It may sound cliché, but true—blockchain is the next big thing. The internet changed how we communicate. And data became the new oil. And now blockchain is here to transform modern business, big time.
With its incorruptible digital ledger in data recording and transaction of any asset, wide possibilities can be dispensed from blockchain for better business and better life. The more knowledge you have about the technology, the better chance you have to avail them. Whether you are a businessperson or an employee, knowledge in blockchain will give you an edge in the market.
Here is a breakdown of why investing your time and money to learn more about blockchain is a wise decision.
1. The Massive Scope of Blockchain
“Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency—it doesn’t matter if its people, numbers, data, money.”–Ginni Rometty, CEO, IBM.
Yes, blockchain is the underlying technology behind cryptocurrency, but it is much more than that. Its characteristics of immutability, peer-to-peer networks, distributed ledgers, pseudonymity have wide implications. It has given us the possibility to eliminate some of the tedious processes dealing with third parties in a financial transaction. Blockchain can address several modern-day concerns in security and privacy, contracts, identity, and fraud management. The technology has enabled online retailers and financial organizations to conveniently vet their customers and fight against fraudulent activities. And that is only the surface of what is possible with blockchain.
Blockchain has opened up possibilities which we have never seen before with any other technology. And every industry is keeping a close eye on the development of the technology ready to adopt. It is a technology that will touch every industry and area of life.
2. The Early Ones Have the Edge
Everyone knows Jeff Bezos, Larry Page, Mark Zuckerberg, and Jack Ma. These are the people who took advantage of the early development of the internet to build their business empires. They did the same with the explosion of data technology. Now they are on it again with rising technologies such as Blockchain and Artificial Intelligence.
It is likely that your knowledge in blockchain will not make you a billionaire, but you will definitely have an edge over those who have less knowledge of the technology. While the technology has reached the mainstream business world, it is still far from maturity. Being a part of the development and progress of this powerful technology will give you a massive advantage in the market.
3. Follow the Money
It is often said to follow the money to build a successful business. Well, interest in blockchain technology is growing and so is the investment. In fact, according to Statista Blockchain technology is expected to climb to over 23.3 billion U.S. dollars in size by 2023.
There is a high rate of adoption of blockchain technology across industries. According to Law Technology Today, 90% of European and North American banks were exploring blockchain in 2018. It also said that Blockchain can reduce 30% of banks’ infrastructure costs and financial institutions are increasingly exploring the possibilities with blockchain. We will continue to see the rise in financial industry in the form of more coins, more wallets, and more supporting blockchain-based technologies.
The interest among the public is high, the possibilities are wide, and the investment is massive. Blockchain will get bigger and better.
4. It is a Meaningful Development
Blockchain is a game-changing development for today’s world that is riddled with fake news, misinformation, hackers, and cyber crimes. The characteristics of blockchain—immutability, peer-to-peer networks, distributed ledgers, pseudonymity—have given us a better alternative to fight against many modern days perils. It is a crucial development for the complex cyber world to operate better.
5. Blockchain is Here to Stay
We can be certain that blockchain is not going anywhere. It will remain just like the internet. Companies have already started using blockchain as an integral part of their process and infrastructure. Many are looking to adopt more. Shortly, blockchain-based applications will become the new normal for every business. The underlying characteristics of blockchain have timeless implications. And they are especially important for the tech-driven world. As long as there is technology advancement, blockchain will remain relevant.
Where to Get Started?
Fortunately, some incredible education platforms, institutions, and courses are available for interested learners. Even if you are not ready to invest a big amount, make sure to explore the subject to have a better understanding of how you can take advantage of the technology.
For a comprehensive, all in one course, Blockgeek is a trusted platform. It has courses from beginner up to expert level. With the belief that blockchain and cryptocurrency have enormous potential to reshape our world, Blockgeek has become the go-to platform to form many enthusiastic learners. It is educating thousands of people about the practical implication of blockchain and how they can take advantage of the technology to improve their own businesses.
Considering the projected reach and the wide possibilities of the technology, knowledge in blockchain will become imperative for every professional and businessperson in the near future, just like the internet is today. The earlier you get started with it, the better off you would be.