Blockchain is not something new to the internet, the concept of blockchain has been around since the internet was made available to the public back in 1991.
The technology has gained immense popularity in recent times due to the value of Bitcoin peaking in 2017.
So what is Blockchain?
To put it in simple terms a blockchain is a chain of blocks that contain information. It is a distributed ledger that is open to anyone with access, data recorded inside the blockchain cannot be changed due to the unique identity of each block.
Practical Applications of Blockchain
Blockchain is commonly known as the technology on which cryptocurrencies run. While that being true, the technology has a wide range of real world applications excluding cryptocurrency. Some of the most relevant uses include:
*Use of Blockchain for smart contracts. A smart contract defines the rules and penalties related to an agreement and automatically enforces the contract.
*Social Media and Blockchain: Though social media is not subject to censorship of information to the extent that main stream media is, true anonymity offered by Blockchain technology enables users to speak their minds without fear of personal attacks due to opinions.
*Blockchain in voting: With many countries deciding to use paper voting systems in place of the much more cost effective electronic counterparts due to fear of forgery, the implementation of blockchain technology in these systems would lead to a much more cost effective and secure system of voting in comparison to conventional methods.
*Blockchain in Education: The technology has multiple instances of possible implementation in education from keeping a permanent record of a student to implementing a reward system for good work and creating a transparent ecosystem for educators and students.
*Blockchain in Healthcare/Medicine: Healthcare providers have to manage a colossal amount health data on patients on a regular basis and this data increases year by year, this often leads to redundant data or misinformation often leading to dire consequences. Blockchain technology implemented correctly would instantly solve these problems.
*Blockchain in Banking: Cybercrime is rampant in Banking and utmost care should be taken when dealing with personal information online. Just last year over 2 million pounds were stolen from customer accounts by hackers. With cybercrime being the most reported crime globally and banks being the biggest target, implementation of blockchain in banks is of the utmost urgency.
Why Should You Jump on the Hype Train
With the rise in value of cryptocurrencies to around 600 billion dollars in 2017 and a predicted value of over a trillion dollars by the end of 2018, the demand for blockchain developers has skyrocketed creating a demand with a shortage supply resulting in high paying jobs for those with the skills to perform in these jobs.
What do you need to be a blockchain developer?
To be a blockchain developer you have to be able to comfortably code in java, c++ and/or python. If you are able to code in any of these languages with ease, becoming a blockchain developer will be a breeze. Once you understand how to code on a major blockchain platform such as Hyperledger, Ethereum or R3 Corda, you become a Blockchain Developer.
We at Kevnit digital solutions aim to help you hone your skills using our meticulously planned blockchain training modules which ensures that you attain all the skills required to succeed as a blockchain developer in a relatively short span of time.