Blockchain and Bitcoin go hand in hand. Bitcoin’s younger brothers are the rest of the cryptocurrencies (altcoins) and tokens that are mentioned in the discussion of ICOs. Many people know that cryptocurrencies only gain strength thanks to the features and power of blockchain technology (which, by the way, can give power not only to digital money).
Nevertheless, there are many gaps in people’s understanding of why blockchain technology can become the key to building a successful career. To learn about such prospects, you need to understand the concept of blockchain and how important it is.
Blockchain technology is a revolutionary means of reducing costs, increasing the speed and transparency of transactions. As the business seeks to dodge the ubiquitous censorship of power and excessive control on its part, as well as build relations with it according to the new scheme, in the near future, governments, financial institutions and non-profit organizations will experience serious changes in their work.
Businesses should be aware that decentralization provides freedom of consensus, resiliency, and collective protection against attacks and actions that can be taken against them.
So blockchain is …
1. A single universal infrastructure mechanism
Blockchain is good because it is a single infrastructure mechanism associated with various types of other market infrastructures. The user can integrate into existing processes and systems.
This single mechanism can effectively change the way data is exchanged between investors, companies, managers, etc.
2. Advanced technology
As technology and the digital landscape change every year, it is now more important than ever for people and organizations to keep abreast of the latest trends and new technologies.
Blockchain technology opens up endless possibilities for the whole world, especially when it comes to the use of bitcoin and other cryptocurrencies.
3. Integration with emerging technologies
This is perhaps a continuation of the idea presented in the previous paragraph; However, there are some really unique scenarios related to using the blockchain. For example, it can be used for voting, trading, preparation and execution of smart contracts and much more.
The ability of the blockchain to create a secure infrastructure makes it an excellent choice for independent cooperation in various industries.
4. The revolution in doing business
Due to the fact that the blockchain regulates the elements of trust between the parties and adds significant value to their relations, it also reduces the complexity of these relations and speeds up transactions. Many large companies are already testing blockchain systems, trying to make their business much more efficient. For example, freight companies are trying to implement a blockchain in order to save staff from the time-consuming process of filling out various documents and to be able to collect information about the cargo along its route.
5. New horizons
Despite the fact that much has already been studied in the blockchain, there are ever new areas of application for it. For example, engineers seek to implement a blockchain to protect their designs so that errors do not creep into them.
Organizations such as supermarkets, medical institutions, etc., are also looking for ways to implement blockchain in their technological processes.
6. Data security and digital identity
Blockchain is the basis of cryptocurrencies, which in our time are “learning” to identify their owners. A person’s identity now appears as a set of tools that allows him or her to conduct simple and secure transactions.
Given the growing number of cases of confidential data leakage in all major industries and around the world, this way of using the blockchain is becoming extremely important for organizations that deal with hundreds of millions of transactions and customer records.
7. Know-how of the future
Investments in blockchain do not always immediately bring significant profits, but they definitely push the business towards creating promising platforms. Implementation of the blockchain opens up unmatched flexibility, increased efficiency and new opportunities for businesses that can be used to effectively respond to dramatically changing market dynamics and fierce competition.
For example, venture capital company Mangrove Capital Partners claims that investing in all ICOs, including failed ones, would provide an income of about 1320%.
8. The key to changing entire industries
Perhaps, until the blockchain takes center stage in asset management, you will have to wait years or even decades. Nevertheless, in the near future, various medium and large funds will begin to move their processes and transactions to blockchain platforms. In this way, they will contribute to the widespread adoption of technology.
9. Career prospects
A good knowledge of the concepts related to blockchain technology and practical skills will help you find work in this rapidly growing sector (for example, as a cryptocurrency analyst, digital currency developer, etc.).
At the moment, startups and financial institutions that offer relevant vacancies are mainly engaged in cryptocurrencies and blockchain.