If you are a technology stalwart, then you must be aware of the Blockchain and its application. The decade-old technology has disrupted almost all the business verticals and is paving the way for new development. Additionally, it has also opened the gateway for new job opportunities. As and when the companies plan to explore DLT, there would be a need for skill and talent who know about this technology and can find new ways of using the same. Recently, a training center was set up in New York, which is the first of its kind. This training center aimed to bring awareness about Blockchain technology and its application. On the related note, China along with Ripple has launched a Blockchain research scholarship programme.
Why There Is So Much Buzz About Blockchain?
The Blockchain is a distributed ledger technology aiming to create a platform which is highly transparent and secure. This technology came into the picture in the year 2009 with the rise of Bitcoin. Although Blockchain’s initial application was restricted to cryptocurrency transaction later, it evolved and found usage in different business operations.
Provenance, decentralization, and transparency are the underpinnings of Blockchain technology which makes it one of the most sought after technologies today.
Key Features Of Blockchain Which Make It Useful For The Industry:
- Decentralization- Blockchain is a decentralized platform, it means that the information is not stored at a central location. Instead, it is spread across the network. There are various nodes in the system that does the job of verification and validation of information. Once the data is verified, it gets added to the ledger. During this process, the entire information is not stored in a central location. Instead, it is spread across making the data easily accessible.
- Transparency- Another key feature of Blockchain is transparency which means the information is visible to everyone in the network. Anyone can access the information from anywhere at any time.
- Security- Data security remains the prime concern when it comes to digital platforms. The conventional technology that we are using doesn’t guarantee complete security, but with Blockchain all the information is encrypted.
- Data Immutability- Immutability of data is the feature of Blockchain which makes it so multifaceted. Since it is almost difficult to alter or change the data, there are minimal possibilities of altering the information. With this one can be assured about the data and that it will not be deleted or changed.
All these features of Blockchain make it very versatile and useful. It is because of these features of Blockchain that we have seen so many use cases of the Blockchain. Whether it is healthcare or retail, supply chain management or education sector, Blockchain can be used in all these domains.
It is because of these features of Blockchain that many nations are working towards exploring Blockchain based applications. Companies like IBM, Microsoft, Apple, Facebook, etc. are working on developing Blockchain based applications. They have created a spate division which works on Blockchain technology. It is not only the established companies that are working on this technology but at the same time, there are many startups which are also venturing in Blockchain. With so many companies plunging in this pool, there is a need for the Blockchain trained workforce. Many companies and universities have started their training centers which acquaint people with Blockchain technology and its application.
What Is China Doing In This Field?
China is the latest addition to this. On January 18th, 2019, China announced the launch of a scholarship program along with Ripple. The objective of this program is to provide the necessary aid to those who are willing to learn about Blockchain technology.
The Institute for Fintech Research at Beijing’s Tsinghua University has made this announcement. The Blockchain Technology Research Scholarship Program (BRSP) aims at bringing together the graduate students in China in 2019 to study Blockchain regulation and industry development.
The students who will be a part of this scholarship programme would be able to access the most advanced information in the world of Blockchain.
The Tsinghua University where the programme will be initiated is one of the leading universities in China and is known as The C9 League. It is not the first time that this university has initiated Blockchain based programmer, earlier it partnered with a subsidiary of a Chinese institutional financial firm to form a Blockchain research center.
All we can say is that Blockchain is one of the leading technologies and is luring every country and industry to explore ways in which this technology can be beneficial for us. A skilled workforce will be helpful in this. Establishments of research and training institutes and scholarship programmes will make sure that we have desired professionals who will help in making Blockchain even more efficient.