it as a string of computers under the control of one coordinating cybercriminal. What’s worse, compromised computers become part of the botnet system.
• Adware. This threat is a form of malware. It's often called advertisement-supported software. The adware virus is a potentially unwanted program (PUP) installed without your permission and automatically generates unwanted online advertisements.
• SQL injection. A Structured Query Language attack inserts malicious code into a SQL-using server.
• Phishing. Hackers use false communications, especially e-mail, to fool the recipient into opening it and following instructions that typically ask for personal information. Some phishing attacks also install malware.
• Man-in-the-middle attack. MITM attacks involve hackers inserting themselves into a two-person online transaction. Once in, the hackers can filter and steal desired data. MITM attacks often happen on unsecured public Wi-Fi networks.
• Man-in-the-middle attack. MITM attacks involve hackers inserting themselves into a two-person online transaction. Once in, the hackers can filter and steal desired data. MITM attacks often happen on unsecure public Wi-Fi networks.
• Denial of Service. DoS is a cyber attack that floods a network or computer with an overwhelming amount of “handshake” processes, effectively overloading the system and making it incapable of responding to user requests.

As data breaches, hacking, and cybercrime reach new heights, companies increasingly rely on cyber security experts to identify potential threats and protect valuable data. So it makes sense that the cyber security market is expected to grow from $217 billion in 2021 to $345 billion by 2026, posting a Compound Annual Growth Rate (CAGR) of 9.7% from 2021 to 2026.

The Advantages of Cyber Security

Today's cyber security industry is primarily focused on protecting devices and systems from attackers. While the bits and bytes behind these efforts can be hard to visualize, it's much easier to consider the effects. Without cyber security professionals working tirelessly, many websites would be nearly impossible to enjoy due to ever-present denial-of-service attack attempts. Imagine not having access to Simplilearn's community of experts and certified professionals — no more tips, tricks, and advice to help you achieve your professional goals!

Without solid cyber security defenses, it would be easy to destroy modern-day essentials like the power grids and water treatment facilities that keep the world running smoothly.

Simply put, cyber security is critically important because it helps to preserve the lifestyles we have come to know and enjoy.

CIA Triad

The security of any organization starts with three principles: Confidentiality, Integrity, Availability. This is called as CIA, which has served as the industry standard for computer security since the time of first mainframes.

     Fig: CIA triad

• Confidentiality: The principles of confidentiality assert that only authorized parties can access sensitive information and functions. Example: military secrets.
• Integrity: The principles of integrity assert that only authorized people and means can alter, add, or remove sensitive information and functions. Example: a user entering incorrect data into the database.
• Availability: The principles of availability assert that systems, functions, and data must be available on-demand according to agreed-upon parameters based on levels of service.

Who is a Cyber Security Expert?

As data breaches, hacking, and cybercrime reach new heights, companies are increasingly relying on Cyber Security experts to identify potential threats and protect valuable data. It makes sense that the Cyber Security market is expected to grow from $152 billion in 2018 to $248 billion by 2023.

So what do Cyber Security experts do? On any given day, they:

• Find, test, and repair weaknesses within a company's infrastructure.
• Monitor systems for malicious content
• Identify network breaches
• Install regular software updates, firewalls, and antivirus protection
• Strengthen areas where attacks may have occurred

They work in one or more of these common Cyber Security domains to keep data safe:

• Asset security: Analyze networks, computers, routers, and wireless access points
• Security architecture and engineering: Standardize security policies and procedures
• Communication and network security: Regulate cloud storage and data transfer
• Identity and access management: Track user authentication and accountability
• Security operations: Monitor security to identify attacks
• Security assessment and testing: Test security policies to ensure compliance with industry standards
• Software development security: Create and repeatedly test code
• Security and risk management: Identify potential risks and implement appropriate security controls

Cyber Security experts employ different tactics to secure computer systems and networks. Some of the best practices include:

• Using two-way authentication
• Securing passwords
• Installing regular updates
• Running antivirus software
• Using firewalls to disable unwanted services
• Avoiding phishing scams
• Employing cryptography, or encryption
• Securing domain name servers, or DNS

Virtual Reality

 

What Is Virtual Reality?

• VR enhances the user experience to the next level via VR headsets or other VR devices like Oculus quest 2, Hp reverb G2 etc.
• VR is a self-controlled environment where the user can control the simulated environment via a system.
• VR enhances a fictional environment by using sensors, displays and other features like motion tracking, Movement tracking etc.

