Why Should Software Developers Learn About Blockchain Tech?

by Chase Adams on Jul 4, 2022 Health & Fitness 157 Views

Do you think the idea of Blockchain is still foreign or a newbie? Probably not anymore! The Blockchain revolution has carved its way into several mainstream industries and to be honest the fun ride has just begun! Blockchain technology's future seems pretty rosy, propelling to astonishing heights.

I am sure you will agree with me when I say being a part of the 21st century, we have witnessed unparalleled technologies and disruptive ones making advancements in a wide range of industries and realms. Right from artificial intelligence to machine learning, big data, and blockchain, in one way or another, we seem to have become dependent on these technologies. However, there is nothing wrong with it but there is no point in using the technology until and unless you don’t get well-acquainted with it. The following post emphasizes what is Blockchain technology, why software developers must learn about blockchain tech, and at the same time why businesses must consider it too? So without further ado, let’s get started!

The inception of Blockchain Technology

It has been observed that several companies including private ones and small/large-scale enterprises are found leveraging the power of blockchain for a plethora of reasons such as enhancing productivity, and efficiency, streamlining business operations, and whatnot! In fact, several stats have revealed that by the year 2026, Blockchain is supposed to grow approx $360 billion. And you know what’s the best part here? The numbers are not going to slow down at any cost. Now, what exactly is blockchain?

In simple words, a Blockchain is a distributed database that maintains a wide range of records often known as blocks. Each one of these comprises a cryptographic hash. The hash can be either made of a timestamp or even the previous block or any transaction data. Further below I would like to mention some of the core uses of Blockchain in today’s times.

  • Easy and Quick Payment Process - The tech is highly recommendable for conducting quick and easy payment procedures and money transfers. Probably within a span of minutes or seconds things can be taken care of here.

  • To monitor supply chains - Another major use of Blockchain technology is while monitor supply chains. Overall, by using the tech in particular businesses can easily pinpoint where things are going wrong especially in regard to supply chain management. Not just that, the tech even assists well in locating items in real-time and tends to judge products from a quality perspective.

  • Data sharing - Blockchain technology has the potential to securely store and move enterprise data irrespective of the industries.

  • Protecting Royalties - Another aspect where Blockchain is quite a thing is when it comes to protecting copyrights and royalties. With the help of tech, it is possible to create a decentralized database just to make sure all rights are reserved. Also, not to mention it provides transparent and real-time royalty.

Blockchain Technology and its Types

There are mainly four categories or types found in the blockchain realm:

  • Private blockchain Networks

Private blockchain networks are said to be the ones that tend to operate as closed networks mostly working for private businesses, organizations, and enterprises. Companies with the help of blockchain technology can customize the accessibility and authorization preferences, parameters to the network, and several security options. Here everything is managed by a single authority.

  • Public Blockchain Networks

As the name implies, unlike private networks here in public blockchain networks several security flaws and centralization-related challenges can be eliminated in the nick of time. Data instead of being stored in a single location is successfully distributed across a peer-to-peer network. So how do you determine authenticity? Try using a consensus algorithm.

  • Permissioned Blockchain Networks

Permissioned Blockchain Networks often known as hybrid blockchains enable authorized individuals by using special access. Why do organizations tend to set such a type? Well, to get the best of both the worlds better structure as well as the authority to who can participate and in which tasks.

  • Consortium Blockchain

Last but certainly not least, this one is quite similar to a permissioned blockchain network. This type comprises both public and private components. You might feel a bit overwhelmed while setting up such type of blockchain technology but believe me, it turns out to be pretty optimal for businesses in the long run.

So if we see it from a business point of view Blockchain offers:

  • Saves ample time

  • Saves cost

  • Tightens security

Which leads us to our next question, why there is so much gushing going on about blockchain technology among businesses as well as software developers?

How is Blockchain Technology a Cut Above? Benefits of using Blockchain Technology

I remember clearly it was 2009 when the so-called Bitcoin tech came into existence. The concept of digital distributed ledger technology wasn’t popular then but the table seems to have to entirely turn now. Right from large enterprises to government agencies, and non-profit organizations, blockchain seems to have penetrated each one of these. When do people ask me why use Blockchain? Well, with availing the ability to share data in a quick, secure manner, I say why not! Further, I would like to shed some light on certain benefits offered by blockchain technology.

