Blockchain is a technology that involves a secure and distributed database, powered by numerous computers located around the world. This system consists of an ordered collection of records called blocks, each with a timestamp connected to a previous block.
The technology uses cryptography to ensure that users can only make changes to their own blocks. Each user has a unique, private key that is needed to modify their Blockchain file. Additionally, the technology keeps the entire chain of distribution synchronized. Many enterprises are still exploring the possibilities of Blockchain. However, if business leaders can effectively utilize it to secure information transfers, Blockchain will become a highly sought-after career field.
Review the following 4 excerpts to learn about different ways to enter this potentially high-demand, profitable industry.
1. Become a Blockchain Security Specialist.
Enterprises are investigating ways to use Blockchain to streamline and secure important infrastructures. IBM, for example, is working on optimizing supply chain logistics using the technology. Initially, the focus is on improving tracking and monitoring to enhance the safety of food supply chains.
IBM’s experiments can also have implications for other industries. The travel industry could use Blockchain for biometric verification, the security industry for personal records, retail stores for tracking and managing SKUs, and municipalities to reduce voter fraud.
Due to Blockchain being in its early stages, it is uncertain which industries will successfully integrate the technology. However, there was a 15% growth in its use for healthcare applications, and analysts predict a 55% increase in implementation by 2025. Skilled individuals who can help enterprises leverage the technology for secure, smooth, fast, and cost-effective transactions will be in high demand.
2. Develop a FinTech Application.
Historically, entrepreneurs and banks have not had a smooth relationship, despite each being dependent on the other. Entrepreneurs need funding to start their ventures, and banks rely on entrepreneurs to drive the economy. However, businesses often face stringent loan requirements and resort to high-interest credit cards or complex banking arrangements for funding.
This strained relationship between bankers and entrepreneurs presents an opportunity for developers to create apps that help entrepreneurs secure funding and potentially generate substantial revenues.
3. Secure a Crypto Miner Broker License.
As traditional securities providers start to embrace Blockchain technology, it may support 24-hour trading and real-time exchanges. Additionally, leading cryptocurrency firms like Coinbase are exploring entry into the financial services industry.
Coinbase is in discussions with regulators to secure banking licenses, which could pave the way for it to become the first cryptocurrency exchange. Having a broker-dealer license issued by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) would enable Coinbase to offer crypto securities trading, margin trading, and over-the-counter (OTC) trading, resulting in new financial information products and considerable market expansion.
There are significant profit opportunities in digital currency exchanges, and being involved in this market from an early stage, such as awaiting license approval like Coinbase, could be advantageous.
4. Become a Blockchain Developer.
Analysts project that the Blockchain industry will generate around $300 billion by 2025. The combination of artificial intelligence (AI) and Blockchain technology is leading to a transformation comparable to the Industrial Revolution, but at a faster pace and on a much larger scale than initially thought.
With the Internet and decentralized Blockchain framework, anyone anywhere can initiate transactions securely and access powerful encryption that was previously inaccessible to many small business owners. This opens up the possibility for Blockchain to permeate every industry, regardless of enterprise size.
There are rising opportunities to work with Blockchain technology in the private and public sectors.
Core Blockchain developers design the algorithms and protocols that make up the technology, while Blockchain developers deploy the technology for firms. They use various languages but must be highly skilled in their chosen language. The technology allows for various applications, and as industries adopt Blockchain, there will be more opportunities for savvy developers and entrepreneurs.