What Is the Need for Virtual Reality?

• Virtual Reality allows users to create simulated, interactive and specific designed environments for specific use.
• It is desiged for human interaction or for a specific reason to create experiences.
• Unlike other reality technologies like AR and MR, VR enhances the user experience to the next level with its fully immersive and interactive technology.

Applications of Virtual Reality

1. VR creates opportunities to conduct activities virtually, for example creating virtual excursions or field trips towards education.

2. Medical terms' analysis and research are easier via VR, which avoids direct contact with harmful substances and hazardous risk factors.

3. In entertainment, Realtime experience of fictional characters or sci-fi movies, animations, and motions can be experienced by all using VR.

4. Prototyping helps the automotive industry avoid multiple designs and reduce resources by creating virtual designs using VR.

5. In terms of Defense, VR helps our brave men experience the battlefield environments in real-time to avoid unconditional situations in Reality.

Future of Virtual Reality

As VR is in its early stage or towards its second generation in its advancement future of VR lies on 

• Developing Virtual Reality headsets which can support up to 8K with much more powerful processors.
• Integration of Artificial Intelligence in VR.
• 5G can also provide interesting scenarios for the evolution of VR. 
• Virtual shopping in a 3D view
• Better geo-location system via indoor mapping etc.

Robotic Process Automation

 

What is RPA?

Robotic Process Automation is the use of software with Artificial Intelligence (AI) and machine learning (ML) capabilities to handle high-volume, repeatable tasks that previously required humans to perform. Some of these tasks include:

• Addressing queries
• Making calculations
• Maintaining records
• Making transactions 

There’s a common misconception that automation is equivalent to robotic process automation, but this isn’t the case as traditional automation and RPA are different in many aspects.

Traditional automation involves programming application programming interfaces (APIs) and integration tools to integrate different systems. The RPA developer must have a good understanding of the target system. 

On the other hand, robotic process automation mimics the actions of a user at the user interface (UI) level. As long as the bot can follow the steps, the developer doesn’t need to worry about the underlying complexities. 

Consider the process of onboarding a new recruit in a company. Data from several systems must be coordinated to create a new user account, email address, access rights, document retrieval, etc. With Robotic Process Automation, the user account can automatically activate a template for the onboarding workflow. 

RPA can help assess, prepare, and create new employee data, initiate mailing of offer letters, and streamline information across the systems. 

Prior to robotic process automation, it would take a few hours to complete the onboarding formalities. Post RPA, however, the entire process could be done in a matter of a few minutes. This results in the following: 

• Automation can improve processes by to 100 percent
• Processing becomes 10 times faster
• Accuracy increases to 100 percent

Global IT firms use RPA to automate their onboarding processes with the help of vendors like UiPath. 

If you want to learn more about robotic process automation and advanced intelligent applications, watch this “What is RPA” video to put you on the fast track. Get an overview of RPA concepts, the value-add it brings with relevant business use cases, and an understanding of the tools used.

What RPA is Not?

When you hear the term automation, you might think of a robot doing its job without any human intervention. And yes, you’re partially right. However, you could have a few misconceptions, such as:

• RPA is not a humanoid robot and doesn’t exist physically 
• RPA bots cannot entirely replace humans
• RPA bots do not possess logical thinking or decision making skills, which is why they cannot replicate human cognitive functions 

RPA Features 

• Rich analytical suite - RPA monitors and manages automated functions from a central console. This console can be accessed from anywhere and offers basic metrics on robots, servers, workflows, and more.
• Simple creation of bots - RPA tools enables the quick creation of bots by capturing mouse clicks and keystrokes with built-in screen recorder components.
• Scriptless automation - RPA tools are code-free and can automate any application in any department. Users with less programming skills can create bots through an intuitive GUI.
• Security - RPA tools enable the configuration and customization of encryption capabilities to secure certain data types to defend against the interruption of network communication. 
• Hosting and deployment - RPA systems can automatically deploy bots in groups of hundreds. Hence, RPA bots can be installed on desktops and deployed on servers to access data for repetitive tasks.
• Debugging - Some RPA tools need to stop running to rectify the errors while other tools allow dynamic interaction while debugging. This is one of the most powerful features of RPA.

Master RPA process and RPA design using the advanced UiPath platform with the Robotic Process Automation certification training course.

