When the Blockchain technology was first introduced, it was shrouded in mystery, as it was introduced as a technology to record the transactions of cryptocurrency – Bitcoin.
Over the years, as technology evolved, and various cryptocurrencies came into being – the different industries realized the importance of this new technology that was disrupting businesses all across the world.
The blockchain industry was thriving and going strong. Reasons aplenty, the major ones being its unique features that sets this technology apart from the rest of the disruptive technologies. But before we delve into the importance of Blockchain technology in 2021, let’s go back at the basics and refresh the memories about what is Blockchain technology, why is it important, and which sectors are already leveraging the technology.
So let’s take a look at what is blockchain technology.
Blockchain in simple terms is defined as a chain of ‘data blocks’, these blocks are stored on various computers or even servers that are distributed over a broad geographical area. Blockchain is a decentralized ledger that tracks one or more one digital assets on a peer-to-peer i.e. P2P network. P2P is nothing but a decentralized network, wherein all the computers are inter-connected while maintaining a separate copy of the complete ledger.
Blockchain Industry: Gaining Popularity Amid Patrons!
Ever since the blockchain technology was introduced to businesses, there has been no looking back for this technology. Though there have been times when it seemed that the technology has run its course, it has bounced back with a vengeance. In the current world, the blockchain industry is finally getting its fair due and gaining popularity among the patrons.
Reason: It’s features that are peculiar to the blockchain industry.
Result: Numerous industries and various sectors from top MNCs to the government sector to the startups – all these industries have realized the importance of blockchain technology that has the potential to revolutionize not just tasks but the entire industries.
Blockchain Technology and the Features Making Waves
Some of the important features that made the Blockchain Industry gained popularity include –
- Due to decentralization, the information stored on the blocks is visible to everyone thus increasing the transparency in transactions
- The data stored is immutable, which means that no one can tamper with the data that is once stored on the blocks
- Owing to the concept of decentralization the blockchain is easily and highly available to anyone who wants to access it
- The complex cryptographic algorithms ensure high-level security to the blockchain
- Blockchain transactions are quicker and more efficient as compared to traditional banks that take too much time and are also prone to human errors
- As blockchain has completely eliminated third party involvement, there is an immense reduction in the transaction cost.
Blockchain Industry – Paving Way for Blockchain Professionals and Blockchain Specialists
As industries woke up to the stirring potential of blockchain technology and realized how businesses and industries were transformed, the blockchain industry paved the way for the new group of professionals and specialists called Blockchain professionals and blockchain specialists.
While there were new roles in the making, the Blockchain industry that was growing steadily, had vacancies that required skilled (read certified) professionals.
With industries and various sectors leveraging blockchain technology, it was time when credentialing bodies like Blockchain Council and Central Blockchain Council of America amid others introduced Blockchain certification.
Blockchain professional certifications were curated by industry experts who had studied the blockchain industry thoroughly and knew what trends will work, which ones will fade away. However, with blockchain certification on their portfolio, the blockchain professionals gained a foothold in the blockchain industry and are riding the wave of success in the current business world.