From the hypes and irregularities of Blockchain’s first use case – currency transactions via cryptocurrencies. Blockchain has evolved into a mainstream technology, where its underlying mode of operation has allowed for pragmatic solutions in multiple businesses other than just cryptocurrencies.
Last year, 2018, blockchain with cryptocurrency seemed like a runaway train with skyrocketing currency values with a completely unregulated financial crypto market. But, as the technology evolved and people started to understand the way it works, they figured that this system of transaction can be leveraged for far more uses than just currency transactions.
So in 2019, it has torn-away from the bitcoin shadow and become a standalone tech offering solutions for process ingrained issues in industries like supply chain, land registry, healthcare to name a few and has also provided the necessary tools to make other latest technologies like AI, ML and IoT viable solutions by integrating with Blockchain.
What does blockchain offer for the future?
Blockchain fundamentally is a disruptive technology with capacity and capability to transform archaic processes and make way to streamlined, cost-effective, transparent, traceable and secure processes. It takes away the power held at the helm by a few and distributes it with all the key stakeholders. Blockchain has democratised the way transactions and data are stored and exchanged. The technology is still in its nascent stage, much research is going on to explore its usability.
One thing is sure to derive out of blockchain adoption – Career opportunities and high-paying job prospects.
1. Blockchain adoption will grow.
Although blockchain was infamously associated singularly with bitcoin, it has come out of the notoriety associated with cryptocurrency and has been used in various other businesses, like voting, supply chain management, shipping amongst others. Big companies like Amazon, Walmart and IBM have long started to delve into blockchain technology. IBM already has a shipping related blockchain solution in collaboration with Maersk. This technology is already in Beta stage. Blockchain is also currently used to trace and regulate diamonds straight from the mines to the consumers, reducing diamonds associated with conflict regions.
The adoption is rising on a day to day basis and the year seems to be promising for a worldwide acceptance of Blockchain ushering in better research and development of applications.
2. Blockchain will add on and bolster IoT
Blockchain usage in IoT had already begun, this year it only increased. Using the technology to secure data and devices in IoT has become two-fold. Many IoT service providers and devices were grappling with the issues of data security and integrity while the IoT devices captured data through sensors which were analysed through cloud computing. Integrating blockchain increased the security of sensitive information and made data exchanges secure and transparent. The Decentralised ledger system made way to remove the single-point-of-failure existing in IoT devices, thus eliminating hacking attacks from outside.
Smart homes IoT technology uses highly private and sensitive personal information for home security. This information had to be accessed through a cloud. The open nature of data storage created doubts and hindered the adoption of this technology. But building such a system on a blockchain platform eliminated the risk of data storage and hacking, and is making IoT based home security system enticing offers to homeowners.
3. More startups and more entrepreneurs are entering the arena
The vast majority of the blockchain potential is just getting realised. More and more startups with blockchain-based solutions are being founded. Seasoned entrepreneurs too are entering this arena. India ranks 6th in the no. of blockchain patents approval with 67 patents in 2018. Apart from new paradigm solutions in major verticals like a land registry, supply chain management, healthcare and banking. Blockchain is also being implemented for creative applications for entertainment. Focussing on the transparent and honest nature of blockchain.
4. Blockchain will be used in personal identification with enhanced cybersecurity.
The current state, any body digital identity is highly susceptible to hacking and cyber threats. Leakage of personal info and unwarranted and unauthorised usage of personal data for the consumption of capital industries is no more unheard off.
Blockchain stores and exchanges data after encryption. This increased security along with the traceability of data will be a great boon for consumers, with a daily increasing online presence. When a consumer shops online, although all the consumer data and search history is available for consumption. The consumer can choose which data to share on online shopping sites and control the visibility of their personal data.
5. Blockchain has certainly increased the number of jobs in the Industry.
Artificial intelligence, Machine learning, data sciences are highly trending technologies whose applications will be made cost-effective, secure, transparent and highly efficient only with the integration of Blockchain. As a stand-alone technology too blockchain will be a formidable technology.
All of these implementations require large scale initiatives to build blockchain networks and applications. There is a massive nay exponential demand for blockchain skilled workforce. From blockchain developers to architects to project managers. The career prospects and job opportunities have already been projected to skyrocket.