RPA Benefits 

• Reduces cost - One of the important advantages of RPA is the quick reduction in the cost. By automating tasks, an organization can save up to 30 percent of their total costs because software robots also cost less than a full-time employee.
• Reduces operational risks - Some companies prefer to outsource busy work to third party organizations, and this comes with the risk of human errors and inefficiency. RPA offers a better solution—because the work stays in-house, there is less operational risk. 
• Quality and accuracy - Processes with a high risk of human error can be automated using RPA systems. These bots are reliable, consistent, and can work tirelessly.
• Scalability - With the help of RPA, companies can make adjustments based on other crucial factors and can easily scale up or down operations as needed. 
• Reduced workload - Automating tasks like report-making can significantly reduce the workload on employees, allowing them to focus on other critical tasks.
• Improved customer satisfaction - Since accuracy is maintained and operational risk is minimal, customers are provided with quality content.
• Improved business results - Since employees are focusing on activities that add more value to the company, robotic process automation improves results that can be automated. 

Types of RPA 

Unattended/Autonomous RPA

Ideal for reducing work like completing data processing tasks in the background. They don’t require any human intervention. These bots can be launched using: 

1. Specified intervals
2. Bot initiated
3. Data input

Attended RPA

These bots live on the user’s machine and are triggered by the user. They can be launched using:

1. When embedded on an employee’s device
2. Auto-run based on certain conditions
3. RPA client tool

Hybrid RPA

This is a combination of attended and autonomous bots.  

These bots address front- and back-office tasks in the enterprise. 

RPA Services

Robotic process automation helps automate strenuous and monotonous jobs. Here are 11 services offered by RPA:

1. Open mail and attachments 
2. Fill in forms and move files and folders
3. Follow if-then decision rules
4. Connect to system APIs
5. Extract structured data from documents
6. Make complex calculations
7. Monitor manual processes and learn how to perform them
8. Copy and paste
9. Read and write to databases
10. Scrape data from documents
11. Login into web/enterprise applications

How Does RPA Work? 

Robotic process automation includes four core stages: 

1. Planning - In this stage, the processes to be automated are defined, which includes identifying the test objects, finalizing the implementation approach, and defining a clear road map for the RPA implementation. 
2. Design and development - In this stage, you start developing the automation workflows as per the agreed plan.
3. Deployment and testing - This stage typically includes the execution of the bots. Any unexpected outages will be handled during the deployment. To ensure accurate functioning, testing of these bots for bugs and errors is crucial.
4. Support and maintenance - Providing constant support help to better identify and rectify errors. 

RPA Tools  

RPA tools are the software through which one can configure tasks that need to be automated. Various tools in the market facilitate RPA, but which one do you think is the best? 

That depends on your requirements. Here’s a list of widely used tools that help to meet the objectives of RPA:

• Blue prism
• Automation Anywhere
• UiPath
• Workfusion
• Pega
• Redwood
• OpenSpan

Looking forward to a career as an RPA Developer? Check out the Robotic Process Automation using the UiPath Training course and get certified today.

RPA Growth Projections

RPA services increased significantly from 2016 to 2020. 

According to Mckinsey Research, “Knowledge in work automation could have an economic impact of $5-7 trillion by the year 2025. It will touch more than 230 million knowledge workers which constitute 9% of the global workforce.” 

Any company which is labor-intensive—where people are performing high-volume, high transaction functions—will boost their capabilities and save time and money with RPA.

 

Artificial Intelligence

 

Artificial Intelligence

Artificial Intelligence (AI) is a trending technology that takes first place in the list of top 10 latest technologies in computer science of 2021. AI technology involves machine intelligence, which is as smart and intelligent as the human brain and reacts like humans.

Today, AI contributes to society numerously, for example, in the form of virtual assistants such as Google Assistant, Siri, Cortana, and Alexa.

The opportunities and salaries available for AI professionals are immensely high in the world right now. According to Paysa, the average annual salary of an Artificial Intelligence Engineer earn is US$171,715.

Moreover, Artificial Intelligence technology is everywhere, from text mining, web mining, healthcare, banking, entertainment, self-driving cars, and smartphones to homes. These are the reasons that it remains at the top position in the list of the trending technologies of 2021.

Master AI and gets certified by enrolling in Intellipaat’s Artificial Intelligence Training now!

