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Day: May 13, 2020

How Does Blockchain Technology Works?

Posted on by Imarticus Learning

What is Blockchain?

The latest phase of industrialisation is filled with ingenious inventions. Blockchain is considered a ground-breaking technology that has the power to change the world. The Blockchain technology can transform the way we do things on a very fundamental level; it is considered even a bigger breakthrough than the internet which is something.

However, the Blockchain technology is still in its nascent stages and there’s so much that we are yet to discover. So, what exactly does Blockchain mean? Blockchain can be formally defined as the distributed ledger technology that is decentralised and record digital transactions which cannot be altered after input.

The use of cryptography along with decentralisation creates more transparency and instils accountability in the system. Most of us know Blockchain from one of its major applications that is crypt-currencies. It became popular as the revolutionary record-keeping technology behind the Bitcoin. Let’s find out how does the Blockchain technology works.

How Does it work?

How does the Blockchain technology work? Well, that’s a common question from people who are not very familiar with the technicality of this technology. At the core of the Blockchain technology resides the idea of decentralisation and transparency that brings more accountability in the process.

For a basic analogy, you can think of this technology as equivalent to a spreadsheet that is shared with a few people. Now changes made by any individual can be view by all the people and they would easily recognise the person behind this new development. This brings more transparency and accountability in recording a particular transaction.

Blockchain is very different from the spreadsheet and much more advance but it works along with the same principles. The three important terminologies related to Blockchain that you must be aware of are blocks, nodes and mining. Every chain is formed by multiple blocks and each block has three respective elements; the data, nonce, hash.

New blocks are added to the chain through a process called mining. Miners create new blocks on the chain through the process of mining which helps with the new addition. Now mining is not as simple as it sounds and requires Blockchain experts. There are plenty of Blockchain online courses that you can choose from and develop your skillset.

Each block has a unique hash and nonce value and the blocks also have the hash reference from the previous blocks. This is done to maintain the block’s uniqueness and connect it with a valid block so that the information can be traced properly. Let’s talk about the third component that we call nodes.

Nodes are all about the decentralisation aspect of this revolutionary Blockchain technology. It is very important to understand that any single computer or organisation or entity cannot own the chain, it will defeat the purpose of transparency and decentralisation. Nodes can be understood as any form of electronic device that has copies of the Blockchain and helps the network to function.

The network must approve algorithmically the mining of a new block for updating and v verifying the chain. This instils transparency since every new update can be traced and verified. A unique identification number is provided to participants that help to trace their transactions. This identification number is a combination of alphabets and numbers.

Blockchain has the power to dramatically reduce the chances of corruption by ensuring transparency and accountability. This is very useful in the case of any public information as it helps to track the source of change and creates a sense of integrity through its checks and balances. Blockchain has numerous other applications in addition to crypto-currency in the field of healthcare, insurance, supply chain, etc.

Difference between a Business Analyst and Financial Analyst

Posted on by Imarticus Learning

Today’s data-driven world calls for professionals who can gather analyse and study data to obtain valuable insights and help businesses to grow in new trajectories. Data science is growing to become one of the most rewarding career opportunities in the contemporary landscape. The need for data analysis is on an unprecedented scale.

Companies are leveraging progressive technologies to decode data and make sense of their business decisions. Naturally, this need to utilise data has increased the demand for data science-related professionals who can churn complex data and make sense of the big numbers.
The data science industry is very dynamic and it requires a diverse range of skill sets. People entering into data science-related fields have multiple options. These choices can sometimes be overwhelming for an individual; one such choice is between the role of a financial analyst and business analyst.

People are often confused between the two. Although there are multiple aspects of these roles that are very similar, there are considerable differences between the role of a financial analyst and business analyst. Let’s get some contextual insights into the differences between the two job roles.

Educational Requirements

Let’s start the comparison by finding out the level of education needed to enter into both the job roles. The academic requirements for both roles vary greatly depending on the organisation. However, a bachelor’s degree in a relevant field remains a prerequisite for the job of an analyst. You can opt for a financial analyst course or business analyst course to supplement your education and get a relevant job.
The role of business analysts has a wider scope as it is related to the overall analysis of the business. The role of a financial analyst is very specific and is more inclined to the financial aspects of the business. Business analysts can choose from various majors like Finance, management, accounting, technology, etc. For financial analysts, preferable majors include finance, economics, and statistics.

Skillsets

One common skill set needed for any analyst position irrelevant of the specialisation is the ability to identify trends and patterns and find irregularities in data. In addition to this, financial analysts need to have good quantitative acumen. Technology has made it easier to solve complex mathematical problems but has a good quantitative acumen is a strong fundamental trait that financial analysts should have. The robust knowledge base in fields like probability, statistics, trends, etc. is a must-have. It also requires good presentation skills to depict the inferences derived from complex financial analysis.
Business analysts also need to have good quantitative acumen but the emphasis is laid on identifying errors and problems in the businesses’ operations. Business analysts need to have strong problem-solving skills and they should be able to leverage technology to solve business problems. They are more like the connecting link between the technical and non-technical aspects of the business. Strong logical reasoning and management skills are a must-have for a business analyst’s role.

Remuneration

Analysts, in general, earn more than average income, even at the entry-level positions. The compensation is less when compared with an investment banker’s income but it provides a better work-life balance which hardly is the case with investment bankers.
As per research reports, the entry-level salary of a financial analyst ranges from $53000 to $66000 in a large US-based firm. In addition to this they also receive fairly decent bonuses and commissions at times it is equivalent to their annual pay.
The average salary for a Business analyst professional ranges from $55000 to $70000 in a large US-based firm. They are also entitled to decent bonuses and commissions. The income potential is almost identical in both the roles.

Also Read: Difference Between Business Analyst & System Analyst