Blockchain technology is a trending technology, which started picking traction in 2008 after the introduction of Bitcoin. Since than the cryptocurrency has become hugely popular in the investment space, while the technology underlying its success has found several use-cases in the industry.
The application of blockchain in finance, supply chain, government organizations, is making processes more transparent and efficient. All in all, blockchain technology is what the internet was for end-users in 1990.
Businesses across the industry have a greater focus on building blockchain applications or integration to reap greater benefits by increasing efficiency. Thus, learning blockchain technology is a good option for developers, software engineers, or any technology professional who is looking to progress in their career.
Here are six compelling reasons why you should learn blockchain technology.
The demand for blockchain technology is extremely high. According to Statista, spending on blockchain applications is expected to increase to 15.9 billion by 2023. Additionally, the popularity of technology among users has grown steadily in the past few years. Needless to say, employers are looking to hire blockchain developers who understand the nitty-gritty of blockchain development.
This is a time when developers can benefit from the increased demand for blockchain expertise and progress in their careers.
Universal Infrastructure facility
DLT (Distributed Ledger Technology) and blockchain don’t require to build processes from the ground up. Instead, it sits on top of existing infrastructure and can easily integrate into existing processes to offer its advantages. Thus, the implementation of blockchain technology is hassle-free and brings various advantages.
In the end, you have a single infrastructure that connects you to the entire market right from your existing infrastructure.
Digital identity and security
According to Quick View Data Breach Report, the first six months of 2019 saw more than 3,800 publicly disclosed breaches that exposed nearly 4.1 billion data records.
Data security is a major concern among users. Organizations spend billions of dollars alone on safeguarding data and other cybersecurity measures. Blockchain offers high-grade security due to its inherent architecture and cryptography. The application of blockchain will make personal data more secure and less prone to breaches.
Integration with IoT
IoT (Internet of Things) is expanding. By the end of 2020, spending on IoT is expected to reach $1.29 trillion. Data is the lifeline of IoT. This data needs protection and storage. The integration of blockchain with IoT will cater to both aspects.
Thus, learning blockchain will provide an opportunity to access IoT and other emerging technologies to play around with them.
Disrupting every industry
The application of blockchain technology isn’t limited to the finance industry. Every other industry including government agencies is experimenting, while a few like supply chain, media, and entertainment, digital advertising among others have adopted the technology. The use-cases of blockchain technology are increasing day by day.
According to a Deloitte 2019 report, nearly 86% of senior business executives believe blockchain will become mainstream.
Increasing jobs and salary
Both cryptocurrency and blockchain applications are growing. The global cryptocurrency market is expected to grow at CAGR of 6.15% during 2019-2024, while the blockchain technology market is expected to grow at a CAGR of 67.5% during 2020-2025. Both these trends are leading to increased demand for blockchain specialists at all levels of experience – junior, mid-and senior-level professionals.
Roles such as blockchain architect, cryptocurrency mining technician, blockchain developer, cryptocurrency analyst among others are in demand.
Now that you know how important blockchain technology is becoming to the world. Start learning the technology!