In this blog on Artificial Intelligence, we will be covering the following topics:

• What is Artificial Intelligence?
• Examples of Artificial Intelligence
• Types of Artificial Intelligence
• History of Artificial Intelligence
• How does Artificial Intelligence work?
• Data Science vs Artificial intelligence vs Machine Learning
• Future of Artificial Intelligence
• Top 10 Jobs that Require AI Skills
• Advantages of Artificial Intelligence
• Limitations of Artificial Intelligence
• What are the applications of Artificial Intelligence?

Robotic Process Automation (RPA)

 

Robotic Process Automation

Robotic Process Automation (RPA) is another popular and trending technology that allows us to automate business processes. RPA neither requires coding for development nor direct access to the database. It has a list of commands executed by bots under some standard set of business rules.

The uses of RPA are as follows:

• Performs various tasks
• Automated report generation
• Emulates human actions
• Audits and validates the information
• Quality assurance

According to Indeed, the average salary of RPA Developers ranges from US$92,176 to US$98,472 per year. Therefore, ‘RPA Developer’ is a lucrative career to opt for.

If you are looking for jobs in the field of RPA, then learn RPA through Intellipaat’s RPA Training.

Internet of Things (IoT)

 

Internet of Things (IoT)

Internet of Things (IoT) is a system of interrelated computing devices, objects, digital machines, animals, or people that have unique identifiers (UIDs), and this technology can transfer data over a network without human-to-human or human-to-computer interactions.

There are many uses of IoT technology. This trending technology is used in the processes of developing the following:

• Smart homes
• Smartwatches
• Smart cities
• Connected cars
• Digital health

Coming to the salary part, IoT also offers a promising career. According to the statistics of Indeed, in the United States, the average salary of IoT Engineers is US$165,394 annually.

The Internet of Things: What Is IoT?

Let’s start with the question, what is IoT? According to the Internet, it’s “the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.” At a consumer level, these devices can be placed in our cars, phones, appliances, medical equipment, wristbands, livestock and more. At an industrial level, these devices can be in machinery, shipping equipment, vehicles, robots, warehouses and more. But where the devices are located matters less than what they do. And what they do is “talk” to each other, sharing data and getting feedback based on that data and all the other data that is being generated, analyzed and acted on.

How It Works: Internet of Things Applications

Perhaps the best way to explain how IoT works is to take a look at the Internet of Things applications. What are some of the real-world scenarios possible with this technology?

• Your car could detect an engine problem, schedule an appointment with your mechanic, and let the manufacturer know about the problem, in case it has happened in other engines too.
• Your smart home could know if you’ve had a stressful work day could play soothing music and offer soft lighting when you walk through the door.
• Your refrigerator could let you know which groceries to buy—or order them for you.
• Your coffeemaker could know when you wake up and turn on at that time.

In these examples, none of the devices is acting alone. They are responding to and submitting data. The sensor in the car is connected to the mechanic’s calendar and the manufacturer’s log. Your smart home knows you had a long day because it is connected to your calendar. Your refrigerator is receiving data to know the food that might have rotten—and which food you like to have on hand. Your coffeemaker is connected to your wristband, to know when you wake up.

All of those scenarios make for an easier day for the consumer, but what about the enterprise? What does IoT mean to the commercial world? Plenty! In the world of the industrial Internet of Things, similar devices can track inventory to optimize when stock is on hand and re-ordered, streamline transportation by taking into account weather or traffic, and decrease mechanical breakdowns with predictive maintenance. Autonomous vehicles can deliver needed warehouse parts at the exact time they’re needed. The examples go on and on and on because the industrial Internet of Things is already underway—and businesses are already benefitting from it.

Why It Matters: Internet of Things Benefits  

Based on the examples of applications described above, you can see that IoT simply makes life better for the consumer and cost-effective for the business. And these two points of view are equally important, because you can answer questions about the Internet of Things benefits in one of the two ways: from the consumer’s point of view or from the business’s point of view.

• From the consumer’s point of view, IoT has the potential to streamline our daily activities, lower our utility bills (and energy usage), improve our healthcare, keep us out of traffic, and so much more. It has the potential to make our lives easier.
• From the business’s point of view, IoT has the potential to cut costs, increase efficiencies, improve customer service, speed up decision making, and so much more. It has the potential to be a competitive advantage and to reward those innovators who adapt to it first.

