Blockchain, the future is boundless…
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I hope you are all doing well.
There has been a lot of buzz around the term “Blockchain”.
So much so that it is now one of the top-10, most popular, technologies in the world.
- But what exactly is Blockchain?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
Even though the technology is most famous for its involvement in Cryptocurrency, such as Bitcoin, it is capable of so much more.
In theory, everything holds a certain value… which makes it, virtually, possible to be tracked or traced using a blockchain network, which in turn reduces the risk factor and cuts down on the costs for all parties involved.
To summarize the term, it can be addressed as the data, that you can only add to, but cannot take away from, or change; thus giving meaning to the word “chain” in “Blockchain”.
The best part about it is that it is concord-driven.
Meaning that no one entity can get ahold of all the data.
It utilizes the P2P (peer-to-peer) topology.
The data is available on thousands of servers and allows everyone on the network to see anyone’s entries, in real-time. While the database is immutable, it doesn’t undermine the fact that it is a big opportunity for storing data.
It keeps the data within the ledger publicly and in chronological order; secured using cryptography.
With blockchain, you would never need a trusted third party to oversee or validate your transactions, at any point in time.
Now that we have a general gist of what is blockchain…another question arises.
- Why Blockchain?
While some experts like to claim that the technology is still within a hype cycle, the statistics, collected over a few years, cannot be denied.
According to IDC, corporate and government spending on Blockchain technology is expected to jump 89% percent over 2018 numbers, hitting almost $3 billion in 2019. This number is estimated to reach more than $3 trillion by 2030, which means there will be plenty of demand for blockchain experts.
According to a general estimation, the average fee of a Blockchain Developer is around 5,00,000–30,00,000 LPA, the average in the country is around 800k.
With three years of work experience, a blockchain developer can expect to receive close to ₹45,00,000 annually. A blockchain developer's average salary in Europe is $73,300 while the average in the US is $136,000.
And it is only expected to grow, exponentially, in the coming years.
- What does a Blockchain Developer do?
A Blockchain Developer is someone who is responsible for developing and maintaining blockchain protocols, making sure that the technology is secured.
The role itself can be classified into two different categories.
- Core Blockchain Developers
- Blockchain Software Developers
A core blockchain developer is someone who is responsible for making a high-level decision such as developing the layout and design of a blockchain system. They are responsible for the protocols around blockchain.
Whereas a blockchain software developer uses the layout, design, and protocols designed by the core blockchain developer and then builds the decentralized applications that can run on blockchain technology.
A lot of knowledge, on a lot of technologies, is required to become a Blockchain Developer.
Let me name a few of them,
1. Blockchain Architecture
2. Data Structures
4. Smart Contract Development
5. Web Development
And most importantly, patience.
That will be it for today guys!
Meet you in the next.