Why is Blockchain important in 2020?

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Even before Bitcoin’s mystery inventor Satoshi Nakamoto conceptualized blockchain in 2008, two individuals Stuart Haber and W. Scott Stornetta had already envisaged this concept in 1991. While the name blockchain may have not seen the light of day in the 90s, it saw its general acceptance in 2008 and thereafter along with the birth of Bitcoin. 

Futuristic enterprises are putting their stakes in Blockchain and are today scouting for skilled professionals with blockchain certification training to steer them ahead of the competition in adopting this technology in their applications. 

Recent trends in Blockchain

Given the rise of cybercrime, enterprises are on the lookout for technologies that guarantee not only convenience and effective operations but also tight security. By 2008 blockchain caught the world’s attention and presented the solution it had been looking for. Since then, this technology has fast evolved from driving cryptocurrency to become the next big destructive technology that industries across the globe could adopt to run their operations.

Gartner has predicted that by the year 2030, Blockchain will be worth $3.1 trillion. Many players including industries, enterprises, and governments have warmed up and are gearing up for the benefits that blockchain technology has to offer. 

  • China has had an eye for this innovative technology for a while and has finally joined this race by launching an initiative that will see the release of its Central Bank Digital Currency. It is believed that this initiative will see the country explore opportunities in digital currency and electronic payment. 
  • Big names like JP Morgan, Walmart, Microsoft, and Apple are already considering the solutions that Blockchain could bring to their operations. Others like Maersk are already using this technology to track cargo. 
  • Gartner, in a study carried out in 2017, established that 82% of Blockchain users were financial service enterprises with users in healthcare, industrial products, energy, and utilities following closely. 

What is blockchain?

Blockchain is a distributed ledger in which digital transactions stored in blocks are recorded in order of the time they take place using unique cryptographic codes known as a hash. Transactions are stored in a way that they will be extremely difficult to alter which makes blockchain be seen as a very secure platform. 

How blocks are made 

A transaction takes place and is captured in the form of a string of letters and numbers which generates a hash code that is recorded based on the time the transaction takes place. A hash, once recorded, cannot be altered. Any change in the transaction generates a completely new hash which is again stored based on the time the change took place. 

Once a hash is generated, a node inspects it before releasing it along with others to form a block. Blocks are also created and linked together in a specific order with reference to the last hash in the previous block, hence the name ‘blockchain’. Blockchain records are updated every 10 minutes. 

Why businesses are considering blockchain-based applications 

  1. Blockchain is nearly 100% tamper-proof and this is the kind of platform businesses need in this era of cyber insecurity. 
  2. It eliminates intermediaries in operations which, in effect, reduces operating costs and increases service access and delivery speed. 
  3. That inspection and verification of transactions are managed by a network of computers rather than human intermediaries eliminates instances of human error so that information stored in a blockchain database can be rated as accurate. 
  4. Transactions in a blockchain database are transparent yet confidential. Transactions can be traced without identifying information about the owners of these transactions. 

In which industries is blockchain useful?

With more and more industries gearing to reap from the benefits of blockchain-based systems, these sectors have already implemented and are using blockchain technology in their operations. 

  • The Financial Sector 

Already 9 out of 10 banks in Europe and North America were exploring blockchain in 2018 to reap the benefits of this innovation including a 30% reduction in infrastructure costs among other benefits. 

The financial industry has everything to gain from Blockchain technology with millions of transactions taking place within its systems every day. This includes 

  • Secure records
  • Accurate, tamper-proof, and traceable records
  • Faster processing of transactions particularly for cross-border businesses being that blockchain is in operation throughout
  • Lower operating costs for institutions 
  • Lower transaction fees for customers 
  • Healthcare Sector 

It forecasted that by 2025, at least 55% of healthcare administrators will have used blockchain technology in their day-to-day operations. The healthcare industry is custodian to massive patient records which cybercrooks have often had chances in taking advantage of. Implementing blockchain solutions means that patient records are accurate, tamper-proof, secure, and confidential only being accessed by authorized individuals or entities. 

  • IT Sector 

The IT sector is all about managing systems, applications, processes, and databases and as it is, 13% of IT professionals in charge of IT operations are considering integrating blockchain technology in their operations. 

Software platforms will facilitate smooth processing, secure information storage, fast and efficient information sharing, as well as improved customer relationship management. Still, implementing this technology will reduce systems operation and maintenance costs significantly. 

  • Real Estate Sector

In real estate, signing, sharing, and secure storage documents like property deeds could benefit greatly from blockchain solutions. Typically, processing documents involves several parties and where a dispute is involved and tracking is required, the time and cost involved are sometimes unimaginable. Blockchain is most likely to reduce the physical handling of paperwork, improve traceability, and minimize human error if not eliminate it. It will also significantly reduce costs in terms of commissions and fees.

Why is it important to learn blockchain? 

Blockchain is a promising technology of the 21st century whose potential significance is comparable to that of the internet. As such, there is a rising demand for blockchain solutions in different sectors across the globe. As organizations seek to leverage this technology for its obvious benefits, they will also need skilled professionals to handle it.

Blockchain is a welcomed technology

While Blockchain is a relatively new technology with only 0.5% of the world’s population utilizing it, its potential significance is driving the world to another level of advancement and businesses and industries are ready to receive it into their operations. 

The world of business stands to benefit from Blockchain’s decentralized concept

If you already have a computer science, IT, cryptography, distributed computing or mechanical design qualification along with some experience in the same field, you stand to gain much from learning Blockchain because blockchain and its decentralization concept is the next technology for systems and applications. 

Blockchain is a universal infrastructure 

Blockchain is a distributed ledger and this is one concept that is defying the classic centralized database system that the world was used to. It presents on its platter a host of benefits including enhanced security, effective operations, and reduced operations and maintenance cost. 


This concept also breaks the wall between systems and applications across the globe, allowing businesses that use blockchain technology to integrate their applications with existing systems for safe and easy data transfer. 

Competitive package

The average salary of a blockchain developer in the U.S as of 2019 was $136,000 and would go up in the following years with a sharp rise in demand. This package is much better for professionals with over three years of experience. 

Take a step

As we have seen, Blockchain is a technological force that will soon be driving the world’s systems and processes. Therein, lies job, start-up, consultancy, and other opportunities for those wishing to upskill or pursue a career in blockchain.

With the right skills and qualifications, you could be the professional that companies are seeking to hire to drive change.  

Already, posts that are being advertised in line with Blockchain 

  • Blockchain developer 
  • Blockchain consultant
  • Blockchain Solutions architect 
  • Senior software engineer (cryptocurrency)
  • Research analyst 

The good news is that you can start from anywhere. You do not have to go back to school to pursue a full degree (or master’s degree). You enroll for a certification course to equip yourself with these valuable skills. Courses are shorter, easily accessible, less costly, and in most cases self-paced.