Pursuing a Career in IoT

The IoT transformation is already underway, and businesses can’t afford to ignore this, nor can they remain ignorant about challenges they will face as they adapt to IoT. But what about you as an individual? Should you be taking steps to prepare for this next Industrial Revolution? Possibly, if you’d like a career with a secure future and endless possibilities. IoT offers plenty of jobs in part because IoT is not an industry or a specific technology, but a compendium of all. Therefore skilled professionals are needed in data and analytics, programming and ITIL, cloud computing and TOGAF, and programming and engineering. The list goes on and on.

If you’re interested in learning more, below are four ways to be part of the next wave of the Internet, although there are many more:

1. Learning ITIL—According to influencer Manuel W. Lloyd, ITIL is vital to the future of IoT, because of the additional challenges to stability, networking and security that will result. “With its proven framework for managing once disconnected things, ITIL is the best hope for the future of not just IoT, but the Internet itself,” he says. 
2. Learning TOGAF—IoT is one of the technologies addressed by The Open Group Architecture Framework (TOGAF) Open Platform 3.0. The IoT standards from the Open Group will do for IoT what HTML and the HTTP did for the web, enabling everything to be connected instantly. A TOGAF certification will give you the skills needed to work with IoT.
3. Learning Big Data—This one might be obvious, since IoT is based on data, and will generate massive amounts of it! Most organizations will have to adapt their technologies to be able to handle the large amounts of IoT data that will result from the Internet of Things. 
4. Learning Blockchain—The secure nature of blockchain might make it crucial to IoT.

Unlike some technologies that get predicted but don’t pan out, IoT will happen—already is happening. And soon we’ll be as accustomed to the connected devices and the data they share as we are now to email and Google. But it’s best to be prepared, whether for your own business or for your future job prospects.

Blockchain Technology

 

What is Blockchain Technology?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value,” Don & Alex Tapscott, authors of Blockchain Revolution (2016).

In simple terms, a Blockchain ledger is digital, distributed, and decentralized. So, how does blockchain technology work? As per the blockchain definition, it records transactions across a global network of computers where the information is highly secure. As the name suggests, a blockchain is nothing but a linear chain of blocks that holds information about transactions taking place over the web. Every block contains data in the form of coding that is organized in a chronological manner.

Check this Blockchain video by intellipaat:

At its rudimentary level, blockchain is just a chain of blocks, but not in the traditional sense of those words. When we say the word ‘blockchain’ here, we are basically referring to the digital information (block) stored in a public database (chain). Blocks are dispersed across multiple computers.

The History of Blockchain

Blockchain was first conceptualized in 1991 by Stuart Haber and W. Scott Stornetta, through the time-stamping of digital documents to avoid being tampered with or backdated. The idea evolved through the years, and in 2009, Bitcoin was first introduced to the world by an anonymous developer(s) under the pseudonym, Satoshi Nakamoto.

Let’s quickly take a look at the timeline from the conceptualization to the execution, history, and Blockchain applications.

Want to become a Blockchain Developer? Check out our blog on How to become a Blockchain Developer?

A Brief History of Blockchain

1991
Stuart Haber and W Scott Stornetta come up with a practical idea and solution describing a system that implements a chain of blocks secured cryptographically.
1998
Nick Szabo designs a decentralized digital currency, coined ‘bit gold.’
2000
A theory of encryption protection chains and their implementation gets published by Stefan Konst.
2008
A white paper establishing a Blockchain model gets published by Satoshi Nakamoto.
2009
The first Blockchain is brought into existence as a public transaction ledger for the most successful version of cryptocurrency, called Bitcoin.
2014
Blockchain technology finds potential in other sectors like finance, and Blockchain 2.0 is born as a means to introduce more applications beyond currency. Smart contracts come into existence with the introduction of the Ethereum Blockchain system.

To learn more about Blockchain. Check out Intellipaat’s Blockchain Tutorial!

Second Generation Blockchain

Second-generation Blockchains include similar currency systems, but these run on different rules with different applications. Let’s check out some examples.

• Ethereum: Ethereum works with a currency called Ether, as well as smart contracts, and it is another big implementation like Bitcoins Blockchains.
• Ripple Blockchain: It is based on a public ledger and is a real-time gross settlement system with currency exchange and the remittance network.

Enroll in Intellipaat’s Blockchain Certification and become an expert in Blockchain technology.

Why is Blockchain popular?

From the Blockchain timeline, you can already assume that several attempts may have been made to formulate digital currency before Bitcoin but without any success—the main reason being security and trust issues. Bitcoin, on the other hand, through its Blockchain technology, is the perfect solution to the problem.

