The blockchain is the technology that resides at its core. In simple words, Blockchain is an open-source, distributed ledger capable of recording and storing information which is then secured by unique cryptographical designs.
At this time Blockchain technology makes use of a centralized, peer-to-peer network of databases, also called nodes, to validate and record digital transactions between individual users located anywhere across the Earth. These types of transactions often take place through the exchange of cryptocurrencies such as bitcoins. The craze for blockchain technology stems from its hack-proof architecture which renders all user transactions authentic, transparent and authorized.
Once the verification is completed, a block, consisting of hash and keys, is generated for each new transactions and is linked to previous transactions in every database. Each node updates its database with the new block.
The security and transparency that is in inherently present in these sort of digital transactions place blockchain technology in high demand across various industrial applications.
Industrial Applications of Blockchain Technology:
At this time Cybersecurity attacks and data, breaches have been a cause of major concern for individuals. Often hacker steals sensitive information of users such as a PAN Number/Aadhar number to use it for a fraudulent transaction. However, blockchain as mentioned above securely authenticates and authorizes the identity of a user without needing any sort of sensitive pieces of information. Even the user’s name is not required. Blockchain can play a major role in maintaining cybersecurity of digital transactions in the next years.
Banking service demands high security and hackproof technologies. Blockchain fits right in financial services. Cryptocurrencies will allow users to become banker themselves, lending, borrowing, and exchanging money over a centralized, transparent, and secure framework. The currencies are not regulated by any central agencies. Blockchain technology eliminates the need for a middleman, decreasing chances of hacking, identity theft, and fraud. Every financial transaction can be digitally stored and verified. Since each transaction is verified, the implementation of blockchain in financial institutions and Fintech companies can curb illegal activities such as money laundering.
In the education, field Deploying blockchain technologies can help verify the academic credentials of a student in a secure manner. Transcript and related material could be uploaded to an online system which uses blockchain technology. Since it is centrally deployed. it is accessible to all concerned party and is easily verifiable. Each modification is recorded and linked to a previous entry. Thus, a student cannot record incorrect/fraudulent data of unearned degrees since it will not pass the blockchain verification process.
- Medical Records:-
In the medical Field where blockchain can radically transform lives. If patient data is uploaded to a centralized server, doctors can access their patient’s real-time medical condition to make the most appropriate diagnoses. This allows timely, efficient, and cost-effective treatment saving live. It can also help protect the medical records of patients.
Charity in the form of food, clothes, cash, etc. is vulnerable because they can be stolen. In many cases, we do not reach the intended recipients due to a corrupt administration System. Blockchain technology can be implemented to keep an end-to-end digital flow of donated material from the donor to the recipient. We eliminate the need to deliver cash, Foods, and supplies through middlemen.
Career in Blockchain Technology:-
More industries are coming to realize the immense benefits of deploying a blockchain system. Thus, there is a sharp demand for professionals who have the knowledge to develop, manage, implement, and execute Blockchain technology.
According to CNBC stats, blockchain developers and managers are the highest-paid professionals among software engineers comparable only to those working on Artificial Intelligence.
The demand for software engineers is expected to maintain an astounding growth rate of 24% up to 2025.
Accordingly, blockchain developers are paid a premium salary of more than $150,000, yearly. Top IT Jobs in 2019
How become a Blockchain Engineer:-
The Certified Blockchain Expert is a skilled master who appreciates and realizes through and through what is Blockchain and how Blockchain capacities and moreover uses a comparable data to create CBE qualification confirms the people in Blockchain order of Distributed Ledger Technology from a seller nonpartisan point of view. Ensured Blockchain Expert is a comprehensive preparing an exam based program means to give evidence of-information of the endorsement holder in Blockchain space. The Blockchain is advancing quick and empowering organizations to fabricate convincing arrangements at a lesser expense. Ventures are attempting to recognize the correct ability to send in-house Blockchain-based activities. This confirmation will fill in as an extension between assets and organizations (representatives, advisors, and consultants) to give undertakings trust in the speedy contract.
It is essential that professionals know to code in a variety of programming languages, such as Java, C, Python, NodeJs, Apis, database design skills, networking, SQL, DotNet, Ajax, Agile Scrum, cryptography computing skills etc.