Contact Form

Have queries for this product, fill out this form, and we will get back to you within 24 hours





Get Our Tips Straight To Your Inbox


Want To Make A Career in Blockchain? Here Is All That You Need To Know!

By Nilesh Gaikwad – Country Manager at EDHEC Business School, France

 

 

 

 

Not since commercialization of the Internet in late 1990s have, people looked up to something with such hope. Like most of the game-changing inventions in history, Blockchain too, was originally formed to support a medium for swapping physical currency with a virtual one. Today, it finds an application in almost every industry one can think of. Hence, the curiosity!

 

What is Blockchain?

In simple terms, it can be termed as a Distributed Database authenticated by a wider community instead of a single-control authority. As the name suggests, it is a chain of blocks. The blocks carry information. Each of these blocks constitute of cryptographic key to associate with a previous block and its own resident data. Though everyone can access this data, only authentic parties can create it. To ensure authenticity, these blocks are chained together in adherence with cryptographic principles. These blocks are immutable as once formed they cannot be modified. Thus, a Blockchain can also be termed as a Digital Ledger that records transactions between two parties in a permanent and verifiable manner.

 

Blockchains are associated with information transfer. Here, one party starts a transaction by creating a block. The block is made available online and verified by distributed computer terminals or ‘nodes’ and matched against the previous entry in the chain. Once verified,the blockis added to that specific chain. Every new block will have its link to the previous block with its unique history. Information corruption of one block renders all subsequent blocks invalid.

 

Every action is transparent and everyone is accountable

As there is no cost associated with blockchain and do not have a centralized governing authority, the system empowers anyone to initiate a Blockchain. Every action is transparent and everyone is accountable. Blockchains though prevalent on a distributed network, are anything but the traditional client-server model. The most distinct advantage of Blockchain is Decentralization. In a client-server model, control of information remains with the client.  Whereas within Blockchain, the transactions are broadcasted, with every node responsible to update the events.It is a play of distributed database. Thus mooting the need of a central authority. Instead of a single centralized version of information, Blockchains exist as a shared and continuously harmonized information chains. As the information is not stored in a single place, information cannot come under a concentrated cyber-attack or elimination through physical damage.

 

BlockChain is derived from a combination of existing technologies

For its ground-shattering applications, BlockChain technology is nothing new but derived from a combination of existing technologies, viz – private key cryptography, P2P Network & Blockchain protocol. Every Blockchains’s trust factor is dependent on identifying oneself and authorization to access the information.Private Key Cryptography ensures identity, P2P Network provides a permission matrix and Protocol offers the platform for blockchain. This set-up ensures the need for a central collaborator does not arise.

 

Some Applications in Industry

 

Banking& Services

Blockchains have already removed the need for intermediaries in a transaction. It provides an automated trade life cycle with all participants having access to the same data.

 

Government

As most of the government departments work in silos, managing the data transactional challenges is a key. Blockchains can ensure uniformity of data across the departments. It enables better management and keeping information up to date.

 

Healthcare

Improving the storage, security and privacy of the healthcare data is a key challenge that can be overcome through Blockchain.

 

Supply Chain

The biggest concern with buying products is whether the company followed the ethical / cultural norms during the manufacturing process. Distributed ledgers will make it easy to certify these processes.

 

Internet of Things

As more and more Smart Devices get accepted by consumers, data being collected and stored will help create an efficient system with better cost-monitoring. Network controlled management of these systems shall be in great demand in years to come. Already companies like Google, Samsung, Amazon, Microsoft etc. are investing heavily to become dominant in this field.

 

Real Estate

Land title registration & identification of frauds within the real estate market can be optimized through improved record keeping. Governments are working to sign partnerships to ensure blockchain-based systems of land records.

 

 

Author: Stoodnt Guest Author

Stoodnt Guest Author are experts, professors, teachers, tutors and professionals who want to share their advice, insights and guidance to students, young professionals and others.

Comments(0)

Related Posts

Dealing with College Rejections
Tick Tock – MBA Application Deadlines Approaching This Week Yuri Punj

Happy New Year MBA Applicants!!!  That’s the good news, the stressful news is that a dozen top MBA schools will close out their Round 2…

Read More

How to make smart career choices as a millenial? Rohit Kapur

Feeling lost in the midst of the mind-boggling number of  career options and work opportunities? Trust us. We all have been there already. Picking a…

Read More

Financial Aid & Scholarships for Undergraduate International Students to Study in US | Need-Blind Admission vs Need-Based Admission: Which is better for International Students? Tanmoy Ray

The US is one of the most sought-after destinations for study abroad for Indian and International Students. The undergraduate study in the US is very expensive.…

Read More

10 Majors with the Highest Salaries for College Graduates Rohit Kapur

Attend university. Land a position. Earn. As a rule, this is the purpose of heading off to college. There are a lot of different advantages…

Read More