Because Blockchain’s database is run mainly by users, it has no central authority. Data in the Blockchain network cannot be tampered with due to its transparency. For obvious reasons, the Blockchain gained traction and popularity. The future of Blockchain Technology is very bright. Its applications can be used in various applications.

How can be blockchain explained in simple terms?

At its rudimentary level, blockchain technology can be explained as a chain of blocks, but not in the traditional sense of those words. When we say the word ‘blockchain’ here, we are basically referring to the digital information (block) stored in a public database (chain). Blocks are dispersed across multiple computers.

Watch this Blockchain video

Blockchain Technology Explained: The Blockchain Definition

• Blocks store primary information about transactions, such as date, time, and purchase amount of your last transaction
• They store information about who the participating entities are in transactions. A block for your purchase from a vendor would record your name. But the catch here is that, instead of using your actual name, your purchase is recorded without any identifying information. In real, a unique ‘digital signature’ is used to refer to your username.
• Also, blocks store apt information that distinguishes them from other blocks in the same blockchain. Each block stores a unique code called a ‘hash’ that allows it to be different from every other block.

Understanding blockchain might be tricky. But we have made it simple for you. A single block on the blockchain ledger can store data depending on the size of the transactions, i.e., a single block can host a few thousand transactions under one roof. Hash codes are used to make sure that blocks in a blockchain are in sync with each other. When too many blocks are connected in a single blockchain, the blockchain ledger size increases. The large network of ledgers (blocks) is what makes a blockchain secure and, therefore, ready and a go-to technology for widespread business adoption. Unlike a centralized database, in the decentralized blockchain structure, a security breach of just one block or one computer has no major detrimental effect on the whole system.

Is Blockchain explained, according to you?

We have learned what is blockchain. Now that we understand blockchain technology at a basic level, we must discern the myths that revolve around this emerging form of technology.

Also, check out our blog on Blockchain explorer!

Advantages and Disadvantages of Blockchain 

 Advantages of Blockchain 

• Trustworthy distributed systems: Blockchain allows for the verification of every transaction stage, which is public, and cuts cost without the need for intermediaries.
• No interference from the government: Government has no control over the currencies implementing Blockchain technology.
• Stability: The stable and transparent Blockchain system streamlines all transactions and processes easier with hardly any fraudulent activities.
• Speedy payments with reduced costs: With its single record-keeping and zero third-party interventions, there is no requirement for elaborate documentation in Blockchain, and transactions happen with the least errors at reduced costs.
• Security and efficiency: Financial efficiency is due to the fact that there are no third-party interventions. The openly distributed transactions make it easy to detect any unusual activities, which in turn prevents any hackers from tampering with it as well.

Disadvantages of Blockchain

• Private key issues: If users lose their private key, a serious issue would arise as there will be no other way to access their money or carry out transactions.
• Volatility: Since virtual currencies are new to the market, they can get easily affected by the decisions made by companies or groups regarding their adoption or otherwise, which makes them highly volatile. The ever-fluctuating price can be an issue for anyone thinking of investing.
• Scalability: There is a limitation to the number of transactions per node, which means that it is not wise to expand the number of users as per the transaction speed. Hence, scalability is an issue.
• Security concerns: The anonymous nature of the system can be a magnet for hackers as they can remain unidentified.
• Data modification: Irreversible records can be a disadvantage, and the modification process can be quite demanding.

Here’s what Blockchain Technology is NOT! Blockchain Explained!

• Blockchain technology is not entirely all about bitcoins: Though Bitcoin was the first application of blockchain, it has certain fundamental differences from a business-based blockchain ledger.
• Blockchain is not a product: Blockchain is not particularly a product on sale. Built on the inundation of blocks, the utility of blockchain technology comes from an appropriate set of applications built on top of it.
• Blockchain is not needed in the absence of a business network: There are cases when a business network collapses or ceases to exist. In these cases, there is no need for a blockchain.

Blockchain is not the replacement of a transaction processing system: Under specific conditions only, blockchain may be used to transform a transaction processing system across a business network. If the following criteria are not on priority, a blockchain implementation is not required at all.
In addition to these points, blockchain is neither a distributed database and a secure messaging replacement nor is it usually suited for high-volume and low-value transactions.

When we say Blockchain, we often hear the term ‘distributed ledger technology.’ Here’s the connection between blockchain definition and distributed ledger technology.

