But what exactly is blockchain technology? In simple terms, this refers to the decentralized database. One can imagine blockchain as a distributed ledger and is located simultaneously on all the devices connected to its network. Any data in the ledger is changed, the information gets updated on every device connected to the network.
The blockchain has become an important technology for industries today and this is because of its privacy, security, and speed. Around 44% of organizations are already adopting to blockchain technology worldwide. And 65% think that blockchain is already having a positive societal impact that goes beyond their own businesses. Although there is a high demand for professionals with blockchain technology, there’s still a dearth for talent.
Many people are still in doubt that the application of blockchain technology is limited to cryptocurrency. Whereas, it is much more than just one industry. These industries are already using enterprise blockchain, to name a few are RBC, JP Morgan, Santander, and CitiBank etc. Big companies like Burger King and IBM are also going hand to hand with the blockchain technology.
The given infographic depicts the top seven sectors blockchain will disrupt this 2019.
- The Banking Sector
When you talk of blockchain the first word that strikes your mind is “Bitcoin,” and it is no surprise that the banking sector tops our list. Blockchain provides a more secure transaction and a faster way of transferring money through the decentralization that is provided by blockchain technology.
- Legal Sector
This is one sector that often raises doubts over the legality of wills and other legal documents. However, with blockchain technology storing and retrieving of documents can be done in a secured manner.
The blockchain technology helps doctors and healthcare providers access your health records in a secured manner. One’s health records can be stored in a single and complete system irrespective of the number of doctors you might have changed. Your medical record can be accessed immediately by doctors and at any time, this could be lifesaving information at times of need and during an emergency.
- Real Estate
Buying a house can be difficult with all the paperwork, but with the blockchain system, the process can be simplified.
- The Government
Blockchain can be used to eliminate corruption in government agencies. Smart contracts can be used to ensure that the funds are released only when certain conditions are met.
- Video Industry
A video is said to form almost 82% of internet traffic by 2021. And blockchain will be playing a major role by decentralizing the video infrastructure.
- Startup Industry
Thousands of startups are looking for investors and to get to the right investor one must jeopardize the security of their ideas — blockchain makes all of these possible.
Although blockchain is a new technology, it has become one of the most sought after career in today’s date. Organizations are looking out for candidates skilled in such technologies. The best way you can start this exciting career drive is by acquiring these skills from a blockchain certification provider.
The blockchain education network is growing at a rapid pace, but one should ensure that the certification should be taken from an accredited organization.