With the rise and fall of bitcoin values being a part of daily news reports, it begs the question; “Is blockchain a valuable tool for career advancement and opportunity, or is it just a fad?” Is learning this new emerging tech, Blockchain, any more a gamble than the currency it was first used for?
What Is Blockchain?
Blockchain technology allows for recording transactions for digital assets. The technology itself is hard, if not impossible to manipulate, making it a secure way to keep transactional data. Blockchain is especially useful for data that doesn’t originate with a traditional ‘trusted source,’ such as a government organization or financial institution.
How Does Blockchain Function Within Bitcoin
Since bitcoin and other crypto-currencies aren’t backed by a government or lender, there needs to be a way to record who owns what; this is where blockchain comes in. Blockchain allows these nontraditional currencies to be tracked, associating individual wallets with transactions. The technology provides for a time stamp and transaction data to log and form a chain. The chain is cryptographically signed, lending an added layer of security to these emerging currency platforms.
Does Blockchain Have Other Uses Beyond Bitcoin?
Blockchain is primarily specific to bitcoin and other crypto-currencies. However, blockchain technology can be used for any record-keeping or ledger-based activity that requires a high degree of integrity (that the records have not been altered in any way). Industries that deal with fraud issues (insurance companies) and require secure bookkeeping could find blockchain helpful. Areas like security and healthcare (for example electronic medical records) could see a potential industry boon from blockchain technology.
The growth of Blockchain will be dependent upon several considerations, the first being the future of cryptocurrencies. Will the market for these expand or contract? Will investors continue to gamble on the roller coaster cryptocurrency trend? Secondly, will other industries beyond financial services be forward thinking about the possible uses of this new emerging technology?
Blockchain, much like the cryptocurrency it supports, is still in its very early stages. It’s difficult to say what impact blockchain will have outside the use of Bitcoin. While it shows promise in industries that require security and record keeping, its adoption has yet to make any substantial impact. If you are considering adding knowledge of blockchain to your skill set and are uncertain of its value and marketability in today’s career space, reach out to ASK Staffing. Our professional recruiters will be able to provide the best advice regarding trends like blockchain and other technology to aid in successful job placement.