The blockchain technology is undeniably an ingenious invention. Its the brainchild of an individual or a group of individuals commonly known by the pseudonym, Satoshi Nakamoto.
Since its inception, it has evolved into something much greater, and now is something that everyone is talking about. Many experts are arguing whether this blockchain technology is a new form of banking and currency management.
Blockchain technology allows digital information to be distributed but not copied which actually can be the backbone of a new type of internet. It was originally designed for digital currencies (such as bitcoin) but the tech communities around the world have found potential uses for this type of technology which has a wide array of applications.
Let us dive into what Blockchain technology really is at its core and understand why it is being talked about so much in recent times.
What is Blockchain?
Blockchain, or as sometimes referred to as a Distributed Ledger Technology (DLT), essentially makes the history of any type of a digital asset unchangeable and transparent through the use of cryptographic hashing and data decentralization techniques.
A simple analogy for a much better understanding of blockchain technology is Google Docs. When we create a document in the said software and share it with a group of individuals, the document is essentially being distributed instead of being copied or transferred.
This creates a decentralized chain of distribution that allows access to the document to every individual at the same time. No one is restricted from access and awaiting changes from another party, at the same time all modifications are being recorded in real-time, making them completely transparent. This ensures that at no point the modifications are done in secret and has much more credibility.
Blockchain is much more complicated, but the analogy illustrates three critical aspects of this technology.
- Digital assets aren’t copied or transferred rather distributed in a systematic chain.
- It allows for full real-time access as the asset is decentralized.
- A transparent ledger of modifications preserves the integrity of the document, which in turn builds trust with respect to the asset.
Blockchain technology is a promising as well as a revolutionary piece of technology because it aids to reduce the levels of risk, stamps out various frauds and malpractices, and helps in maintaining transparency in a scalable way for myriad uses.
The global blockchain market is expected to increase by over 80% before 2023, according to experts. From $1.2bn to $23.3bn in total valuation, it is going to be one of the most sought after career paths for software engineers.
Why Blockchain is Important?
It is time for tech professionals to get up to speed and hop on to the Blockchain bandwagon because this revolutionary technology isn’t going anywhere. Blockchain technology provides for significant contributions to today’s businesses as it’s the best protection against monetary or identity theft. The reason that triumphs all is safety for businesses. However, three reasons why it’s important are:
- Decentralizing data: The decentralization of data decreases the risks that centralized systems are prone to. Being in ultimate control by one single party brings the potential risk or possible danger of fraud and malpractices in many forms. The control is concentrated in one area which makes it easy for external miscreants like hackers and phreakers to wreak havoc on the network. Blockchain technology solves this problem by sharing blocks of data between more than one single unit.
- Reducing Costs:Essentially this is the main reason why most companies switch to this type of technology. It helps in eliminating the parity between your server and the data. Access to data is much faster and easier. It also helps in reducing the risks related to human error, thereby reducing financial costs.
- Easier tracing: This feature is important if the product distribution of your company is based on a complicated supply chain. It helps in keeping track of each individual item and also helps in raising the security measures.
Considering these benefits and security measures that blockchain offers many business sectors have already adopted the technology and many more are on the verge of adopting this technique.
Wrapping things up
There is no doubt that Blockchain is revolutionizing security measures and accountability. There will soon come a point in life that human beings will question the very existence of a world without the use of blockchain technologies.
It has applications and uses in industries ranging from Banking and Finance, Gaming, Healthcare, Real Estate to even Transportation, Legal affairs and Restaurants, etc.
Blockchain technologies are often considered to be cutting edge and complex, which along with growing usage and increasing demand has resulted in career options in most top tech companies including Accenture, Tata Consultancy Services, etc.
In India, Blockchain is still a fledgeling idea but one that is receiving great traction as time moves on. Blockchain experts and engineers are in great demand in terms of work and pay with salaries ranging from upwards of 5LPA to around 12LPA for entry-level candidates. This is bound to increase with experience in the field and seniority.
Now that you are neck-deep into the idea of knowing Blockchain, take the next step towards learning more about Blockchain, and excel in the field with Verzeo.
Verzeo provides a comprehensive knowledge of the concepts and techniques that are encapsulated within Blockchain. It revolves around the structure and mechanisms of concepts such as Cryptocurrencies (we will mainly deal with Bitcoin), Hyperledgers, and also includes Multi Blockchain Platforms.
Verzeo’s internship course on Bitcoin/Blockchain teaches you in-depth about the various areas and aspects blockchain delves into. By the end of this program, you will be able to set up your own private blockchain and have the required skills to work on the tenets of the course.
For more details on what Verzeo offers, you can check out our website where you will have access to more than 30 specialised courses featuring both technical and non-technical domains.