Blockchain is a growing list of records, called blocks. This was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The blockchain technologies have been utilized in different streams. Some of them are banking, insurance, and many technology companies. As per the report from linked-in, blockchain professionals were at the top of the list of most in-demand jobs in 2019. Since this is used very effectively in advancing decentralized innovation in the financial sector, known as Decentralized Finance ( Defi )
Most of the people identify that, with blockchain as a platform that supports the creation of cryptocurrencies, there is more to it than that. The scope of blockchain has brought-forth is been increasing drastically. Meanwhile, blockchain technology is revolutionizing the money market by showing the enormous growth in the creation of digital wealth, its potential to elevate and boost the economic growth of countries is far-reaching. India has taken initiative to identify and is exploring the use of blockchain technology to create wealth and improve the lives of people. These measures have to lead to an increase in job demand in blockchain technology in India.
This technology has encouraged blockchain companies and many schools have taken an interest to educate the youth-dominated population on the uses of blockchain technology and on how to start a career in blockchain technology. This will bring the blockchain technology to be developed with new updates in the future, Some companies are even started the introduction of blockchain technology in HR.
The main reason behind the development of blockchain over the current system is that it provides people with the freedom to do transactions between themselves without any regulatory oversight. This means, with the present financial system in place, there is no governing body regulating and checking transactions. The job of regulation is left to computer components which are associated with the blockchain technology known as nodes. These nodes will help to verify the transaction just like the central bank does. Once they confirm that the transaction is successful, the nodes will get approved and the information will get stored in a “block”.
The blockchain technology can also create an impact on COVID-19.
Blockchain can be used for finding public health data surveillance, especially for infectious disease outbreaks such as COVID-19. With increased blockchain transparency, it will help indicate results in more accurate reporting and efficient responses. Blockchain could also manage a crisis. It could instantly alert the public about the Coronavirus by global institutes like the World Health Organization (WHO) using smart contracts concept.
On the whole, this technology will bring more advantages in every sector, such that improvement in this technology will be very helpful. So the Government should take steps in the development of this technology.