Trust, they say, is the very thing that greases the wheels of civilization. From technical failures, hacked accounts, hefty bank transfer limits, and charges to greedy middlemen and corrupt banks and governments, mistrust has pushed technological wizardry into the greatest invention since the internet, in Blockchain.
Blockchain is literally a chain of blocks that contain information. Technically, it’s a special type of data repository that is in itself tamper-proof, operating as a distributed ledger that is completely open to anyone online. In the simplest terms, it is a continuously self-updating record of who holds what, with the records then split into linked blocks and secured using cryptography. Blockchain training is, therefore, the word on everyone’s lips nowadays since Blockchain expertise has emerged as an essential skill for the present and even more especially for the future. This is mainly due to its cross-domain potential and high demand.
Why is Blockchain Popular?
With an automated, tamper-proof assurance of our foods being safe, our monies secure, our medical records inviolable, and our online identities truly ours, this revolutionary technology has erupted with popularity owing to the pertinent problems it solves, which are trust and consensus. This is achievable because Blockchain is:
Owing to the peer-to-peer real-time distribution principle, no one person or institution is in control of the transaction information; therefore, it denies any single entity the ability or opportunity to change or manipulate records, information, or system.
This is because it is protected by strong encryption algorithms. Automated trust has also been inherently built into the system through forced consensus; hence to alter a chain, a hacker or criminal would need to control more than half of all the nodes in the same blockchain, which may be theoretically possible but highly unlikely practically.
This is achieved since anyone can join, and therefore see and verify all the available transactional information present, and also conveniently participate in or respond to any arising matter.
All transactions in a particular blockchain are validated first by the respective participating nodes against the defined rules before they can be linked to the older blocks. This, most importantly, ensures secure collaboration between the participating parties hence decisions can only be made when there is a majority consensus.
With enough transparency and democracy, any participant has the ability and ease to check through the chain of information and even the history of transactions to their desired satisfaction and can flag any inconsistencies at any time.
The distribution and replication of transaction information happen in real-time which makes it easy to act or respond to any urgent matter requiring immediate intervention.
This is because transactions that have already been verified are irreversible, irreplaceable, and cannot be altered because they have been permanently recorded, distributed, and replicated amongst all the participating nodes in the blockchain.
The Future Of Blockchain
As the adage goes, the only thing that is constant is change. Blockchain has been considered a disruptive technology, the ultimate change promising a potential revolution in various major industries which include:
- Supply Chain. Blockchain is the future of supply chain transparency. Moving forward, it will improve the operations of the supply ecosystem. It can in fact allow more transparent and accurate end-to-end(from production to delivery or use by end-user) tracking and verification within the supply chain, by digitizing physical assets and creating a decentralized immutable record of all transactions.
- Banking. Blockchain enables the ‘banking of the unbanked and the underbanked’.There are around 1.7bn adults without access to bank accounts. Furthermore, around 160 million small businesses do not have access to banking services. Blockchain technology can be used to create digital identities for those lacking government credentials or credit histories. With trustworthy evidence of their credibility, users stand better chances to obtain microloans which may give them opportunities to become more stable financially. Examples of proofs of identity could be land ownership, vaccinations, remittance income, or even microloan histories. Fintech companies can therefore offer financial services more efficiently and with less friction.
- Cybersecurity. Cybersecurity is one of the most promising areas of growth for blockchain technology. Businesses of all sizes and scales will always face the ever-increasing issues of threats of data hacking. Blockchain technology is resistant to unauthorized changes and hacks. It allows data to remain secure while allowing active participants to continually watch the Blockchain to verify every transaction’s authenticity.
- Transport. Companies are already running programs(albeit pilot) with blockchain, for example, IBM teamed up with MAERSK and have had successful runs tracking paperwork for shipments as far as Kenya to the Netherlands and Colombia to California. Blockchain technology can establish reliable digital identities of vehicles, components, and consumers, which will go a long way toward increasing efficiency, reducing congestion, eliminating pollution, and even saving lives.
- Charity/Philanthropy. Blockchain and smart contracts are opening up new opportunities in philanthropy. By transforming aid into digital assets and building trust in charitable organizations, the transparency therein will allow donors to track the impact of their contributions, ensuring they reach their rightful recipients. Charities may also use crypto tokens to incentivize making donations.
Who should learn Blockchain?
According to Upwork’s skills index, blockchain is the fastest-growing skill out of more than 5,000 on the site and currently, demand is far outpacing supply. So who can and should learn blockchain?
- The Valuable employee. If you jump into blockchain and master its concepts and applications, you will be an asset to employers. More value means higher pay, which means more money.
- The Career enthusiast. Blockchain technology is still new and has fast become a career favorite hence learning blockchain will quickly bump you up the career ladder. You’ll also be able to choose from a wide variety since blockchain has many uses, and can be adopted in diverse fields.
- The Global Citizen. If you prefer to walk with the development of the world you can certainly learn new things like Blockchain.
- The Smart Investor. Blockchain uses cryptocurrencies, so a good understanding of its concepts enables one to invest and trade smartly. This is one of the major advantages of learning blockchain, in that you can utilize this technology in trade and investing.
- The Aspiring developer. A blockchain developer is a type of software developer who specializes in blockchain, which involves developing application features and interfaces, as well as maintaining client and server-side applications.
With the high demand for blockchain technology, there is, fortunately, no shortage of training. There are several top platforms to get Blockchain certification such as Simplilearn.
The blockchain movement is nothing short of an aggressive strategy cum global movement to create more trust, security, efficiency, and value. Its global popularity and adoption by top companies and institutions are a testament to its value. With more light ahead in the tunnel, the world can interact without the trojan of mistrust and can work together in providing authentic value to the global economy.