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Is Blockchain the new buzzword of the future?

 

Blockchain Technology

Is Blockchain the new buzzword of the future?

Blockchain is a system of recording information to make it challenging to modify, change or hack the system.

Blockchain, a digital ledger, transactions are duplicated and distributed across the entire network of computers on the blockchain.  Each block of the chain contains many transactions.  A record of that transaction is added to every participant's ledger whenever a new transaction occurs on the blockchain. 

Blockchain technology is a distributed ledger technology (DLT) in which transactions are recorded with an immutable cryptographic signature called a hash.

Though this technology came into existence with bitcoin, blockchain has a far-reaching potential outside today's cryptocurrency. Besides cryptocurrency, blockchain provides various applications in financial services, supply chains, and the public sector. Some of the applications are given here.

1. Bank online transactions

Banks can make faster transactions using blockchain technology throughout the world. A lot of manual works can be replaced, which in turn reduce transaction time.  This technology will reduce the cost of transactions as well.

2. Online voting system

The blockchain-based voting system will be explored further to reduce the cost of conducting the elections and involve everybody to cast votes through their computer or mobile. Also, it is difficult to tamper with the vote cast. Counting votes is also easy, and it may take little time to count votes. Online voting using Blockchain technology was tried by some countries for their local elections. 

3. Asset management

Using blockchain technology, management of investment by asset management companies can reduce costs, increase operational efficiency, and improve transparency. In addition, it will enhance security and speed of operation.  

4. Insurance

Blockchain technology enables the insurance claims automatic by verifying coverage. It will also automate payments between parties for claims and thus lower administrative costs for insurance companies.  This technology will also combat frauds across personal and commercial insurances. 

Future projections of Blockchain technology

According to Statista, in 2021, global spending on Blockchain technology is estimated to reach 6.6 billion dollars. It also suggests that spending will continue to grow in the coming years and reach almost 19 billion U.S. dollars by 2024

Job Opportunities

There is a massive demand for skilled manpower for blockchain technology since many government and private organizations plan to adopt it. So these are the technologies to learn to get jobs with good packages.

  • Cryptography
  • Blockchain architecture
  • Data structures
  • Smart contract development
  • Web development

Final Thoughts

Blockchain has excellent scope apart from cryptocurrency. So many opportunities are there for you to choose a career in this emerging field. 


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