Popularity of Blockchain
Increasing demand for Blockchain talent is off the charts and capital is waiting to back it up. Jobs related to Blockchain developers are the fastest growing in today’s labour market. Per the Blockchain developer, there are 14 job openings. The developer of Smart Contracts, Nick Szabo, said that “there is an extreme ratio ‘$/knowledge’ where capital is out spacing talent.
Demands for Blockchain developers are skyrocketing. Toptal, a marketplace for on-demand talent for technology, has launched a Blockchain engineering talent vertical out of private beta. It’s been noticed on Toptal that since 2017 there has been a growth of 700 percent in demand for Blockchain developers. Upwork, a freelance talent marketplace, indicated Blockchain as the fastest-growing skill out of 5000 other skills in terms of freelancer billings.
Blockchain is an extremely secure way of storing data and performing transactions. The spending on Blockchain solutions is expected to reach from 1.5 billion in 2018 to 15.9 billion in 2023. Moreover, forecasts suggest that by 2030 approx 50 billion Blockchain-based IoT devices will in use worldwide. In almost every industry, companies are rushing to take advantage of Blockchain and are seeking to develop their own private version of cryptocurrencies and Blockchain. A survey conducted over European business decision-makers to anticipate the existence of Blockchain in the market revealed that nearly 50% of the businesses expect Blockchain as an addition to their current operating model, while 33% expect Blockchain to entirely replace the existing operating model.
The major application of Blockchain, that perhaps has garnered the most attention is cryptocurrencies. Bitcoin being without a doubt the biggest name among cryptocurrencies has grown to nearly 200 GBs in size and has reached all-time high market capital of 237.6 billion US dollars. Apart from Bitcoin, other cryptocurrencies like Ethereum and Ripple have also garnered a significant market share. People have now started to believe that cryptocurrencies could replace traditional monetary transactions in the future.
With continually increasing daily online activities, security becomes a more pressing issue. Blockchain is meant to offer unparalleled data security, which makes it the most in-demand technology. As Blockchain stands to meet those security needs, Blockchain developers are high in demand.
Benefits of Blockchain
- Absolute Transparency
Blockchain offers an open to view transaction ledger for public addresses, which is the greatest transparent characteristic a technology could offer. This ability of Blockchain credits for its unprecedented accountability and trust. Businesses in each sector of society find Blockchain as a responsible technology with which they can move forward with integrity towards the company’s growth.
- Highly Efficient
Blockchain is decentralized, removes every intermediary from the process, which makes it the most efficient. When compared to traditional financial systems, Blockchain provides a huge benefit of P2P cross-border faster transactions with a digital currency. Blockchain also made property management processes more efficient than before. It offers a unified system of ownership records and smart contracts help to automate tenant-landlord agreement.
- Most Secure
In Blockchain, every new transaction is encrypted and linked to the previous transaction. Every data stored in the block generates a unique hash associated with it. And, every block is linked to the hash of the last block. Whenever there is any modification of data, the hash changes and the chain becomes invalid. The immutability and incorruptible nature of Blockchain makes it most secure and free from falsified information and hacks.
- Easy Traceability
Blockchain ledger enables to trace the audit trail of the exchanged items recorded on Blockchain. With this facility, exchange-related businesses get improved security and prevent fraud by verifying the authenticity of traded assets. This property of Blockchain is highly useful to track the supply chain from manufacturer to distributor.
Blockchain-as-a-Service organizations permit clients to incorporate Blockchain into their organizations effectively, without interruption to their everyday measures. The problem is today’s market lacks technical manpower that is well-versed in this technology. If you’re new to this area, choosing a Blockchain development company for your projects could be quite a challenging task. Various factors are to be considered before making a final decision. Factors such as companies’ expertise in a particular technology, past projects, years of experience, and budget estimate. You need to work with a blockchain development partner who has experience in building secure blockchain applications.