The technology behind cryptocurrency – blockchain – has swept across the globe. The benefits of using this technology have proven to be endless. Many companies are flocking to implement this decentralized, distributed ledger technology.
The reason for this widespread popularity can be attributed to the core idea of Blockchain, that is, once information is entered into it, it cannot be deleted. Therefore, to tamper with data you would have to hack every computer on the global network which would require you to use unthinkable amounts of computational power.
Another multi-faceted application of blockchain is the complete transparency of data on the network – anyone, anywhere can access files within seconds and without prejudice.
This is what makes blockchain the perfect match for any sort of supply chain or data storing applications.
The big problem with blockchain isn’t capital funding but is the global shortage of skilled blockchain developers. This, thus, contributes to a highly lucrative pay grade.
“Every time I talk to someone about the viability of blockchain, I get challenged to show a real project beyond the obvious bitcoin use case. IBM has been working to build large enterprise projects on blockchain and today they offered an irrefutable example that they have dubbed TrustChain, a blockchain that proves the provenance of jewelry by following the supply chain from mine to store.”
IBM, Facebook, World Bank, JPMorgan Chase, and many global giants are fully aware of what blockchain can do for them and have been very vocal about their opinions. These players are willing to pay enormous wages and bonuses to good Blockchain developers.
Wall Street Journal recently labeled the blockchain industry as “Booming”.
“Blockchain is the technology stack or enabler behind cryptocurrencies such as Bitcoin. And regardless of whether cryptocurrencies turn out to be an enormous bubble, the underlying blockchain technology has indisputable and genuine value. In one form or another, blockchain will have an enormous impact on how digital business gets done long into the future.”
Link to the CNBC TV news cover-up can be found below:
Interested in what industries the Blockchain technology could use these extra hands? Here is a list of other industries the Blockchain technology could disrupt.