Tapping Into Blockchain’s Revolutionary Potential

What Exactly is Blockchain?  

Let’s put aside blockchain’s broader applications for a moment and address a critical point: what is blockchain, anyway? Blockchain is a newly developed, decentralized, distributed transaction system. It is a means of both securely and transparently storing online records of transactions. Individuals’ records are known as blocks, which are in turn linked together into chains.  The operation is accomplished by means of a peer-to-peer network system. 

All of the participating users’ computers work together to verify the records and then add them to the blockchain. As the block creation is a sequential process, no single computer can add any block to this chain. With the help of cryptography, a new block is attached to the blockchain. The records of the block are kept permanently, and the chain continues without any break, which prevents the chance of any misconduct or erroneous transaction. 

If you use Google’s popular Docs or Sheets applications, you know that everyone who has access to the files can see changes almost immediately; it’s transparent but also secure. This is similar in concept to blockchain technology.  

Blockchains came into existence because of loopholes in the banking sector. It is a new way of transferring funds or information without involving a third party, invented by someone known only by the alias “Satoshi Nakamoto” initially to serve Bitcoin as a mode of cryptocurrency. Since transactions don’t take several days to be completed, even for intercountry transfer, blockchain is ideally suited for currencies. 

Interested to learn about Blockchain, Bitcoin, and cryptocurrencies? Then check out the Blockchain Certification Training. Check out the course preview!

Potential Blockchain Applications  

Public blockchain applications could someday make our lives easier and more secure. Here are a few current and promising applications for blockchain:

1. Settlement of Payments and Money
   

   With the help of blockchain, money can be easily and transferred—typically within seconds—without much inconvenience. 

2. Keeping an Eye on The Supply Chain System
   

   Using blockchain, we can scrutinize the supply chain system competently not only for the sake of the business but also for the consumers’ convenience. 

3. Retail Loyalty Plans
   

   The retail sector uses loyalty reward programs to connect with customers and strengthen ties with merchants. Using blockchain, stores could maintain records to form a reward-based program for the consumers by means of tokens. 

4. Royalty and Copyright Security
   

   With the help of blockchain, the reallocation and transfer times of digital assets could be noted and logged. Copyrights could be purchased legitimately and content owners would get their rightful share.

5. Digital Voting Systems
   

   With blockchain, votes could be cast digitally and securely preserved. If any fraud is being perpetrated, the regulators could pinpoint the error because of its distributed network presence. 

6. Data Backup 

   Though cloud storage devices are available for data backup, they’re vulnerable to hacking. Properly implemented, blockchain technology could negate the possibility of a data breach.

7. Equity Trade 

   The current process of equity trading is time-consuming. Blockchain technology’s speed in performing transactions such as completions and confirmations can potentially reduce or even eliminate wait times.

8. Medical Records 

   Digital storage has given rise to concerns about the disclosure of confidential patient records. Blockchain technology offers data protection with easy access.

9. Tracking Weapons 

   A registry network can be created using blockchain to record weapon details, which a government could then access in order to track a weapon’s owner or to whom it was sold.

10. Ownership Transfer
    

    When selling assets such as land and buildings, all of the pertinent details could be registered and saved in electronic form via blockchain. Even past details could be gathered and retroactively entered into the blockchain database.

Career Scope and Opportunities in Blockchain

Becoming a developer and enrolling in blockchain programs is not the only career option available in the blockchain family. Though it is one of the trendiest career choices in 2019, there are many more options (and courses to help prepare for them) for graduates and computer IT folks in the blockchain field. Having blockchain training and appropriate certification will help open up more doors.

Here are some of the most promising career choices available:

1. Project Manager
   

   The role of a project manager is to act as a mediator between business professionals and application developers. For this role, you should have strong communication skills and more detailed knowledge about the blockchain system, as you’d have to deal with both technical and non-technical people.

2. Quality Engineer 
   

   The quality engineer has to test various software modules within the environment of the blockchain by working with different network speeds, testing tools, platforms, and frameworks. To apply for this position, you should have a clear knowledge of the full blockchain architecture and the testing principles of the engineering world. 

3. Web Designer
   

   As we are on the verge of harnessing blockchain capabilities with cryptocurrencies, there is an increased demand for web designers. In this role, you would create user-friendly web portals to interact with backend databases. Having a thorough knowledge of HTML, CSS, Javascript, and other scripting languages would be a major advantage.

4. Legal Consultant
   

   These professionals basically act as bridges, providing advice to business firms to build methodology via legal divisions, such as how to go for an Initial Coin Offering (ICO) or leverage transactions efficiently. You should have a law degree for proficient legal discussions, along with the appropriate technological knowledge.

5. Application Developer
   

   This is undoubtedly the highest-paid blockchain profession, where you’re required to develop the necessary applications via software and programming languages. For this role, you should have a sound knowledge of Ethereum smart contracts using Solidity language, Hyper Ledger along with C, C++, and jQuery, among other technologies and platforms.

6. Interns
   

   This is an entry-level position that offers great opportunities for learning and understanding the blockchain process flow. Starting out as an intern can help you determine the best career route to take as you gain more knowledge and experience.

Looking forward to a career in Blockchain? Well, try answering these Blockchain Quiz Questions and assess your level of preparedness.

Join the Blockchain Revolution: Get Started Today!

Blockchain is a revolutionary technology that, while relatively new, has already made a reputation for itself in the past few years. The blockchain technology applications mentioned above aren’t the only ones out there; there are so many other ways that blockchain can make life easier and more secure in the public and private sectors.

This vast potential is the main reason why most big organizations and businesses are looking for new ways to use blockchain technology in their business processes. This heightened awareness has created more opportunities for professionals who are well-versed in blockchain technology and its nuances. Now’s the time to turbocharge your skills and launch your blockchain career!

Get a full introduction to blockchain in Simplilearn’s Blockchain Basics Course, or take the Blockchain Certification Training to further your career even more!