We might have heard frequently about Blockchain as a hot buzzword when we talk about technology. Sure it has been there for a long while, but even today, it can be confusing people a bit. This article is everything about Blockchain where every aspect of it is discussed in depth. With Blockchain technology being implemented in almost every sector, you should not miss knowing about it. Try this article to keep yourself updated with the latest trends in blockchain technology.
Meaning of Blockchain Technology
Today’s article talks about everything related to Blockchain- from the meaning, statistics, applications to finding a career. Without wasting any more time, let’s read more about it.
To explain in simple terms, Blockchain records information and has mechanisms that prevent modification, access, or hacking of this entire data block. You can also call it a ledger system used in transactions, one of the famous examples of the same is Bitcoin.
When we talk about a blockchain system of cryptocurrency coins, the transaction block contains information about the sender, receiver, and number of coins to be transferred. This record further is stored permanently along with metadata.
Why Blockchain Technology?
To know more about why Blockchain technology is being widely adopted for various purposes, let’s analyze the history, present scenario, and future statistics.
As per the records, Blockchain was implemented for the first-ever time by Satoshi- who brought the blockchain database into reality in Bitcoins. Today, organizations are reducing infrastructure costs, legalizing paperwork through smart contracts, tracking, and maintaining records in healthcare and logistics. The biggest marketplace running on the decentralized peer-to-peer transaction is proof that Blockchain is propelling towards making a significant impact in the future.
As mentioned earlier about smart contracts, they’re the digital agreements that signify the terms of the contract through a code. Further, these contracts are implemented when satisfactory conditions are met.
Famous companies from different sectors who are already implementing Blockchain in their ways:
- Maersk
- Spotify
- The State of Delaware
- IBM
- Honeywell
Future Analysis
More and more companies are opting to use Blockchain in their ways. Implementing Blockchain increases trust and transparency, and there is traceability of data shared across a business network and is a secure way to preserve it. With this, the blockchain market is expected to grow USD 34 billion by 2026 globally, and this prediction is expected to give Blockchain a surge of 45% in the coming years.
There are two ways in which people can do the ledger transfer:
- The public community also called as permissionless ledger transfer, and
- Private community also called as permissioned ledger transfer.
Careers in Blockchain Technology
Below are the job profiles that a blockchain enthusiast can pursue with proper certifications. With varying roles and responsibilities, blockchain experts and beginners can excel in being:
- Crypto Brokers and Journalists
- Blockchain Developer and Engineer
- Blockchain Architect
- Blockchain Project Manager
- Blockchain Consultant, Analysts, and Managers
- ICO Managers
- Blockchain Quality Engineers
- Blockchain Security Auditors
Applications of Blockchain Technology
Blockchain has been widely implemented almost everywhere in various possible ways. But to categorize them based on their applications, the following are the applications:
- Maintaining any data that should not be modified or hacked, say patients’ medical history, supply chain, transport, logistics, and voting data.
- To track the transactions happening in marketplaces such as cryptocurrencies and NFTs.
- Tracking data such as payment platforms for organizations, royalties in music and albums, insights for businesses related to consumer data etc.
- Almost every sector can implement Blockchain to manage their business in every way possible efficiently.
- In legal and criminal courtrooms, Blockchain as a system can be used to store courtroom evidence, making it difficult to modify and restrict access to it. Thus, the overall criminal justice system can see a revolution through blockchain technology.
Challenges and Security Issues for Blockchain Technology
Yes, every technology has room for improvement to make it even more efficient to utilize. Blockchain, too, comes with a set of challenges and security-based issues. With proper management, it can be possible to mitigate the risks and address them effectively.
Scalability and migration:
Current organizations wanting to switch to Blockchain might face an issue in migrating their entire infrastructure or partially implementing blockchain-based functions. Besides, there may arise a problem of scalability even if migration is achieved.
Security issues:
Even if Blockchain sounds like a secure way of tracking data, attackers are constantly trying to find new exploits to exfiltrate information of the systems.
Compliance and data security:
Attackers and malicious hackers are also keen on exfiltration or tampering with the data stored in this blockchain system. Besides, extra precautions need to be taken to ensure that user information stays secured and organizations storing sensitive information stay compliant.
Different Certifications you can get to kickstart your career in Blockchain.
Here is a list of different certifications for a high paying job and a successful career in Blockchain. While some can do a full-fledged diploma course in Blockchain, people also pursue specific certificate courses. These courses are of varying complexity; however, one can pursue with determination irrespective of the educational background.
- The Certified Blockchain Expert or CBE
- Certified Blockchain Architect (CBA)
- CBDH: Certified Blockchain Developer: Hyperledger
- CBDE: Certified Blockchain Ethereum Developer
- Certified Blockchain Professional (CBCP)
These are the highly sought and popular courses taken by the people. They will serve for the skills in different blockchain domains. One can check out the following websites that provide globally accepted and recognized certificates required for a career.
- Blockchain Council
- EC-Council
- Simplilearn
- edX
- Coursera
What skills and interests does one need while considering Blockchain as their career switch?
It can be a tough road for those switching to Blockchain without any technical background. However, don’t be scared. All you need is some clarity and dedication to get through it. One needs to know about the following topics and skills while considering Blockchain as their career switch.
- Applied Cryptography
- Blockchain for business
- Programming languages
- Research and Analytical skills
- Security skills for being in the auditing process
- Management and consultation
Towards the conclusion
As we conclude on the topic of Blockchain Technology, we hope there was some clarity on what Blockchain means and how to pursue a career in it. Countries use blockchain-led government systems; for example, Dubai and India plans to implement their blockchain-based digital currency called CBDC. Organizations provide consultation and implementation of Blockchain-as-a-Service (BaaS) and integrate them during production stages. A technology having a dominating edge over others is worth learning about!
We hope you liked this article on Blockchain. Do let us know your views in the comments.
Author Bio: This article has been written by Rishika Desai, B.Tech Computer Engineering graduate with 9.57 CGPA from Vishwakarma Institute of Information Technology (VIIT), Pune. Currently works as Threat Intelligence Researcher in CloudSEK. She is a good dancer, poet and a writer. Animal love engulfs her heart and content writing comprises her present. You can follow Rishika on Twitter at @ich_rish99.