Despite the Covid-19 crisis, which disrupted so many industries, blockchain is still one of the most revolutionary technologies that are going to change our views to the future. Although less than 1% of people are familiar with this technology, the potential it generates is enormous if we take into consideration that over 3.7 billion people use the internet as of today.
The demand for blockchain professionals is continuously increasing. Lots of companies are looking for blockchain experts, but there is just a handful of those who mastered this technology. Therefore, the need for more blockchain experts is higher than ever. The most influential blockchain experts which impacted the industry, as listed in this infographic.
But, what is a blockchain expert is in the first place? To become a blockchain expert, you need to cover different aspects of technology. Someone who is a master of programming languages, who has an exceptional understanding of how the blockchain platform work, and that can integrate solutions in various businesses can be considered as a blockchain expert. However, that is not everything a blockchain expert needs to know. He or she needs to use expert knowledge to implement new business models and should be capable of handling blockchain solution rules and protocols. Besides that, a blockchain expert should be familiar at least with the basics of smart contracts, consensus method, security, and use cases. All this knowledge is needed for someone to become anactual expert in the industry.
As you can see, becoming a blockchain expert is not easy at all. Blockchain technology is not a simple one to learn, and that is why only a handful of people understands its principles. On the other hand, the number of companies looking for blockchain professionals is continuously growing due to the high potential of this technology. Companies can significantly speed up the improvement of their businesses, but the number of experts capable of helping them on that quest is limited on the market.
Today, more and more businesses are reaching out to cryptocurrencies, especially the most popular ones, such as Bitcoin and Ethereum. There are quite a few reasons for those trends, and we are going to mention a couple of them. In the case of startup companies, thanks to cryptocurrencies, they can raise the capital quickly and at much lower costs. Tokens can represent shares, they can be immediately tradeable, and that can bring substantial liquidity to the company. From the transactional standpoint, cryptos provide alternative payment methods that are faster, cheaper, and more efficient. Companies can save in fees since the transaction is conducted between peers and without a centralized authority. Cryptocurrencies can also be an excellent investment opportunity for entrepreneurs. They provide a gateway for investing in the world’s fastest-growing technology.
We already mentioned the concept of smart contracts, but what it represents? They can fundamentally change the way how individuals or groups make and keep agreements. A smart contract is a digital agreement run on a decentralized blockchain structure. They are incredibly secure and trusted, so companies can use them to avoid conflicts in workflows due to the lack of a single record of truth. Another advantage of smart contracts is that they do not require approval at each step for their successful execution. Key parameters are executed automatically if pre-conditions are fulfilled.
These contracts are deterministic, which means that they execute as coded when added to the blockchain network. It prevents either party from altering the clauses. Since smart contracts are automated, reliable, and efficient, lots of traditional issues can be minimized or completely removed. Industries to which smart contracts can apply the most are insurance, derivatives, and trade finance.
These are just high-level reasons why you should dive into the blockchain technology. If you are intrigued by it and want to learn more, you can get certified and eventually become a blockchain expert.