Sunday, 17 October 2021 00:40

A Step-by-Step Blockchain Creation Tutorial for Beginners

Written by Denys Ilyich
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“© 2020. SAP SE or an SAP affiliate company. All rights reserved.” “Used with permission of SAP SE”

Cryptocurrency trading remains the latest trend in the financial sector. As a digital stepping stone to decentralization, it has piqued people’s interest. The true crypto believers have proliferated over the years despite the skepticism. As such, its global expansion continues amidst the economic downturn. 

In the world of cryptocurrency, blockchain is one of the fundamental components. Blockchain keeps everything intact and organized. To ensure your success in crypto trading, you must know how to create or at least navigate blockchain. Hence, we will discuss the basics of a blockchain and how to create your own from scratch. 

What is Blockchain?

Blockchain is a broad concept in the financial world. In the cryptocurrency market, it is a digital network across independent databases. As such, it enables widespread financial decentralization. In essence, it is simply a digital ledger that accounts for all crypto transactions. Its name Blockchain makes sense, it is composed of blocks of codes chained together and arranged chronologically. 

Each block contains transactions recorded in the user’s ledger. Since multiple participants manage it, everything is recorded with a hash. Every user has his hash to ensure uniqueness. With that, it is difficult or impossible to copy or hack the system. 

The Importance of SAP in Blockchain

In 2018, SAP launched SAP Cloud Platform Blockchain. Here, crypto users can create and extend apps using blockchain technology. The integration of SCP Blockchain with SAP Leonardo broadens the potential of IoT. To take it further, it also brought SAP Hana Blockchain to the market. It aims to connect its database to popular blockchain platforms. 

Amidst the skepticism, SAP Blockchain can get through complex systems. The thing is, blockchain allows the conversion from central control to consensus. SAP transforms blockchain, an abstract concept, into an enterprise adoption. That was a part of the integration of SAP Hana Blockchain and SAP Cloud Platform Blockchain. 

Now, it continues to take a proactive approach to sustain blockchain innovations. As more users crowd the market, more improvements are needed to maintain its efficiency. 

A Step-by-Step Guide to Create Blockchain

Blockchain technology is an innovative combination of proof-of-work, cryptography, and cryptographic hash functions. Although there are already many blockchain-inspired works, most are not blockchain in reality. Given this, here are the basic steps in creating your blockchain. 

  1. Create Your SAP Universal ID

Choose the one that is most in line with business sense. Since SAP is widely used in blockchain technology, get a free account on SAP Cloud Platform.

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