Blockchain is an open source distributed ledger system, that validates transactions between two or more parties without the presence of a centralized body. These digital transactions are in a successive chain and are secured through encryption. The veracity of the transaction is done through a peer-to-peer network spread across various computing systems and is consensus-based. Blockchain came to be as a platform to validate cryptocurrency, as an aftermath of the 2008 financial crisis and fall in the market. A non-centralised method for trading and transaction was thus born, and cryptocurrency was the first product or financial transaction done on it.
However, Blockchain is no more limited to financial transactions. The idea of a transparent and secure network of trading of information and transactions has taken deep roots into other industries and services. Operations that are often plagued by paper-heavy processes, with a high monetary value given to 3rd party mediators and regulators, susceptible to data duplicity and record tampering.
The following benefits of Blockchain have made it possible to bring a high degree of transparency and traceability non-existent before in sensitive data services like healthcare, banking, real estate, personal identity, voting, logistics, and supply chain.
Efficiency
Transactions on the Blockchain are initiated, approved, and recorded quickly. Once registered, that transaction is part of an audit trail and doesn’t need to be verified again. It dramatically reduces time and effort. Lack of 3rd party trust builders reduces all the redundant checks taken to verify documentation.
Auditability
A blockchain transaction is sequential and indefinite; they are approved, recorded, and encrypted, with a timestamp on each. This chain of transaction stays as such for the lifetime of an asset unless changed through authorization. Creating an indelible audit trail of all the previous transactions related to a particular asset. Easy to look it up and verify.
Traceability
Product or consignment tracking issues plague the supply chain and logistics industry. In the Supply chain, the product goes through various manufacturing processes like raw material procurement, packaging, distribution, etc. All of these different processes in the value addition need to be tracked – the supply invoices and purchase receipts need to be traced to the T. But usually, this becomes extremely cumbersome. By implementing Blockchain to this situation the audit trail of receipts and invoices at every step is recorded in the sequence it is received or given, this creates audit trail as well as complete traceability of the product from the point of origin until the end of its journey to the retailer.
Transparency
Blockchain network is made of many nodes; each node represents a point of verification for a transaction. For every transaction within the network, all the nodes in the network need to give their stamp of approval, becomes a block and get added to the previously approved block. Thus, everyone in the network is aware of the transaction, and if a single entry or block needs to be altered, then all the subsequent blocks have to be changed as well. All of these changes can only be done after getting permission to access from the network of nodes.
Security
A Blockchain network is not stored in a singular server or a computer, the network is spread across various systems. Plus, the transactions that are agreed upon, are recorded after encryption – this secures the data making it untamperable. Hacking into the network is not possible as there is no single point of entry to the system. Blockchain is best suited to industries that need to protect sensitive data and make sure that no illegal hacks can get through to the data. The financial sector, legal and healthcare, voting are many of the industries that stand to be benefited by Blockchain.
These benefits of Blockchain are paving the way for its adoption in all the said industries. Bringing a new system into place is not an easy task, and all the blockchain initiatives are needed to be built and made to reality by blockchain developers. Currently, only 1 in 400 developers are ready to work on Blockchain.
By taking up the certification course of Blockchain,
- You would be an early entrant into the field – ample time and opportunity to build expertise and experience.
- Your current developer skills can easily be translated to blockchain application development or to even build a new network.
- You would be in demand for the foreseeable future, as Blockchain is still a fledgling tech, to reach its full potential it would take a considerable number of years.
- You can upgrade as the tech upgrades and not become obsolete.
EMURGO Academy’s WorkPro is for those who are keen on taking the leap but are looking for the right course. The course apart from teaching blockchain also helps to open up doors for you within the industry through exposure to the global blockchain industry, mentorship and evaluation through CXO’s and an internationally accredited certificate.
Adding to all of this is the opportunity for you to showcase your ideas on Blockchain through international forums and accelerator program.
EMURGO Academy is for those who are ready to step up their game, and not just learn Blockchain.