#1 Transparency

The first and foremost benefit offered by blockchain technology is that this tech offers better transparency. You see trust is one of the major issues faced by people irrespective of their industry and to surpass this ever-growing issue ASAP, you need a technology that offers absolute transparency. And Blockchain certainly does that! No matter how many rules and regulations you try to implement but if there is no transparency then there is no scope for quick growth. Sooner or later, transparency is bound to have bigger implications.

#2 Security

Another crucial benefit offered by Blockchain technology is enhanced security. Today, the rise of security breaches seems to be making more and more organizations concerned and worried. Fortunately, Blockchain technology uses advanced security in comparison to other platforms and systems. Now what happens is every transaction recorded here is agreed upon prior and encrypted so that there is no scope of a data breach. In case, if any malicious activity takes place, the nodes automatically reject writing such transactions to the network.

#3 Cost-effective

Of course, price is supposed to be one of the major concerns for organizations. Today, businesses are found spending a hefty amount on enhancing their current systems. And maybe that’s the reason why the use of blockchain technology has increased - reduced cost.

The technology certainly enables different organizations to reduce costs, especially the ones associated with third-party vendors. You see this one doesn’t have any inherited centralized player, so one can certainly skip the part of paying vendors' costs.

Further below I would like to mention why software developers must learn blockchain technology.

Why Software Developers Must Learn Blockchain Technology?

First of all, what are the roles and responsibilities of a blockchain developer? Well, in general, they are supposed to use the standard internet protocol to create and manage applications on a decentralized ledger system. Certain roles and responsibilities of a blockchain developer include:

  • Enable secure digital transactions

  • Store data in such a way that it prevents hacks

  • Collaborate with managers from different departments

  • Apply the latest cryptology techniques

  • Write multithread codes

  • Keep up with the latest technologies

  • Proficiency in programming languages, such as C++, Java, and Python

  • Great analytical and problem-solver

  • Excellent communicator

So now that you know who is a blockchain developer or what are the precise roles and responsibilities of a blockchain developer, now it's time to delve into why software developers must keep trending toward blockchain technology.

#1 High-paying jobs

One of the obvious reasons for software developers to delve into blockchain technologies is because here you are bound to receive good pay and prospects. Plus you have a plethora of job roles to think about such as senior software engineer (cryptocurrency), cryptocurrency developer, trader, Direct Sales Associate – Cryptocurrency, Cloud Engineer with Bitcoin protocol/Blockchain, Bitcoin full-stack developer, cryptocurrency research analyst, and whatnot!

Overall, the blockchain job market looks completely great and it’s high time you must make the most of it! Since this one is expected to grow exponentially.

#2 Easy to Learn

Another interesting aspect to take into account is that Blockchain in comparison to other platforms and technologies is pretty easy to learn. Though that doesn’t mean this one doesn’t require any effort or dedication to grasp, it does but overall it is pretty easy to learn and get started with! If as a software developer you are well-acquainted with all the software development processes and programming languages such as C, C++, Java, Python, Nodejs, and Go, then that’s it Blockchain is no longer supposed to be difficult.

Also, not to mention that there are a plethora of online blockchain development courses to take into account. Just make sure to strengthen your web programming skills and computer science knowledge before you get started with Blockchain or else you will be stuck in between.

#3 Every industry is Trending toward the Tech

Another major reason for software developers to learn about blockchain technology these days is that the tech playing a dominant role in the market allows you to try your luck in different industries. You see, gone are the days when Blockchain technology was simply limited to the banking and finance sector, today retailers, manufacturers, healthcare, eCommerce, and resources are found incorporating the blockchain technology to rise over the competitive edge in the nick of time.

As mentioned earlier, there will be a hell lot of golden opportunities in the upcoming years.

Final Thoughts

Fortunately, you will come across several practical implications being done for blockchain technology. So in one way or other, the tech is definitely making its way all thanks to the rise in bitcoin and cryptocurrency. In all, by using such technology, you can rest assured that your business will excel at certain aspects such as security, efficiency, productivity, and cost-effectiveness and no third-party vendor is required.

A piece of advice - Don’t wait because all the legacy companies have already started catching up and the upcoming years will be considered an important period for growth.

Original Source

Article source: https://article-realm.com/article/Health-Fitness/24377-Why-Should-Software-Developers-Learn-About-Blockchain-Tech.html

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