Who hasn’t heard of blockchain technology already, right? You might not be actively involved with blockchain technology, but you’ve probably heard how it’s changing businesses across various industries. We’ve seen that not only the trading market is changing due to blockchain technology, but also the other business and private aspects that require a high level of security and protection.
But, when talking about the future, what can we presume? Will blockchain technology continue with its revolution? Can we expect more people to dedicate themselves to become blockchain consultants? Let’s take a walk into the near future and see what we can expect from this innovative technology that is continuously spreading its impact.
What is Blockchain?
Blockchain is one of the most controversial technologies in business right now. Everybody’s got an opinion about it and everybody wants to be a part of it. With its potential to drive major changes and offer new opportunities in almost all industries, from banking to healthcare, blockchain technology will definitely play a key role in the future.
As a decentralized database, you can think of blockchain as a distributed ledger or list of records that can be accessible by different users. This technology uses cryptography to log, process and verify each transaction which makes these transactions secure, transparent and permanent.
When talking about blockchain categories, there are two main ones: permissionless and permissioned. Anyone can join the permissionless ones, but for the permissioned ones, participants will need to be authenticated by the managing person or group. The last category is then divided also into private and community blockchain networks.
The best example of blockchain technology is certainly Bitcoin. However, when it comes to businesses, it’s more interesting to see all these big companies such as Google, Deloitte and Visa investing heavily in blockchain projects. A few great examples are Spotify, which is using blockchain technology to manage copyrights, IBM which is using it to build a tracking tool for shipping companies. As expected, all of these giant companies are focusing on the blockchain when planning for the future and finding ways to improve the quality of their services, and also the customer experience.
A person who is working as a blockchain consultant will research, analyze, develop and test blockchain technologies. They will create the documentation and maintenance of solutions and, more importantly, they will deliver their architectural integration with business logic.
Their goal is to translate your business goals into technology roadmaps which you can then follow to achieve target outcomes. Blockchain consultants are a valuable asset due to their ability to utilize both business and technical skills. Due to that fact, you can expect them to create custom-build protocols and applications which are focused on the specific data optimization potential of the company.
Some of the responsibilities of blockchain consultants are assuring compliance with the current regulatory and legal landscape. Some of the blockchain consulting companies will also provide you with education and training in the field, as there are still many companies out there not sure how to benefit from blockchain technologies.
The Future of Blockchain
As this is an emerging technology, you will find mixed predictions about its potential and the role it will play in the future. The reality is that numerous companies still haven’t used blockchain technology, however, they are more than aware that it will affect their industry in some way. Although blockchain is still new to the business world, it’s inevitable that it will continue creating changes, and the majority of them will be positive ones.
Yet, saying that all of these changes will happen in one or two years would be overly optimistic. Most predictions are aiming at only 10% of businesses to achieve radical transformation with a help of blockchain technology, so a complete integration across all industries is something that cannot be expected in near future.
In Final Words
Blockchain technology is here to stay and how all these businesses will benefit from it greatly depends on blockchain consultants. Among several promising areas of projected growth for blockchain, cybersecurity is still the leading one. As companies are struggling with data tampering, finding an efficient solution to keep their data secured is crucial. And without a doubt, blockchain technology will continue providing answers to this challenge.