If you are wondering why blockchain is booming exponentially, you have landed at the right page. In this article, we will illustrate why blockchain is the future.
Table of Contents
- Basics of Blockchain Technology
- Blockchain Opportunities that can’t be Overlooked
- Facts and Figures to Consider
- Conclusion: Is Blockchain Surely A Next Big Thing
Basics of Blockchain Technology
With the invention of Bitcoin, which was introduced in 2008, the world was introduced to a new concept, blockchain, which is likely to revolutionize the entire globe. Few describe blockchain as a revolution, whereas blockchain developers and technocrats believe it will be more evolutionary, which may take a few more years before much practical benefit.
Blockchain technology is a peer-to-peer, decentralized distributed ledger that is cryptographically secured, append-only, immutable that can be updated through consensus mechanisms among peers in the network. Unlike traditional systems, blockchains have no central administration to govern, and blockchain experts believe that this technology is much more secure because each node in the network holds records, thereby creating a system that’s more complicated to manipulate or successfully attack by attackers.
If you are looking for blockchain certification courses to give your career a head start, check out Blockchain Council now.
Blockchain Opportunities that can’t be Overlooked
Blockchain Applications are Unstoppable
Blockchain has far-reaching applications across many industries. Traditionally, transferring the money has been slow and expensive, especially for payments across international borders. Blockchain, a distributed ledger technology, has the potential to provide a faster and cheaper alternative solution to conventional cross-border payment methods. Similarly, the introduction of smart contracts that have a remarkable impact on the broader business world remains exciting in blockchain space that has extended beyond the cryptocurrency.
Right from supply chain management, healthcare, digital identity, art & music, manufacturing, eCommerce, real estate, media, voting, fundraising, among others, blockchain is revolutionizing every industry for good.
People are Considering Blockchain a Mainstream
As blockchain is one of the buzzwords that is attracting people’s eyes, various tech firms, industries, government sectors, and even startups are trying to keep up with the technology.
These are giant companies and organizations such as accountancy firms, insurance, retailer, and law offices that are considering adopting blockchain massively. Moreover, tech firms such as IBM, Tech Mahindra, and others are trying to shift to a decentralized system for their operations. Even independent businesses are looking forward to adopting blockchain. Apart from that, public sectors have been hiring blockchain experts and developers to help them explore new hidden opportunities.
Thus, as the demand for blockchain professionals continues to fly, blockchain developers’ salaries are taking off universally.
Career Opportunities in Blockchain Space
Although less discovered, blockchain has tremendous job opportunities for its fans. There are various high-profile job titles in this space, such as blockchain expert, blockchain developer, including blockchain architect. Apart from these, there are numerous positions for crypto enthusiasts. Recruiters are hunting for cryptocurrency experts and cryptocurrency traders who have an in-depth understanding of cryptocurrencies and crypto-trading skills.
If you want to be successful in a crypto career, remember:
- Get certified from the top educational platform like Blockchain Council.
- Stay passionate, and keep yourself updated about the industry trends.
Blockchain- A Stop- Solution
Blockchain professionals and technocrats believe that blockchain is here to stay with us because of its unique characteristics, and its phenomenon appears to be gathering pace. Blockchain is booming because:
- Banks and other companies charge almost $2 trillion per year for providing middleman services such as payment settlements and fraud-checking. But when it comes to the blockchain (which does not require any middleman/central authority), it can effectively automate all of this while reducing costs.
- Traceability is the other factor for blockchain popularity. By tracking a product’s origin to its final destination, blockchain helps industries to track all the stages of the process.
- Several companies have even brought blockchain-based loyalty cards to the market, making it easier for customers to transfer and trade the value in their freebie vouchers over diverse retailers. They believe that blockchain has the potential to speed up things and enhance customers’ experience.
- Blockchains are more secure than any other file storage system because they are encrypted and distributed, which indicates no one has central control over the database, unlike traditional systems. The information stored in blockchain can’t be altered or deleted and won’t be accessible to unauthorized users, which ensures one can handle sensitive data. Blockchain’s potential towards automation and removal of middle-men also increases security by removing potential points of failure.
Facts and Figures to Consider
Blockchain has the potential to revolutionize and transform almost all industries across the world, and since technology is intertwined with the concept of cryptocurrencies, therefore, when the pair of blockchain-cryptocurrency becomes mainstream, it is expected that it would overhaul the entire current monetary system.
The report suggests that the blockchain market size is expected to grow exponentially from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an impressive CAGR of 67.3% during 2020–2025.
Blockchain professionals believe that the demanding need for simplifying the business operations and the need for supply chain management applications integrated with the blockchain will give a new definition to the global market of blockchain.
Conclusion: Is Blockchain a Next Big Thing
From the above discussion, it is clear that blockchain is surely the next big thing that is transforming and will continue to revamp the entire world, but what it will bring for all in the future is exciting and unpredictable.