In business language, distributed ledger technology or DLT revolves around an encoded and distributed database that serves as a ledger. In that ledger, records regarding transactions are stored. At the core, DLT is an innovative database approach with a data model wherein cryptography is utilized in each transaction update. Thereby, verification becomes possible across the specific blockchain network, depending on its goal and stakeholders.

In a distributed ledger network, there is no central administration. Rather, there is shared ownership, making data secure.

Now that we understand Blockchain in a nutshell, let us skim through its variants. Here are the Blockchain variants, as per the blockchain definition.

Public Blockchain

In public blockchains, distributed ledgers are visible to every user on the Internet. It allows users to verify and modify blocks of transactions in a blockchain. Example: Bitcoin, Ethereum, Dash, and Factom.

Private Blockchain

Private blockchains are generally incorporated within single organizations at an intra-level. Specific individuals of the organization are permitted to manipulate transaction blocks. However, anyone from the Internet can view the content of the blocks. But to manipulate the content of blocks, specific permissions are mandatory. Example: Multichain and Blockstack.

Consortium Blockchain

With consortium blockchains, things are different. Only a group of organizations or individuals can verify and add transaction blocks. The ledger here may be open or restricted to certain groups only. For its high-security enablement, this variant of blockchain is used by organizations across disparate verticals. Example: Ripple, R3, and Hyperledger 1.0

Applications of Blockchain

Blockchain has the potential to be known more widely across the world due to its future applications. Let’s take a look at a few of them:

• Finance sector: Financial institutions are taking notice of blockchain’s potential and have started investing in it. Blockchain can help address black-money flow and dealings and introduce efficient regulations.
• Cybersecurity: Encryption through cryptography can enhance Cybersecurity.
• Cloud storage: Implementing Blockchain can make cloud storage more secure.
• IoT and networking: The concept of a distributed network of connected devices aims to remove the centralized location for the management of communication for various activities.
• Digital advertising: Blockchain can resolve issues in the supply chain of digital advertising through its reliability and transparency. 
• Supply chain management: Blockchain’s traceability and reduced time delays and errors can truly streamline supply chain operations and management.
• National digital currencies: Governments are predicted to introduce their own digital currencies to an open market after seeing the success of Bitcoin.
• Government agencies: Government agencies can benefit from Blockchain with an effective data management system.

Blockchain Definition – Permissioned and Permissionless Blockchains

There exist two philosophies in the world of blockchains—permissioned blockchains and permission-less blockchains. Here’s what they are and the underlying difference between them.

Permissioned Blockchains	Permission-less Blockchains
Faster	Slower
Managed upkeep	Public ownership
Private membership	Open and transparent
Trusted	Trust-free
Legal	Illegal

Permissioned Blockchains: These blockchains maintain an access control layer to restrict and in some cases allow certain actions to be performed only by select and identifiable participants or individuals. The intrinsic configuration of these blockchains put a check on the transactional activities of participants. Owing to their security aspect, these blockchains are popular among industry-level enterprises and businesses. For instance, a manufacturer may implement a permissioned blockchain for managing supply chains. In this case, third parties including logistic partners and banks may be involved in the whole transaction process. These third parties may be part of the whole process, ought not to know the actual transaction values. This is where permissioned blockchains pitch in. They restrict transactional control to the manufacturer only.

Permission-less Blockchains: Permission-less blockchains are contrary to what you read above. Here, anyone can join the network and participate in the process of block verification to create consensus. Good examples of permission-less blockchains are Bitcoin and Ethereum blockchains, where any user can join the network and start mining. In permission-less blockchains, the use of Proof of Work (PoW) mining is done. Here, hashing power is offered to build trust. If 51 percent of nodes say that something is true, the output becomes true.

Is the blockchain ledger secure?

The answer to this question is the perception of the user. Of course, blockchains are much more secure than traditional technologies, but there is a catch here.
Why do we need blockchains in the first place?
We need blockchains as we do not trust each other with transactions. Therefore, we leverage sophisticated math and innovative software rules that are extremely difficult for threat-attackers to manipulate. However, blockchain is not completely full proof. With the right set of skills, hackers can easily hack their way through even the best-designed blockchain security firewalls.

Blockchains are undoubtedly the most secure form of technology we have presently, but it won’t be far from now when some hacker will eventually find his/her way through our so-called secured blockchains. A lot of research is being done to curb the broken ends that exist in the blockchain world today.

Further, check out the best way to get certified via the Blockchain course and prepare yourself for the best via our Blockchain interview questions.