4 Ways to Enter the Blockchain Industry
Blockchain is, in essence, an encrypted peer-to-peer distributed databases. It’s powered by countless computers located disparately around the world. The system is a growing, ordered collection of records called blocks, each with a timestamp that’s linked to a previous block.
The technology uses cryptography to make sure that users can only edit their own blocks. Each user has a unique, private key that’s required to alter their own Blockchain file. Additionally, the technology keeps the entire chain of distribution synched. Many enterprises are still experimenting with Blockchain. However, if business leaders can successfully leverage it to secure information transfers — Blockchain will be the next hot career field.
Peruse the following 4 excerpts to learn about a few ways to enter this potentially high-demand, profitable industry.
1. Become a Blockchain Security Specialist
Enterprises are working on finding ways to leverage Blockchain for streamlining and securing important infrastructures. IBM, for example, is working toward optimizing supply chain logistics using the technology. For now, the firm wants to improve tracking and monitoring to make food supply chains safer.
IBM experiments can also benefit other industries. The travel industry could use Blockchain for biometric verification. The security industry can use it for personal records and retail stores could use it to track and manage SKUs. Also, municipalities could use the technology to reduce voter fraud.
Because Blockchain is in its early stages, it’s unclear which industries will successfully incorporate the technology. However, there was 15-percent growth in the use of the technology for healthcare applications. Analysts forecast that implementation will increase by 55-percent by the year 2025. Talented individuals who can help enterprises leverage the technology to make transactions more secure, smoother, faster and less expensive will be in high demand.
2. Develop a FinTech Application
Historically, banks and entrepreneurs haven’t had the best relationship. Still, entrepreneurs need funding to launch their enterprises. Despite this rocky relationship, banks are equally dependent on entrepreneurs. Their businesses drive the economy, and often, the two form reluctant partnerships.
Ironically, businesses have more funding options, despite facing more stringent loan requirements. Some entrepreneurs fund their undertakings with high-interest credit cards or complicated banking arrangements. This is especially troublesome, however, for business owners who are struggling to keep costs down — and cash flow up.
This has resulted in poor relationships between bankers and entrepreneurs. It’s a good bet that developing apps that help entrepreneurs secure funding could result in substantial revenues.
3. Secure a Crypto Miner Broker License
Eventually, traditional securities providers may incorporate Blockchain technology. This would support 24-hour trading and real-time exchanges. Additionally, high-tech cryptocurrency firms, such as Coinbase, are working on entering the financial services industry.
This seems to be the direction that the digital finance firm is headed. As company officials have been speaking with regulators about securing banking licenses — digital finance can help. If successful, the firm could become the first cryptocurrency exchange.
To secure a broker-dealer license issued by the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) would be all that is needed. Thought difficult to obtain — it is possible.
Successful licensure will allow Coinbase to offer crypto securities trading, margin trading, over-the-counter (OTC) trading. This trading will lead to new financial information products. These services would position the enterprise for a considerable market expansion and salaries may very well equal the average pay for stockbrokers $67,310 and climbing.
There’s massive profit potential in digital currency exchanges. Coinbase is one still waiting for license approval. It might be a good idea to get into this market on the ground floor.
4. Become a Blockchain Developer
Analysts forecast that the Blockchain industry will rake in approximately $300 billion by 2025. Artificial intelligence (AI) and Blockchain technology are creating a transformation that’s comparable to the Industrial Revolution. This revolution is happening at a faster pace — and on an immensely larger scale than at first thought.
The Internet combined with the decentralized framework of Blockchain now allows anyone in the world to start a business. Anyone — anywhere — will be able to execute transactions securely. Before the Internet, this kind of powerful encryption was inaccessible to many small business owners. Now, Blockchain might potentially make its way into every industry and field — regardless of the size of the enterprise.
Most individuals are familiar with private crypto coin offerings.
There’s rapidly growing opportunities to work with Blockchain technology in both the private and public sectors.
For instance, Core Blockchain developers engineer the algorithms and protocols that make up the technology. Similarly named — the Blockchain developers are hired to deploy the technology for firms.
Programmers develop Blockchain technology using many languages. However, they must be exceptionally skilled in whatever language that they use.
With a few keystrokes, Blockchain users can validate a binding contract.
The same code can source external information and trigger actions when certain events take place. The result is that stakeholders can use the technology to manage intellectual property. There will be control over user access and limit editing privileges.
There are many ways that developers might implement Blockchain technology. Regardless, the more that industries incorporate Blockchain — the more opportunities there will be for savvy developers and entrepreneurs.