Why Should You Learn Blockchain Basics?

Bitcoin has taken the finance industry by storm since its inception. Everyone seemed to be talking about bitcoin. There were two other terms associated with it, ‘cryptocurrency’ and ‘blockchain technology, but both of them failed to get as much traction as the word ‘bitcoin.’ Those who were fascinated with the buzz created around bitcoin tried searching for the underlying technology behind it. However, once a layman starts searching for blockchain technology, he comes across terms like distributed ledger, decentralized system, peer-to-peer network. Such technical terminology tends to confuse a reader and he becomes skeptical about exploring more.

Irrespective of whether you are interested in going through the technicalities of blockchain technology or not, you should at least become familiar with the basics of blockchain. This is because it is one of the technologies driving the Fourth Industrial Revolution and will disrupt the job market in the years to come. Upskilling is of utmost importance these days as many companies are adopting digital transformation and would require employees who have developed the digital skills of tomorrow rather than hanging on with the traditional ones. Blockchain is one such futuristic skill that is worth investing in for your bright career. In fact, people have already started seeking a free blockchain basics course to get acquainted with this emerging technology.

One might still be unconvinced regarding why blockchain should be considered as a potential career option. So, in this article, we would discuss some of the top reasons why learning blockchain basics should be your priority if it still isn’t.

Blockchain Explained

In non-technical terms, you can think of blockchain technology as a record-keeping tool. It is kind of an accounting system where the transaction records aren’t kept centralized but are distributed among a network of computers. This record of transactions is called a ledger, in technical terms, and blockchain can be considered a type of distributed ledger technology. If we break the term blockchain, block suggests that all the transactions are verified by computer networks one by one and added into a ‘block’ of information. And ‘chain’ suggests that transactions are recorded in chronological order, i.e. they are added to the chain in groups rather than individually. Currently, The News Spy blockchain is popularly known for introducing digital currencies like bitcoin.

Some of the top features of blockchain include:

  • It is decentralized – meaning there is no central authority but a network of nodes managing the records. In other words, no one entity is given full control over the network.
  • Permanent record keeping – meaning data once stored in the network cannot be altered, i.e., they are immutable. Thus blockchain is reliable.
  • It is transparent – As the transactions are recorded and stored in real-time across blockchain nodes, everyone can view the transactions on the network.
  • Highly secure – because of decentralization, it is difficult for hackers to destroy blockchains. It means even if one computer is tampered with, the correct information is available on the distributed network.   

Why Learn Blockchain for a Rewarding Career?

Currently, blockchain is popularly known for introducing digital currencies like bitcoin. Here, you may think that technology is only applicable in the finance industry. However, you would be surprised to know that there are many non-crypto currency applications of this powerful technology. Some of the top ones include cross-border payments, smart contracts, identity management, supply chain applications, and more. 

Here are the reasons why you should be knowing blockchain basics by now:

  • Blockchain developer tops the list of LinkedIn’s 2020 Emerging Jobs Report India. IT, Computer software, the internet, financial services, hospital and healthcare are the top industries hiring blockchain developers.
  • The cutting-edge technology provides the universal infrastructure which is flexible to integrate with many old as well as new technologies like the Internet of Things (IoT).
  • Blockchain is facilitating unprecedented business flexibility, new capabilities, and improved efficiency that can be leveraged to respond to changing market dynamics quickly.
  • Blockchain technology is a booming sector and there are many career opportunities waiting for you. Apart from being a blockchain developer, you can explore roles like cryptocurrency analyst, research analyst, blockchain legal consultant, blockchain project manager, and software engineer in cryptocurrency.
  • Renowned names like SBI, Citi Bank, Master Card, Western Union, JP Morgan Chase, Standard Chartered, VISA, CIBC, and Accenture have already integrated with blockchain technology. So it is safe to say that blockchain is the trending wave, and it is better to float on it and make the most of the opportunities available.

How to Learn Blockchain Basics?

Are the above reasons convincing enough for you to start learning blockchain fundamentals? If yes, then you shouldn’t wait any longer. While there are many ways you can start your blockchain journey, we would recommend you to opt for online Blockchain courses. There are some reliable Blockchain foundations training programs available free of cost that you enroll in instantly. Their curriculum is often designed by industry experts who are well aware of the latest happenings around the technology.

The technology seems difficult at first impression, but It would not take you more than a month to learn its fundamental concepts. Moreover, if the subject piques your interest further, you can go ahead to learn its advanced concepts as well through a paid course and embark on a career as a blockchain developer. 

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