Why Blockchain – need of it?

Content Coverage:​ What is Blockchain | Where are blockchain are used? | Why blockchain need? | Why technology/social media using it |role and responsibilities | Career Opportunities in Block chain|

Overview Over the past few years, you have consistently heard the term ‘Blockchain technology,’ probably regarding cryptocurrencies like Bitcoin. It seems like Blockchain is a platitude but in a hypothetical sense, as there is no real meaning that the layman can understand easily. It is imperative to understand what Blockchain, the technology used is, how it works, and how it’s becoming vital in the digital world. So, to face the future of blockchain, it’s your responsibility to learn this trending technology. If you’re a novice to the blockchain, then don’t worry you are in the right place to learn the fundamental details and information about blockchain. In this blog, you will learn what Blockchain technology is, how Blockchain works, why it’s important, and how you can use this field to advance your career.

What is Blockchain? : Blockchain technology is a structure that files transactional reports, also grasped as the block, of the society in diverse databases, known as the “chain,” Nowadays, it is very common that our confidential records are getting hacked or getting cheated when the malpractisors enter into our system, but blockchain helps in saving the recorded information very difficult to change or hack. Blockchain is a digital record of transactions that are duplicated or reproduced and spread beyond the intact network of computer systems on the blockchain. Each block in the chain comprises several transactions, and every time a fresh transaction transpires on the blockchain, a document of that transaction is reckoned to every participant’s ledger.

 

Where is blockchain are used? : Blockchain is the digital, distributed, and decentralized ledger underlying most virtual currencies that’s responsible for logging all transactions without the need for a financial intermediary, such as a bank. The blockchain is not only used for currency setting but also the below purpose

Here are Top 10 uses of blockchain

 

  • Payment processing and money transfers
  • Monitor supply chains
  • Digital IDs
  • Data sharing
  • Copyright and royalty protection
  • Medical recordkeeping
  • Tax regulation and compliance
  • Real estate, land, and auto title transfers
  • Managing Internet of Things networks
  • Equity trading

 

Why blockchain need?:
The notion of the blockchain was first preceded by Stuart Haber and W. Scott Stornetta in 1991 as “a cryptographically guarded chain of blocks,” That phrase says the chain or train of blocks that are interconnected and defended cryptographically. Each block is an amalgamation of three items; a hash pointer to the previous block, a timestamp, and transaction data. The blockchain is devised in such a way that it is very complicated to modify it.  There are three key reasons why the blockchain is becoming mainstream today:

  1. Increased digital processing power
  2. Rapid growth in cybercrimes
  3. Rise of bitcoin and cryptocurrency

 

Why technology/social media using it: Blockchain-based social media provide more benefits than just security and privacy: Cryptocurrencies are used for secure communication by paying and buying content in peer‐to‐peer marketing. Blockchain assists in succeeding curb over the user’s content. A decentralized approach to blockchain technology in social networking ensures privacy and enables e‐commerce, crowd funding transactions as well as smart apps and contracts. Social media platforms, such as Facebook, LinkedIn, Instagram, Twitter, Reddit, etc., provide an open entrance. Advancement and server foundations are indispensable to social networking platforms and their acquisition sharpens advocacy and analytics in the social network traffic era. Such as Facebook, LinkedIn, Instagram, Twitter, Reddit, etc., provide the free path. Development and server infrastructures are vital to social networking platforms and their profit focuses on advertising and analytics in the social network business era.

Role and responsibilities:

This is what a Blockchain Consultant does:

  • Research and development, design and test blockchain technologies
  • Evaluate applications for new tools and technologies
  • Sustain and stretch prevailing client- and server-side applications amenable  for assimilation and business thesis
  • Documentation of new clarifications as well as sustaining that of extant ones
  • Transpose clients business intentions/ hurdles into technology roadmaps and planning designs

 

Career Opportunities in Blockchain: Blockchain is widely used in businesses today for various applications. Businesses practice it for brazen contracts, compensating employees, and many other crises. In general terms, the blockchain is an append-only transaction ledger. Businesses are growing more and more fascinated with blockchain technology because it’s supposed to be the prospect of transactions and doing business.

Are you interested in blockchain? If yes, have you considered getting a career in this domain/field? There are some great opportunities and careers. Here are some of them:

  • Project manager
  • Intern
  • Developer
  • Blockchain legal
  • Designer
  • Consultancy and expertise

 

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