Blockchain Technology

Technology is increasing at a really fast speed and blockchain technology is one of the leading technology in the world. A Blockchain Technology is another digital transformation which is used for making a decentralized network, smart contracts, security, Increased Capacity of the whole network and public ledger of all cryptocurrency.

When we talk about Blockchain, Blockchain technology not used in one area but it is used in every sector like education, healthcare, Supermarket, financial services, agriculture, e-commerce and it allows market participants to keep track of digital currency transactions without central recordkeeping.

Getting into Blockchain technology will get you a bigger scope for a marketplace. The market is still young and good blockchain developers are rare, so if you are skilled or you became skilled in this area, the sky’s the limit with high demand and income.

 

Benefits of learning blockchain technology:

  • High demand: Today only 0.5% of world population are using blockchain but more than 50% of world population is using the internet, thus in future, the usage and applications of blockchain are going to be plenty in number. It would create a very high demand for the developers of the blockchain.

 

  • The Base for Cryptocurrencies: Blockchain serves as a base on which the cryptocurrencies are traded. This is the biggest advantage of blockchain that with the help of it the flow or movement of each digital coin can easily be traced and no duplicate or fraud can be planned. The most popular and widely used blockchains are Bitcoin and Ethereum blockchains.

 

  • Well established Infrastructure: Blockchain provides a well-developed infrastructure for the world. Blockchain and Distributed Ledger Technology (DLT) essentially connect together to form a new type of market infrastructure that sits on top of – and integrates into – existing systems and processes. So, basically, it offers a single infrastructure and solution facility connected with the other type of market. This way one can integrate into the existing process and system.

 

  • Provides secure and safe platform: The blockchain technology provides a safe and secure platform to work upon. This is a decentralized technology where the transaction of content, digital tokens, and any digital matter can be held with one user account to another. As we compare to the extent of the safety of data and transactions carried on Web before blockchain was introduced and those carried in the blockchain, we get to know that now it has become more secure and safety of user’s sensitive data and the information is of an utmost priority today.

 

  • Blockchain and IoT: Blockchain and Internet of things combined together we enter a space of pretty unlimited possibilities. The reason for this is, IoT obviously doesn’t stand on its own and needs to be seen in the broader context of what it enables across various use cases and industries and the additional technologies that are simply needed to make IoT work for whatever reason. Add to that ongoing convergence on technological, data and business levels and the picture becomes broader. Both, when combined, can work in numerous areas such as cryptocurrencies, insurance, real estate, stock trading, communication etc.

 

  • Future in the Financial sector: The blockchain technology can bring an inflection point for the way of working in business till 2024. Financial institutions would acknowledge the disruptiveness of the Blockchain, thus it can be predicted that they would adopt blockchain technology in order to make their system more secure and traceability of money be increased.

 

  • The break-in Supply Chain: Over a hundred years ago, supply chains were relatively simple because commerce was local, but they have grown incredibly complex. The blockchain is the new type of supply chain with no intermediaries. Since every transaction is recorded on a block and across multiple copies of the ledger that are distributed over many nodes (computers), it is highly transparent. It’s also highly secure since every block links to the one before it and after it. There is not one central authority over the blockchain, and it’s extremely efficient and scalable. Ultimately, blockchain can increase the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment. Chain of command is essential for many things, and blockchain has the chain of command built in.

 

  • Good Job opportunities: Several job prospects are now open for the engineers and other professionals who have learned blockchain technology. Jobs such as cryptocurrency analysts, blockchain developers etc.

 

 

For engineers:

 

  • A good career path: Students who are pursuing or going to pursue engineering course it would be of great advantage for them if in their course duration of four years they learn blockchain technology along with the programming languages like C, C++, JAVA, PYTHON etc. They may also go for a full certification course in blockchain which is available offline as well as online.

 

  • Career boost for existing software developers: The software engineers who are working on software development, web, and mobile application development can get a good hike and growth in their career if they learn blockchain technology as this is very popular nowadays and has a potential of the technology revolution in near future.

 

  • Opens several areas to work: If engineers learn blockchain technology it opens several fields for them to work upon such as;-
    • Agriculture
    • Finance
    • Stock trading
    • It companies
    • Education
    • Brokerage for several personal transactions
    • Real estate etc.