What is blockchain?
To put it simply, blockchain proves that you own a particular piece of digital information. For example, if you decide to get a certain amount of digital currency such as Bitcoin Cash, Litecoin, etc, blockchain proves that you own that amount of cryptocurrency. Each ‘block’ on blockchain stores and timestamps record-keeping digital information which possesses a unique code, or a private key, that distinguishes each piece of data. It cuts through the supply chain by storing digital information on a network of computers, with no central authority.
Why is blockchain technology important to learn about?
As there is no central authority, it is inherently tied to digital freedom: you can manage your transactions and records without a third party. While it’s still in the infancy stage, it’s gaining a lot of traction, since it provides you with privacy. Considering privacy is becoming more and more compromised, this is certainly something to look into. It is seen as a great improvement in business models and financial services, since it’s more time-efficient, secure, and transparent. It’s rapidly being adopted across several different industries because of it, which means it definitely has prospects for growth later on in the future.
If you’re after a career in technology, specialising in blockchain applications can very well work in your favour, since it’s a rapidly growing job market. People who work with blockchain projects range from software developers and engineers to lawyers and marketers. However, the Blockchain developer is probably the most specified position when it comes to this type of technology. Startups, tech firms and government are all looking for people who know the ins and outs of the blockchain platform, with many of these positions reaching a salary of $100,000 per annum.
Even if you’re aren’t specifically looking for a job with blockchain, it’s useful knowledge to have in the industry and certainly counts as upskilling.