Why Study Blockchain
Have you ever wondered why exactly blockchain technology has become such a popular topic, and furthermore, why should you learn about it?
Ever since blockchain was introduced as a new concept of operating a network for cryptocurrencies, it has steadily been rising in popularity. Evidently, this has led to more and more job opportunities being created for trained blockchain professionals.
There is a lot to gain through blockchain, and by learning more about it you can help implement blockchain solutions into both your own and other companies, helping businesses realise the true potential of this new technology. Here are just some of the benefits:
Blockchain technology can help slash processing times for intricate, multi-party transactions from days to just minutes. Transaction settlements are faster since blockchain technology decentalises the process meaning there is no longer a need for verification by a central authority.
A blockchain network can cut costs in a few ways. Firstly, there is less oversight required since the network polices itself via its network participants, all of whom are known on the network.
Secondly, the requirement for intermediaries is massively reduced since participants can exchange items directly thanks to smart contracts.
Lastly, since all network participants have access to a shared ledger, the duplication of effort is eliminated.
There are many security features of blockchain technology, and these help protect against cybercrime, fraud, and tampering. If a network is permissioned, it allows for the creation of a network designed only for members that are who they say they are, and that goods are traded exactly as represented.
Through the use of IDs and permissions, users can choose which details in a transaction they wish other participants to view. These permissions can be expanded upon for special users like auditors who may require access to more detailed transaction data.
Blockchain technology is based on the concept of a shared ledger. This serves as a single source of truth, and thus improves the ability to monitor and audit transactions.
By learning more about blockchain enabled business, you will have the opportunity to integrated blockchain-based solutions into the work environment, and transform stagnant business processes and even whole industries by improving current business models.
Whether you want to advance into a senior role, or bring your business into the forefront of next generation technology, blockchain can help you reach new heights in your career. From becoming a decision maker in the space of business collaboration, technology implementation and the reshaping of supply chains, or advancing your organisation into the new age of cybersecurity, governance and sustainability, skills in blockchain offer a wealth of opportunities.