Posted on Monday, November 12, 2018
The blockchain technology is often touted as the 'new internet' by most businessmen and entrepreneurs. They had been seeing blockchain as a safe and secure way for transaction, and now, have begun considering it as the most disruptive career option too.
Shedding light on the different kinds of careers that blockchain stands to offer, Akash Aggarwal, founder and CEO of Alluma, tells Education Times, “Blockchain has sprouted several new career opportunities. Profiles such as developers, designers, and project managers are pouring in for the professionals.”
Rahul Raj, co-founder and CEO of Koinex, emphasises on how, with blockchain, people would be more in control of their money. He says, “Blockchain is the internet of value. Not only does it transfer information, but also value. The biggest advantage lies in the way the information is transferred. With internet, the information is stored at a central warehouse which may suffer data loss due to many causes, but in blockchain, the information is distributed across many devices that are placed geographically apart. These devices retain the same copy of information. So, it is almost impossible to hack, corrupt or destroy it. In a way, it is secured from all kind of losses that central databases may suffer from. Additionally, the distributed ledger is publicly accessible.”
“Anybody can become a contributor in a shared economy without the involvement of a third party. The biggest example is Uber, which is widely used. Blockchain can open a completely new universe for people who want to hire shared rides and for those who can offer them, eliminating the role of the company. Additionally, if you club Machine Learning with blockchain, it becomes a new technology altogether. Similarly, with Artificial Intelligence or with Big Data Analytics, it would give birth to a new stream of knowledge,” he adds.
Raj further says, “Blockchain can also empower people to monetise their skills and talents. For example, a person may be able to sell their pieces of art or songs to the users themselves. This will eliminate the involvement of any intermediary, such as a music company or a record label.”
“There is a smart contract in blockchain, like a physical contract. It is a piece of code which primarily takes care of every transaction that is taking place. When blockchain becomes a mainstream technology in banking, finance and other sectors, there would be a requirement of a lot of people who can write these codes. Furthermore, as Indians continue to invest in digital assets, various cryptocurrency exchanges would also require blockchain developers, coders, UI/UX developers, and cyber-security experts etc., to support and secure the scale of these platforms,” he adds.
Bitcoin is the world’s first cryptocurrency. It has all the features that a currency has. The only difference is that it is fully digital and is not controlled by a central authority. “Blockchain, hence, aims at the creation of a network of people who trust this system. This decentralisation ensures that power is not concentrated in the hands of a few individuals,” Raj says.
In India, Bengaluru is playing a hub for blockchain recruitments, contributing approximately 36% of the job opportunities. “Furthermore, in addition to the private sector, even the government is taking a keen interest in blockchain technologies, especially for digitising and securing records. With NITI Aayog’s pilot project announcement in the blockchain sector, one can be positive about further growth and opportunities," Aggarwal adds.
Evidently, 2018 has been seemingly favourably predisposed for the blockchain technology and the years ahead seem more conducive for it. "While yesteryears belonged to the boom of internet and mobile apps, the future might as well belong to blockchain technology. A report by PwC (PricewaterhouseCoopers) reveals that 56% of Indian businesses are inclined towards making blockchain an integral part of their business. The need is more imminent for different players in the field of payments and fund transfers, digital identity management and post-trade settlements. Banks and other legacy systems, looking for innovative solutions to digitise records securely, present another stellar opportunity to various aspirants in the blockchain space,” says Nischal Shetty, founder and CEO of WazirX.
“Companies are looking forward to the blockchain technology. It will, however, take time for the companies and people to get acquainted with it. We are hopeful of bringing the advantages of blockchain to the critical masses following the self-regulated standards which have now become the model for the bitcoin industry in India,” Sathvik Vishwanath, co-founder and CEO, Unocoin, concludes.
Some top jobs in block chain environment
Blockchain developer: Their expertise helps companies create blockchain platforms. As a technical post, the job requires an eye for detail
Blockchain designer: They are expected to develop user experience which should appeal to a regular user with no middlemen involved
Blockchain quality engineer: They are responsible for testing and ensuring quality control in blockchain development
Blockchain attorney or legal consultant: Companies need their legal expertise while launching blockchain technologies to understand the implications of how business and finance are managed, besides tracking and confirming transactions
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