Blockchain technologies are predominantly related to cryptocurrencies such as Bitcoin, but there’s a lot more to the technology than digital currency.
The security it offers is useful in lots of ways. Perhaps the best way to describe Blockchain is that data which can only be added to, not taken away from or changed. This is where the suffix ‘chain’ comes from, as what is being created in the process is a ‘chain’ of data.
The key highlight about blockchain is that previous blocks of data already created cannot be changed, making it a very secure option. Also, blockchains are consensus driven, meaning no one entity gets control of the entire data. In Blockchain, there is no need for a third party to oversee or validate transactions.
Studies reveal that Blockchain related jobs are some of the fastest growing ones, with 14 openings for every one blockchain developer in the offing. Blockchain developers use blockchain technology to develop and implement architecture and solutions, their average median salary being $130,000.