Services that can be boosted with the help of Blockchain

‘Blockchain’ is the new buzzword in the world of technological innovations. A brainchild of a person or group under the pseudonym Satoshi Nakamoto, the concept of Blockchain technology was first introduced in the paper "Bitcoin: A Peer to Peer Electronic Cash System," way back in 2008. Since then, the popularity of blockchain has surged by leaps and bounds with its first use in digital currency extending to other sectors as well. With the tech community evolving novel applications involving blockchain technology, there has been a parallel rise in demand for professionals with a Blockchain certification. But, before we delve into the details of the utility of this ingenious invention, let us simplify the basic concept of blockchain technology.

Alternatively termed as Distributed Ledger Technology (DLT), blockchain is a distributed digital ledger system that stores data on a network of servers not owned by any central authority. This decentralized ledger is immutable, shared with everyone on the network, and no single entity has complete control over it. Each ‘block’ of data is unchangeable, secure, and linked to each other using principles of cryptography (‘chain’). The data stored on the blockchain is transparent and accessible to anyone on the network.

Blockchain involves three fundamental concepts: blocks, miners, and nodes. The data transaction process is initiated with the creation of a block that contains the data and is time-stamped with a cryptographic hash. New blocks are created on the chain by miners through a process termed as mining. The successful addition of a block rewards the miners financially. Lastly, the decentralized ledger system is maintained with the help of nodes; these are electronic devices that maintain their copy of the blockchain and keep the network updated with newly mined blocks on the chain.

 

Sectors where Blockchain can be used 

Created as a transparent digital ledger for the operation of Bitcoin, the applications of blockchain technology have now spread to various other sectors. Also, the rising popularity of the technology has imparted tremendous value to blockchain certification courses that train individuals to become professional blockchain developers. Let us look at some of the prominent use cases of blockchain technology:

1. Digital identity management – Safe storage and management of user identity on the web is the backbone of online interactions and transactions. The rising cases of data breaches call for the development of digital identity standards to secure user information. Blockchain technology provides a secure and inviolable infrastructure for a digital identity management system. 
2. Governance and public sector – The distributed ledger system of blockchain can be used to impart transparency to elections and polls by making the results accessible to the public. Delivery of government functions with improved accountability, responsiveness, and efficiency can be made possible by Ethereum's smart contracts and encrypted ledger. 

 

1. Finance - The banking and financial services sector is plagued with outdated processes, legacy software, restricted transparency, slow settlement of payments, and security issues. These problems can be eliminated with the use of blockchain technology that will provide the scope for secure technical infrastructure, improved end-user experience, efficient process delivery, and reduced operational risks.

 

1. Healthcare – The healthcare industry is crippled with issues like miscommunication and data silos that restrict the efficient delivery of healthcare services. Blockchain technology can revamp the system with transparency, efficiency, and security, allowing better management of medical data, development of medical discoveries, and better tracking of drugs and medical devices.

 

1. Entertainment and media – Piracy of digital content, intellectual property infringement, and duplication pose a significant setback to the entertainment industry. Blockchain technology can mitigate these threats by tracking digital content through a distributed ledger.

 

Need to take a course in blockchain technology 

Given the exponential growth of the technology, becoming a certified blockchain developer through a blockchain certification course is a valuable credential. Almost every sector is adopting blockchain innovation for smooth, transparent, and secure storage and management of transactions. Indeed, voluminous ledgers will very soon get replaced by the distributed digital ledger called the blockchain. 

Blockchain development is a relatively new field in the domain of blockchain technology. It involves the composition of blockchain architecture, development, and optimization of the principles of blockchain. Thus, a blockchain developer is one who is skilled in creating applications and smart contracts using the concept of blockchain technology. There are three kinds of blockchain developers, each requiring different skills, namely C++/ Go developers, Ripple developers, and Ethereum developers. 

Signing up for a blockchain certification course has some prerequisites – knowledge of the working of blockchain in the real world, command over programming languages, knowledge of cryptography, and a basic idea of web development, networking, and security.

One can find lucrative job opportunities in the field of blockchain development. High-profile companies, such as Capgemini, Accenture, and IBM have a high demand for professionals with an in-depth knowledge of blockchain technology. As per data gathered in 2019, the worldwide market for blockchain developers and engineers has seen a surge of around 517% over a year. 

The International Data Corporation (IDC) has estimated that the period from 2017-2022 will be marked by a meteoric rise in the use of blockchain, with worldwide spending on the technology reaching $11.7 billion by 2022. Naturally, the interest in blockchain technology has transcended cultural and regional borders since more and more business organizations are experimenting with innovative ways to tap its potential.

In this article, we discussed the basic principles of blockchain technology, its applications spanning across sectors, and the scope of taking a certification course on blockchain development. Notably, a career in blockchain development is in-demand. As more and more companies are adopting this innovative technology, endless opportunities are opening up for professionals with expertise in it. Not just the competitive business world, other sectors like government institutions, healthcare firms, and media companies are hiring blockchain developers and engineers on handsome salary packages. So, if you have the will to learn, improve and deliver, this is a golden time to tap the potential of this emerging technology.