What is Blockchain and Why is it the Next Big Thing?

Insight into the revolutionary and hyped Blockchain and why it’s the next big thing!

Understanding Blockchain

Blockchain is a simple yet adroit way of passing information from one person, portal or system to another. It is fully automated and one of the safest methods of passing information. In this, one party commences the process by creating a block. This block is then verified by thousands and thousands of computers distributed around the net. The verified block is added to the chain, thereby creating not just a unique record, but a unique history as well.

Blockchain Cryptocurrency

Until recently, it has been used by bitcoin for monetary transactions. The blockchain technology is used to build a network for the exchange of money, only available in digital form online. Not only digital money but also assets that are tradable online form a huge part of Cryptocurrency, making it the next big thing!

Read More: Blockchain – A Quick Insight To Understand How It Works

Blockchain – The Next Big Thing

Other than Cryptocurrency, Blockchain is the next big thing in technology and cybersecurity. A Wintergreen Research shows that the global blockchain market will shoot up in value to $60 billion by 2024, from the previous market valued at $708 million in 2017.

Over a few years, many IT giants have unveiled the use of blockchain for their supply chain and finance unit.

There has been an increasing amount of blockchain and cryptocurrency-related job openings in various sectors. These include –

• Banking: It can be used by banks in various aspects such as asset registries, enforcement and clearing derivative contracts, regulatory reporting, KYC, improving post-trade processing services, and of course making payments etc. Redefining money transfers globally, blockchain makes way for various employment and growth opportunities in the banking sector. Accenture research brought to light the potential of Blockchain technology to reduce the infrastructure costs by an average of 30 percent for eight of the world’s ten biggest banks, equating to an annual cost savings of $8-12 billion.
• Telecom: It is one of the major areas where blockchain is used, mainly to support transaction processing devices. It facilitates the functioning of websites and applications, enhancing communication and collaborations.
• Healthcare: In the healthcare industry, blockchain helps in securing digital medical assets and also for storing health card records. Easing the process of treatments, it opens various opportunities for budding practitioners.
• Public Sector Units: It is the key sector that will be benefitted by blockchain as it will help reducing fraud and corruption by substituting the system with transparent ledgers

Read More: Blockchain in healthcare no more a choice – it’s an imperative

Continuing its widespread adoption and rapid growth, companies in the blockchain industry are offering experienced workers significantly higher salaries. This signals that the industry is maturing despite the low market sentiment. Blockchain is indeed a game changer and deserves a warm welcome!

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