Blockchain is the foundational technology that powers electronic currencies such as Cryptocurrencies. In simple terms, a Blockchain is an electronic ledger that can be shared among different users. This helps in creating a record of transactions that cannot be altered. Each of these records is time-stamped and linked to the previous one.
So every time a new transaction is added to the ledger, it is stored as another block in the chain of transactions – hence the name. Blockchain is updated after the different parties contributing to the ledger agree. After new data is fed into a block, it cannot be erased. This makes technology verifiable and secure.
This validation of transactions helps companies reduce their costs as no third party has to be paid. The system is very
secure and there is no need for paying for centralized entities, as the technology is decentralized. Transactions are
easier to track using Blockchain.
There is a rise in careers in Blockchain and it will create different job positions which are as follows:
- Blockchain Developers
- Blockchain Quality Engineer
- Blockchain Legal Consultant or Attorney
- Blockchain Engineer