Haven’t you heard about Blockchain Technology? The first question arises, What is it? How is it related to Bitcoin?
Blockchain, also known as Distributed Ledger Technologies (DLT), is a data record that is distributed across the nodes of a computer network. It is best known for its use in cryptocurrency systems, for instance, Bitcoin, to maintain a sort of virtual security. So what is this technology capable of? What will its future be? Let’s take a look into that matter.
- A brief history
In 1982, David Chaum, a cryptographer, published a dissertation titled “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups,” which included a proposal for a blockchain-like protocol.
In 1991, Stuart Haber and W. Scott Stornetta provided a detailed description of the ongoing work on a cryptographically secured chain of blocks.
In 2009, an unidentified person using the alias Satoshi Nakamoto launched the first blockchain as the public database for Bitcoin transactions.
2014 saw the dissociation of blockchain technology from cash and the birth of blockchain 2.0 for use in areas other than finance.
- Use of blockchain technology
Many businesses and organizations have been interested in this technology for the past 20 years and plan to use it in the future. This technology has a substantial amount of promise. Blockchain technology is being employed in the financial sector because of its promised security and open ledger structure. All of the activities that take place on the network are subjected to inspection testing using this technology.
The government is considering using this technology as a way to regulate the nation’s economy more strictly. Blockchain technology efficiently distributes money without any consent from a third party while transferring money from one nation to another. Blockchain technology’s ledger system enables the openness and distribution of data while maintaining its security and authenticity. Because of this, it is highly trusted when used in cybersecurity.
This technology is used by numerous other industries, including IoT and networking, digital advertising, supply chain management, and integration in government agencies, for improved security and a more favored ledger system.
- Career Opportunities
In late 2017 and early 2018, Bitcoin and other cryptocurrencies experienced rapid growth in popularity among the general financial and investment communities. Since then, blockchain has evolved into a more specialized field for cryptocurrency enthusiasts. Blockchain technology, however, continues to be a rapidly expanding area of growth for businesses across a variety of industries. The most significant development to result from the Bitcoin explosion may be blockchain technology.
Blockchain technology has a lot of room to grow in the future. There are several employment options in this field, including those for developers, project managers, user experience designers, quality engineers, legal consultants, solution architects, accountants, public relations professionals, cryptocurrency brokers, analysts, and marketers.
Blockchain technology is the foundation of a new internet trend known as Web 3.0, where the metaverse and NFTs are two of the trends expected to expand the fastest in 2022. When it comes to NFTs, they have developed into a way for artists to sell their digital works of art in exchange for huge sums of money at auctions.
Blockchain technology is the future of the internet. This area should be explored more.
Writer,
Sheikh Prome Akther
Intern,
Content Writing Department
YSSE.