Blockchain is far more secure than other record keeping systems because each new transaction is encrypted and linked to the previous transaction. Blockchain, as the name suggests, is formed by a network of computers coming together to confirm a ‘block’, this block is then added to a ledger, which forms a ‘chain’. Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed. This immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks. It’s decentralized nature also gives it a unique quality of being ‘trustless’ – meaning that parties do not need trust to transact safely.
Due to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate. In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency. Property management processes are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant-landlord agreements.
In Blockchain, when miners use their resources (time, money, electricity, etc.) to validate a new transaction and record them on the public ledger, they are given a reward.
Note: As a reward, the miner gets 12.5 BTC (bitcoins)
Blockchain technology is only going to grow in the fields of business, finance, law, medicine, and real estate. Whether you’re an experienced Blockchain developer, or you’re aspiring to break into this exciting industry, enrolling in our Blockchain Certification Training program will help individuals with all levels of experience to learn Blockchain developer techniques and strategies.
Several industries like Unilever, Walmart, Visa, etc. use blockchain technology and have gained benefits in transparency, security, and traceability. Considering the benefits blockchain offers, it will revolutionize and redefine many sectors.
Here are the top 5 prominent industries that will be disrupted by blockchain technology in the near future:
- Cyber Security
- Supply Chain Management
Banking has transfer fees, which can be both expensive and time-consuming for people. Also, sending money overseas becomes even more difficult due to the exchange rate and other hidden costs.
Blockchain eliminates the need for a middleman. Blockchain is disrupting the banking system by providing a peer-to-peer payment system with the highest security and low fees.
- Blockchain technology provides instant and borderless payments across the globe
- Cryptocurrencies (like Ethereum, bitcoin) remove the requirement for a third party to perform transactions
- Blockchain records all the transactions in a public ledger which is globally accessible by bitcoin users
Let’s consider an example of ABRA
- Abra is a financial cryptocurrency application which helps in performing peer-to-peer money transfers
- With this application, cryptocurrency users can save, send and receive their digital money on their electronic devices
2. Cyber Security
Earlier, cyberattacks were a significant threat to the public. Several organizations were developing an effective solution to secure the data against unauthorized access and tampering.
- Blockchain quickly identifies malicious attack due to the peer-to-peer connections where data cannot be tampered with
- Every single piece of data stored on the blockchain network is verified and encrypted using a cryptographic algorithm
- By eliminating the centralized system, blockchain provides a transparent and secure way of recording transactions (without disclosing your private information to anyone)
For example, a software security company called Guardtime offers blockchain-based products and services.
Rather than following the centralized system, the company utilizes blockchain technology and distributes data to its nodes.
3. Supply Chain Management
Due to the lack of transparency, supply chain management often had its challenges like service redundancy, lack of coordination between various departments, and lack of reliability.
Tracking of a product can be done with blockchain technology, by facilitating traceability across the entire Supply chain.
Blockchain gives the facility to verify and audit transactions by multiple supply chain partners involved in the supply chain management system.
- Blockchain records transaction (history, timestamp, date, etc.) of a product in a decentralized distributed ledger
- Each transaction is recorded into a block
- With blockchain, anyone can verify the authenticity or status of a product being delivered
Let’s consider an example of the Pacific Tuna project.
Here, blockchain supply chain management provides a step-by-step verification process to track tuna fish. The process results in preventing illegal fishing.
In the healthcare system, patients can connect to other hospitals and collect their medical data immediately. Apart from the delay, there are high data corruption chances since the information is stored in a physical memory system.
- Blockchain removes a central authority, which results in instant access to data
- Here, each block is linked to another block and distributed across the computer node. This becomes difficult for a hacker to corrupt the data
For example, United Healthcare is an American healthcare company that has enhanced its privacy, security, and medical records’ interoperability using Blockchain.
Rigged votes is an illegal activity that occurs during most traditional voting systems. Also, citizens who want to vote to wait a little longer in a queue and cast their votes to a local authority, which is a very time-consuming process.
- Voters are allowed to vote without the need of disclosing their identity in public
- The votes are counted with high accuracy by the officials knowing that each ID can be attributed to just one vote
- As soon the vote is added to the public ledger, the information can never be erased
Consider an example of MiVote
- MiVote is a token-based blockchain platform that is similar to a digital ballot box
- Using MiVote, through a smartphone, voters can cast their votes, where the records are stored in the blockchain securely
A Pew Research Center study published last May stated that American trust in government is near an all-time low. Only about one-quarter of Americans say they can trust the government in Washington to do what is right “just about always” (2%) or “most of the time” (22%). Only 18 percent of Americans say they can trust the government to do what is right most of the time.
Booz Allen Hamilton consulting firm wrote that the government could benefit from blockchain-based applications because it offers transparency through decentralization, allowing participating stakeholders to see and verify data. In addition, blockchain can enable independent verification of governmental claims. The firm wrote that Sweden, Estonia, and Georgia are experimenting with blockchain-based land registries, which could help quickly resolve or prevent property disputes.
From crypto startups to established companies, the job market looks good for blockchain enthusiasts and it is expected to grow exponentially in the coming years. The employers have been searching for the following job roles:
- Senior software engineer, cryptocurrency
- Cryptocurrency Analyst
- Cryptocurrency Developer
- Cryptocurrency Trader
- Cryptocurrency Mining Technician
- Direct Sales Associate – Cryptocurrency
- Systems Engineer (Trading Cryptocurrency)
- Cloud Engineer with Bitcoin protocol / Blockchain
- Bitcoin Full-Stack Developer
- Cryptocurrency Research Analyst (Internship)
Blockchain technology aspires to change the world.
There have been some unique concepts produced from a melding of blockchain with voting systems, commodities trading, and even real estate, but the candidate most likely to push mass adoption of blockchain is the Internet-of-Things (IoT).
This ability to build a safe infrastructure for autonomous collaboration makes it easy to be creative without worrying about the veracity of their data.
Before I say anything about the data security just have a look at this data breach visualization. If you look at the current web infrastructure you would find how vulnerable we are right now. Which brings me to the original Web 1.0 concerns about commerce and identity online:
Can my credit card number get stolen? Most definitely.
Am I being tracked? 100%.
Do they see my profile activity and password? Oh yes.
Is it safe? Well, we thought so…
In the above image, you can see how blockchain infrastructure eliminates the need for any single entity to keep and store your sensitive data (including you).
So, if Blockchain can solve all these problems then why not learn to use it?
Blockchain is an underlying technology of cryptocurrencies, so by understanding the concepts of Blockchain, you will be able to make smarter investments and tradings. Also, knowing the technology will help you shortlist the best ICOs based on their concepts.
“If people are going to day trade cryptocurrencies, and they don’t know what they are doing, they’re going to get slaughtered,” ~Dan Novaes, Co-founder & CEO of Current.
Believe and learn about the technology behind the cryptocurrencies before investing.
Blockchain is a booming sector, there are ample opportunities waiting for you in the market. If you think you have the right skill sets to work in Blockchain domain and wish to get adapted to this trending wave, then you will be able to swim in the sea of jobs and enjoy the power of this revolutionary platform.