Direct Hire Accounting, Finance, Tax, Banking and HR

Contact Us
877.823.3669

Blockchain: The Definition and The Future

Blockchain: The Definition and The Future

Author: Chris Alex /Tuesday, January 22, 2019/Categories: SNI Companies, SNI Technology

Rate this article:
5.0

“Blockchain”, a buzzworthy term that has made its way among technology newbies and gurus alike, building its name daily across industries. While it has been the talk of the town for some time now, what exactly is blockchain and how is it used in the the IT world? Additionally, how does a professional begin to work in this emerging technology sector? Fortunately, these are all questions with answers, but first, let’s start at the top - How is blockchain defined?

Blockchain, Explained
The most common definition of blockchain is described as the record-keeping technology created to support the cryptocurrency, ​Bitcoin​. While this is true, blockchain is actually a bit easier to understand on its own. The “blocks” in “blockchain” are representative of digital pieces of information, all linked together by the “chain”. Each block contains important, secure details about individual transactions, such as the following:

  • Date and time of the purchase

  • Exact dollar amount spent

  • All parties involved in the purchase - This includes the vendor name (i.e., Amazon), but does not reveal the name of the purchaser

  • A unique code, called a “hash”, is embedded in each block to differentiate one block from another

Once a transaction is made and verified, a block stores the data from that specific transaction, and it is added to the blockchain. Once a new block has been added, this information becomes readily available to the public, making it possible for anyone to view the data. However, this does not mean that the blockchain system is not secure. After all, the ultimate purpose of blockchain is to solve the problem of hackers faking transactions - And, blockchain accomplishes this without using an intermediary and by making all records accessible. The blockchain database is “decentralized”, meaning it is not stored in one central location unlike traditional currencies that are all issued by central banks. Therefore, making it extremely difficult to copy or corrupt the information stored in each block.

Blockchain Career
Now that we grasp the meaning and design of blockchain, let’s dive into its career possibilities.

It goes without saying that blockchain is one of the most dynamic, emerging technologies today, and, as a reflection of its popularity, blockchain-related positions are growing rampant in 2019. Because this career sector is so new, the path to reach it has yet to be paved, allowing innovation and creativity to seep in.

While interest and an experience in technology is crucial when searching for a blockchain role, a traditional IT degree may not be the only way of entering into this career. Because blockchain is truly unlike any technology available, its fundamental basics are not taught in a university classroom. Instead, professionals should spend their time researching the properties of blockchain that make it so unique - Fully understanding terms, like “decentralization”, that are wildly important in the cryptocurrency space will provide greater knowledge and appreciation for this technology, as well as the many ways it can be beneficial.

Lastly, consider broadening this career search with cryptography - With assets increasingly moving online and blockchain being put in place to protect them, cryptography must be utilized in order to properly secure the data. Furthering your training in this area can increase your blockchain education, while opening various opportunities in this arena.

Print

Number of views (2114)/Comments (0)

Chris Alex
Chris Alex

Chris Alex

Chris comes with 10+ years of Specialized Staffing industry experience and he has placed 400+ Professionals in various markets.

Other posts by Chris Alex
Contact author Full biography

Full biography

Chris comes with 10+ years of Specialized Staffing industry experience and he has placed 400+ Professionals in various markets. He is a multi "Reach for the Stars (both Chairman's Club and President's Club)" Winner and he prides himself in having a high level of ethics while providing his clients with the highest level of service possible.

x

Leave a comment

This form collects your name, email, IP address and content so that we can keep track of the comments placed on the website. For more info check our Privacy Policy and Terms Of Use where you will get more info on where, how and why we store your data.
Add comment

Contact author

x
Subscribe to Our RSS Feeds!