The blockchain is irrefutably a clever invention – the brainchild of supposedly a person or group of people referred by the pseudonym, Satoshi Nakamoto. The blockchain is an efficient tool to end bureaucracy. With the use of smart contracts, pieces of code that automate manual processes, blockchain can remove middlemen from a lot of traditionally complex tasks, like buying a house or sending money abroad. The result is an economical, faster and a technologically superior framework that is essential for industries these days. However, the focal question every layman is asking is: What is Blockchain?
To answer simply, blockchain is a new method of storing data. You can think of it as a common virtual ledger owned by multiple users (called nodes) on the blockchain network. Any change to that ledger – e.g. if someone updates a legal contract, then the change is cryptographically confirmed and then imitated across the entire network, visible to everyone.
The acceptance and popularity of blockchain have moved from cryptocurrency to real-time business applications across many industries such as insurance, finance, supply chain logistics, digital identity, healthcare, and public sector.
There are some major trends that are driving interest in this sector and people are wondering if blockchain is a viable career option?
Currently, there are many blockchain companies eager to hire experienced resources. But there aren’t many skilled professionals out there to fill this gap. Having 3 years of experience in this space is extremely rare. With about 6 months of hard work and research, one can contribute immensely to this industry, because there is that much demand for information.
There has also been a steady rise in the interest in blockchain technology among students. Recently, a course put up by the University of California Berkeley saw nearly 8,000 student’s sign-up. With the global market for blockchain-related products and services is expected to reach USD 7.7 billion in 2022, there are sure to be even more jobs created in the sector in the future.
Back home in India, states like Telangana have been leveraging blockchain technology to augment its land registry platform. Not only that, Telangana’s State IT, Electronics, and Communications department and Tech Mahindra have signed a MoU to launch India’s first Blockchain district to create blockchain infrastructure capacity via incubators, accelerators, and more. Additionally, various events are helping to enable blockchain growth, such as the International Blockchain Congress in Hyderabad, the Chennai Blockchain Conference, the upcoming Blockchain Week India to be held in Mumbai in October, and so many more.
As per a report, with the government’s enthusiasm towards understanding and exploring the possibilities of blockchain technology, India can look forward to growth and development in the sector. NITI Aayog’s pilot project in the blockchain, IndiaChain, will also help in generating job opportunities in the sector. In fact, according to a leading job posting website, the number of cryptocurrencies and blockchain related jobs posted witnessed a significant jump in the latter half of 2017. There were a significant number of job openings for roles such as blockchain developer, blockchain system architect, blockchain software engineer, among others.
The great thing about blockchain is that it is accessible and easy to enter. Never has there been a revolution this size, where the best way to learn about a technology is on the internet and available to almost anyone. Many companies are planning to adopt Blockchain technology with time. They require manpower that understand it’s use-case and how it’s going to pan out in the future. People with a good business sense would be ideal for this sector.