What is Blockchain?
All of us investment enthusiasts have at one point or the other downloaded crypto currency applications like CoinSwitch Kuber and WazirX, all the time wondering whether it would be the right move to invest in a virtual currency. We are also certain that in your quest to make sure that this new monetary representation was secure, you have come across the term ‘Blockchain technology’. But what really is a blockchain technology that is making businesses so secure? Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain.” In a network connected through peer-to-peer nodes.
Typically, this storage is referred to as a ‘digital ledger.’ Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering. Hence, the information this digital ledger contains is highly secure. In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they can’t corrupt it. It is this feature that makes it such a stalwart for the web-security world.
But why has it become so popular? Record keeping of data and transactions is a crucial part of the business. Often, this information is handled in house or passed through a third party like brokers, bankers, or lawyers increasing time, cost, or both for the business. Fortunately, Blockchain avoids this long process and facilitates the faster movement of the transaction, thereby saving both time and money. It is a highly secure and decentralized way of performing transactions with the mutual consent of its users.
How Is Blockchain Used?
Blockchains store information on monetary transactions using cryptocurrencies, but they also store other types of information, such as product tracking and other data. For example, food products can be tracked from the moment they are shipped out, all throughout their journey, and up until final delivery. This information can be helpful because if there is a contamination outbreak, the source of the outbreak can be easily traced. This is just one of the many ways that blockchains can store important data for organizations.
The next major impact is in the concept of Trust, especially within the sphere of international transactions. Previously, lawyers were hired to bridge the trust gap between two different parties, but it consumed extra time and money. The introduction of cryptocurrency has radically changed this trust equation. Many organizations are located in areas where resources are scarce and corruption is widespread. In such cases, Blockchain renders a significant advantage to these affected people and organizations, allowing them to escape the tricks of unreliable third-party intermediaries.
Why should you study blockchain technology and cryptocurrency?
- The blockchain tech sector is booming with lucrative career options like Blockchain Architect, Cryptocurrency Analyst and Blockchain Developer, amongst others. Data Flair reports the average income of such professionals to be $80,000 to $1,50,000 since 2019.
- Blockchain is being regarded as the inflection point of an era, which means that it is soon to be technology which will be widely accepted. Already financial giants like CitiBank and Mastercard have started integrating this technology within their business operations. According to a Gartner report, many new innovative companies will use it and at least one business created using this advanced technology would be worth $10 billion by 2022. By 2030, it could be used as a foundational technology for 30 percent of the global customer base.
- There are a wide variety of industries that it finds application in besides cryptocurrency. It is a useful technology to keep track of all kinds of data. A company named Maersk has started employing blockchain technology to keep track of all its containers on a global scale. The Ministry of Electronics and Information Technology (MeitY) has identified 44 key areas, almost every sector from pharma and farming to education and energy, where blockchain technology will find application. E-governance is predicted to become more secure with time as the data in a blockchain structure is almost impossible to tamper with. The activities which will become more transparent and accessible then will be digital certificate management, transfer of land records, pharma supply chain, e-notary services and vehicle registrations among others. This is to say that there are more employment opportunities than ever that are connected to a knowledge of blockchain.
- Bitcoin’s claim to fame was its sudden rise in value. Since then, a lot of other cryptocurrencies like Ethereum, Polkadot and Dogecoin have made their appearance in the fin-tech world. With a knowledge of blockchain, it will be easier to invest in them and shortlist ICOs better.
- For those of you who are environmental activists at heart, this is just the area of study for you. With temperatures skyrocketing all over the globe due to carbon emissions, the need of the hour to monitor them. Manufacturing and construction industries alone are responsible for 36% of toxic emissions, reports DownToEarth. However, blockchain technology can be used to keep track of the emissions to limit them.
Where to study Blockchain tech?
- National University of Singapore – The courses offered are titled ‘Blockchain Engineering’, ‘AI, Blockchain’ and ‘ Quantum Computing’ on both undergraduate and postgraduate levels.
- Nanyang Technological University – NTU’s postgraduate program in Financial Technology lays emphasis on the use of blockchain technology and applied cryptography.
- Cornell University – The SC Johnson School of Business offers a course titled ‘Cryptocurrencies and Blockchains’ whereas the College of Engineering provides one named ‘Principles and Practice of Cryptocurrencies’.
- Massachusetts Institute of Technology – It has courses on cryptocurrency engineering and design, blockchain and blockchain ethics.
There are many other universities like University of British Columbia, New York University, Carnegie Mellon University, University of Cambridge, University of Warwick and Columbia University among others.
Guess what? We at EdNet Consultants can help you apply to them all! Reach out to us for more information!