The Role of Blockchain in Shaping Future Careers

Blockchain refers to a technology with a database or ledger shared across computer networks in the form of blocks. When data is altered, it is stored or chained as a block with other transactions. All these blocks of data are stored securely in sequence. Hence, any change is available for audit purposes. It is increasingly used in financial organizations as they deal with complex and confidential data. 

Blockchain is widely used in other industries too and this has led to an increased demand for blockchain professionals. So, if you’re interested in making a career in blockchain, this blog will guide you on the role of blockchain in various industries. We will also discuss the challenges and future of blockchain technology. 

Application Of Blockchain Technology 

Blockchain is primarily used in financial organizations, especially in cryptocurrency. Apart from that, there are several industries using this technology: 

1. Cryptocurrency: Cryptocurrency is rising in popularity and it uses blockchain technology as it does not pose any geographical limitations. So it allows the use of this currency all over the world.

2. Healthcare: The role of blockchain in healthcare is important. It allows for the management of Electronic Health Records (EHR) in a secure manner, data security in clinical trials, management of patient consent, and sharing of data for clinical research.

3. Sports: Blockchain allows athletes to fund their training in exchange for rewards, allowing investors to buy shares in organizations or improving the scope of digital goods sales.

4. Digital identity: The role of blockchain is crucial in digital identity verification. It helps in user authentication or facial recognition in a secure, encrypted manner.

5. Insurance: Blockchain helps in managing Know Your Customer (KYC), Anti-Money Laundering (AML), claim handling, and recording high-value items.

6. Media and entertainment: Blockchain technology allows for streamlining royalty payments or pricing models based on customer usage.

7. Supply Chain Management: The role of blockchain in a supply chain allows transparent tracing of goods from the manufacturer to the end user and enhances regulatory laws. It can also reduce the chances of counterfeiting.

8. Real estate: Blockchain ensures seamless property development, urban planning, payments and leasing, registry and sales of properties, and asset management. 

9. Fashion and luxury: Blockchain ensures the authenticity of luxury goods and builds customer trust. It improves data management and reduces operational costs.

10. Law: Blockchain brings transparency to the legal industry as it helps in electronic signatures, property rights, chain of custody, and smart contracts.

Challenges In Blockchain Technology 

The future of blockchain can be challenging due to the following reasons:

1. Acceptability: This technology can be a success if everyone in the supply chain adopts it. 

2. Complexity: This is a complex technology and requires skilled professionals to operate it.

3. Security: It can be a security risk from hackers due to the high monetary benefits involved.

4. Regulation: There is a lack of clarity concerning regulations which makes some vendors unable to trust the system.

Click here to read this blog:- Mastering the Art of Supply Chain Management

Career In Blockchain Technology 

If you get certified in blockchain technology, you will be able to build a career in blockchain. You can get roles as:

1. Blockchain Architect: They design blockchain systems and architecture, and handle security requirements. A Blockchain Architect in India earns around Rs 10 lakhs - Rs 23.9 lakhs per annum.

2. Blockchain Consultant: They analyze the risks and benefits of blockchain for the organization. A Blockchain Consultant in India earns around Rs 5 lakhs - Rs 34 lakhs per annum.

3. Blockchain Developer: They help in developing and maintaining blockchain systems. A Blockchain Developer in India earns around Rs 5 lakhs - Rs 10 lakhs per annum.

4. Blockchain Quality Engineer: They are responsible for ensuring that the blockchain product is free of errors and works smoothly across systems. The average annual salary is in the range of Rs 2.3 lakh - Rs 33.4 lakh per annum.

5. Blockchain Project Manager: They supervise blockchain projects and manage teams to ensure that the development objectives align with the business goals. Their average annual salary is estimated between Rs 3.6 Lakhs - Rs 4.6 Lakhs per annum.

Conclusion

Amity University Online is one of the best institutions to get a professional certification. Its courses are approved by the All India Council of Technical Education (AICTE) and it is India's first university to receive UGC approval for Online Degrees. QS has ranked Amity in the top 10 universities in Asia Pacific. Its top expert faculty and placement assistance help enhance your learning experience by providing ebooks, audiobooks, printed books, videos, and library resources. Check out Amity Online’s two-year postgraduate course, Online MCA with Specialization in Blockchain Technology and Management, on the website and get enrolled. 

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