Blockchain and FinTech: Basics, Applications, and Limitations from edX

Blockchain is a core technology in FinTech. The original design of blockchain focused on the cryptocurrency "Bitcoin". Due to its specific characteristics, many companies and users now find blockchain very useful for applications in many areas, not limited to cybercurrencies, including finance, logistics, insurance, medicine and even music. However, the design of blockchain involves cryptographic technology, which cannot be easily understood by those who are not professionals in the area of IT and security.

In order to better understand what kinds of applications best fit blockchain and other forms of distributed ledger technology and the potentials of these emerging technologies, it is important to understand the design rationale, the basic technology, the underlying cryptographic fundamentals, and its limitations. This 6-week online coursewill walk you through the following:

The design rationale behind blockchain and the issues for such decentralized ledger (transaction) systems.
The underlying technology (e.g. how the fundamental algorithms - the cryptographic primitives - work together) behind and how it makes blockchain works and safe.
The differences of the various existing blockchain platforms and what these platforms can provide (e.g. pros and cons of the major platforms).
What kinds of applications (both traditional and emerging) best fit the blockchain technology and how blockchain technology can benefit these applications.
Blockchain does have its limitations. We will uncover the problems and the limitations of blockchain technology to enable developers and researchers to think about how to enhance the existing blockchain technology and practitioners to better address the issues when using blockchains in their applications.
This course will also briefly discuss the downside of blockchain with respect to the protection of criminal activities (e.g. why ransomware always ask for bitcoins as ransom, and the money laundering problem).

The course aims at targeting a wide audience: This course will provide learners a good understanding of the technological, applicability, limitations and "illegal" usage of the blockchain technology.

What's inside

Learning objectives

Understand the design rationale behind the blockchain technology.
Understand the technological and cryptographic components of a blockchain.
Understand the variations and differences of existing major blockchain platforms.

Understand what types of applications best fit the characteristics of blockchain.
Understand the limitations and outstanding issues of existing blockchain technology.
Understand the negative impacts of, in particular, criminal activities in the context of blockchain.

Understand the design rationale behind the blockchain technology.
Understand the technological and cryptographic components of a blockchain.
Understand the variations and differences of existing major blockchain platforms.
Understand what types of applications best fit the characteristics of blockchain.
Understand the limitations and outstanding issues of existing blockchain technology.
Understand the negative impacts of, in particular, criminal activities in the context of blockchain.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Taught by Siu Ming Yiu, who is an authority on blockchain technology

Teaches the fundamentals of blockchain, which is a core technology in the field of finance

Prepares learners for careers and further learning in blockchain technology

Develops an understanding of the design rationale and technological components of blockchain

Suitable for a wide audience ranging from beginners to those seeking advanced knowledge

Introduces learners to various blockchain platforms and their pros and cons

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Blockchain and FinTech: Basics, Applications, and Limitations with these activities:

Review cryptography

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Mastering cryptography will be essential for understanding the underlying technology of blockchain and its implementation.

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Study symmetric-key algorithms (e.g., AES, DES)
Study public-key algorithms (e.g., RSA, ECC)
Study hash functions (e.g., SHA-256, MD5)
Study digital signatures (e.g., DSA, ECDSA)

Solve cryptographic puzzles and exercises

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Practice cryptographic puzzle and exercises will reinforce your understanding of cryptography and its applications.

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Solve puzzles involving symmetric-key algorithms
Solve puzzles involving public-key algorithms
Solve puzzles involving hash functions
Solve puzzles involving digital signatures

Follow online tutorials on blockchain development

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Online tutorials will provide hands-on experience with blockchain development platforms and tools.

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Find tutorials covering a specific blockchain platform (e.g., Ethereum, Bitcoin)
Follow the tutorials step-by-step
Build a simple blockchain application
Deploy the application to a test network

Five other activities

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Join a blockchain study group

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Participating in group discussions allows you to engage with peers, share knowledge, and get different perspectives on blockchain.

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Find a study group or create your own
Meet regularly to discuss blockchain topics
Share resources and experiences
Collaborate on blockchain projects

Compile a list of blockchain resources

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Compiling blockchain resources can aid understanding and facilitate future learning or projects.

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Search for online resources related to blockchain technology
Categorize the resources (e.g., tutorials, articles, videos)
Annotate the resources with brief descriptions
Share the compilation with other learners

Design and implement a blockchain prototype

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Designing and implementing a blockchain prototype will showcase your understanding of the technology and its practical applications.

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Define the scope and objectives of your prototype
Choose a blockchain platform and development tools
Design the architecture of your prototype
Implement the prototype
Test and evaluate the prototype

Participate in a blockchain hackathon

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Participating in a hackathon will provide practical experience and exposure to real-world blockchain projects.

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Find a hackathon that aligns with your interests
Form a team or work individually
Develop a blockchain-based solution to the hackathon challenge
Present your solution to a panel of judges

Mentor junior blockchain developers

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Mentoring others not only reinforces your knowledge but also enhances communication and interpersonal skills.

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Identify junior developers who need mentorship
Offer guidance and support on blockchain concepts and technologies
Review their code and provide feedback
Encourage their participation in blockchain projects

Career center

Learners who complete Blockchain and FinTech: Basics, Applications, and Limitations will develop knowledge and skills that may be useful to these careers:

Blockchain Developer

Blockchain Developers specialize in developing and maintaining blockchain applications. This course would provide you with the knowledge and skills you need to succeed in this role. You would learn about the design rationale behind blockchain, the underlying technology, and the different types of blockchain platforms.

See salaries and explore the career path for Blockchain Developer

Software Engineer

Software Engineers are responsible for designing, developing, and maintaining software applications. This course would be helpful for building a foundation in blockchain and FinTech, which are rapidly growing fields. Software Engineers who have a strong understanding of these technologies will be in high demand.

See salaries and explore the career path for Software Engineer

FinTech Analyst

FinTech Analysts help businesses understand and implement new financial technologies. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for FinTech Analyst

Financial Risk Manager

Financial Risk Managers are responsible for identifying and managing financial risks. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Financial Risk Manager

IT Auditor

IT Auditors are responsible for evaluating the security and effectiveness of IT systems. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for IT Auditor

Compliance Officer

Compliance Officers are responsible for ensuring that their organizations comply with all applicable laws and regulations. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Compliance Officer

Product Manager

Product Managers are responsible for developing and managing products. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Product Manager

Project Manager

Project Managers are responsible for planning, executing, and closing projects. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Project Manager

Business Analyst

Business Analysts are responsible for understanding business needs and translating them into technical requirements. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Business Analyst

Data Analyst

Data Analysts are responsible for collecting, cleaning, and analyzing data. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Data Analyst

Software Architect

Software Architects are responsible for designing and overseeing the development of software systems. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Software Architect

Cybersecurity Analyst

Cybersecurity Analysts are responsible for protecting computer systems and networks from unauthorized access or attack. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Cybersecurity Analyst

Financial Analyst

Financial Analysts are responsible for providing financial advice to individuals and businesses. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Financial Analyst

Investment Banker

Investment Bankers help companies raise capital and provide financial advice. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for Investment Banker

AML Analyst

AML Analysts are responsible for identifying and reporting suspicious financial transactions. This course would be helpful for building a foundation in blockchain and FinTech. You would learn about the different types of blockchain platforms, the benefits and challenges of using blockchain, and the potential applications of blockchain in the financial industry.

See salaries and explore the career path for AML Analyst