After the phenomenon of bitcoins last year which took the world on a rollercoaster ride, this year we have the revolutionary blockchain to follow up on the hype.
Created by a group of anonymous developers, Satoshi Nakamoto, the invention of blockchain could easily be classified as one of the greatest inventions of the century.
By contributing to many different fields, blockchain has given a huge boost to the technological advancements in the world especially in the prevention of hacking.
Using the distributed ledger technology, blockchain has great potential to be transformative.
How Does It Work?
Most tech-geeks are aware of the process in which computers are hacked.
The hacker enters the main server illegally through another connecting computer and steals important information.
Blockchain however, prevents this process from occurring mainly because, now the main server does not exist entirely. Instead hash-codes are used, which are the technical fingerprints.
These are unique to every computer and all computers are connected by these codes. Hence, when one computer is hacked the hash code for it will automatically change, thereby disrupting the connection of the hacked computer with the others. A chain thereby exists where all the computers are connected with the hash code.
So, when a computer is hacked its connections get disrupted and it is thus isolated from the chain. The others will continue to run as per normal excluding the hacked computer.
Although this will not prevent hacking completely but it is certainly a leap forward towards preventing it.
A Blockchain-Related Career?
Blockchain is such a phenomenal invention that world class universities like Princeton, Stanford and even Massachusetts Institute of Technology (MIT) are currently endorsing research for their further development.
Oxford University even offers courses for enthusiasts to learn about blockchain. The world is now recognising it as a lucrative career add-on.
In the near future, a range of jobs will also be created relating to blockchain and the demand for this is predicted to be high.
Blockchain technology grew by 200% in 2017, and has grown more than 600% since 2015.
The job postings mentioning blockchain are at a rate of 2 per day and 15 out of the 18 most-searched postings have explicitly included the word “Blockchain.” By 2024, the Global Blockchain market is expected to be worth US$20 billion.
Furthermore, the percentage of major North American and European banks that are exploring blockchain is 90%. Blockchain is increasingly being used on a daily basis. It is stirring up the world and the potential for jobs in this field is promising.
This ground-breaking invention is the first step to the prevention of hacking. With further development, it has great potential to be a well-utilised concept in various industries like finance, insurance, logistics, which will definitely result in a more secure user experience.