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Top 8 Reasons Why You Should Master Blockchain Development

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1st Nov, 2019
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Top 8 Reasons Why You Should Master Blockchain Development

Ever since people heard how much Bitcoin has risen in value since its arrival, the interest in blockchain technology has gone up. But not many people realize that it’s just the tip of the iceberg.

Blockchain is one of the most significant technological innovations, and it has grown amazingly in the past few years.

Organizations all around the globe are exploring ways they can use this powerful technology for their benefit. Whether it’s to improve productivity or improve transparency, blockchain has many revolutionizing applications.

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Reasons You Should Learn Blockchain Development

The Technology of the Future

Some innovations have the power of changing entire industries, blockchain is one of them. We aren’t the only ones saying that.

Finance experts are also of the opinion that blockchain is a disruptive technology. Just like the internet changed how we live today, blockchain can change how we do business.

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Some of its products have already produced drastic results. Bitcoin is an excellent example of that. It is a decentralized currency that is not controlled by any authority. Blockchain can provide many other solutions similar to Bitcoin in different industries.

High Demand and Low Supply

Companies realize how beneficial blockchain is. So, many of them are working on different ways they can use blockchain to their advantage.

But for that, they need skilled professionals. And there aren’t many people who have blockchain skills. In fact, out of 2 million software developers in India, only some 5,000 techies know these skills.

You can learn blockchain technology and take advantage of this situation. NBFCs, FinTech companies, and Public Sector Banks need skilled blockchain developers the most.

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Between the years of 2017 and 2018, the demand for blockchain developers rose 75%. In blockchain future scope is bright.

Make Better Investments in Crypto

Bitcoin took everyone by the storm when it rose in the market. Since 2018, Bitcoin’s prices have risen by 200%. Although the market is considered speculative, such results show just how high returns it can offer.

Other cryptocurrencies are performing similarly, as well. You can invest in these currencies and earn lucrative returns from their performance.

But before you start investing, you should be able to analyze the market correctly. And for that, you should learn blockchain technology. When you have the required knowledge, you would be able to make better-informed decisions.

You will also be able to invest in ICOs and trade these currencies.

Enhanced Data Security

Currently, if you enter your sensitive information in a checkout form or anything of that sort, it first goes to the merchant. And then, the merchant either stores it using some 3rd party storage or maybe sells it to someone else.

Data privacy is a significant concern for the modern generation. Blockchain can solve problems in this area too.

Through blockchain, you can store your sensitive in independent storage that can be accessed only by you. Moreover, you can choose who gets access to this data (and who doesn’t).

Blockchain can help in giving control to the consumers instead of the service providers or giant corporations.

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Chain Disruption in Different Sectors

Thanks to its peer-to-peer network, blockchain is disrupting the conventional chains in my sectors. Its network also has a secured ledger, which keeps the record of every transaction made.

It paves the way for a decentralized system. Currently, any system requires a central authority that oversees every transaction taking place among the system’s peers.

A decentralized system doesn’t have a central authority, and the two parties can make transactions independently without compromising their security or efficiency. Large sectors such as Banking and IT can benefit a lot from such systems.


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Application in Multiple Industries

Apart from banking, many industries can use blockchain to improve their operations. For example, Maersk is a company that uses blockchain to track its containers globally. They can access this information anytime and without any problems.

Supermarkets are also planning to use blockchain for tracking their inventory. Voting, energy, healthcare are a few other sectors that can benefit significantly from this technology.

The entertainment industry can also benefit from the blockchain technology in preventing piracy and optimizing content distribution for the audience.

Many companies are exploring ways to use blockchain in such sectors. So if someone had the best blockchain certification, he or she would have a lot of opportunities.

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More Transparency

As we mentioned earlier, blockchain provides its users with a decentralized peer-to-peer network. People using such platforms won’t have to worry about their data being leaked to a 3rd party.

It will help in enhancing transparency in many sectors for consumers as well as for businesses. Every transaction made on a blockchain platform is recorded in a cryptographic ledger. One can access the ledger to find information about every purchase that took place on the platform.

Such a system can reduce corruption and corrupt practices in the governing bodies. Moreover, many countries, including Germany and Australia, are already working on making blockchain a part of their government departments.

Dubai has already made blockchain a part of their government systems. Other countries will start working in this direction as well.

Vast Infrastructure

Blockchain and DLT (Distributed Ledger Technology) form a universal infrastructure that can be integrated into the current systems easily. Any business can access the infrastructure and use it for its operations.

Its single infrastructure is entirely connected with the other market, boosting creativity. This way, integrating the blockchain’s infrastructure into your current processes won’t be a hassle.

Moreover, blockchain can be integrated with other advanced technologies as well to get better results, which further enhances its ability to disrupt different sectors through its universal infrastructure.

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Become a Part of a Revolution
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Conclusion

And you wouldn’t want to miss out on this opportunity. If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.

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Frequently Asked Questions (FAQs)

1What is DLT (Distributed Ledger Technology)?

Distributed Ledger Technology refers to a digital system used to record the transaction of assets where the details of transactions are recorded in multiple places simultaneously. DLT allows access, sharing, and updating of records in the electronic ledgers of the respective nodes. In simple words, it is a protocol that enables the functioning of a decentralized digital database securely. DLT ensures security by using cryptographic signatures and keys to allow access to authorized users. The peer-to-peer sharing and updating of records in the distributed ledger make any process faster, cheaper, and more effective. The Blockchain is one type of distributed ledger.

2What are smart contracts?

Smart contracts are self-executing programs stored on a blockchain that run when some predetermined conditions are met. They eliminate the need for intermediaries as it automates the execution of an agreement so that all participants can be immediately sure of the outcome. Using smart contracts makes transactions traceable, immutable, and transparent. Smart contracts are an efficient way of executing any agreement because no paperwork is required in their execution. They are digital and automated and hence have a minuscule chance of error. They work by following the simple “if/when..then…” statements written into code on the blockchain.

3What are Blockchain platforms?

The popularity of blockchain technology has already spread quite a lot. People don’t identify the blockchain technology with just the cryptocurrency anymore. More and more companies are adopting blockchain to help with their business operations, giving rise to many blockchain platforms. It allows the development of blockchain-based applications. Companies or businesses select the Blockchain platform most suitable for them based on several things such as the development status of the platform, type of blockchain required, language supported by the platform, scalability needs, etc. Some of the top blockchain platforms are IBM Blockchain, Hyperledger Sawtooth, Ethereum, Hyperledger Fabric, R3 Conda Quorum, EOS, Stellar, etc.

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