Blockchain Technology – Transparency, and Consensus

Tranparent block cubes
Blockchain Transparency

According to recent research, the global blockchain technology market size will be extended to around USD 2,334.46 billion by 2032. Worldwide spending on blockchain is estimated to grow and reach about $19 billion by 2024. The blockchain market in Europe is expected to grow from US$ 1,234.08 million in 2021 to US$ 59,142.33 million by 2028.

The forecast suggests that the blockchain market is expected to reach over 39 billion U.S. dollars by 2025 and, the banking sector will be investing in blockchain with around 30% of the technology’s market value.

Through cryptographic hashing and encryption, blockchain can ensure that data stored within the distributed ledger (DLT) stays safe and is resistant to unauthorized modifications. Blockchain technical solutions rely on shared consent, data transparency and sensitive data safety. So, less oversight means that verification by an authority is not required.

Blockchain technology – transparency, lower costs and less time spent on operations

Blockchain is based on a peer-to-peer (P2P) network and was initially created to solve the double-spending problem. Overall, it is a distributed ledger, where transactions are recorded in blocks of data chained together in a dependable way. To integrate new input, is necessary to validate, save and store it and ultimately convert the input into output for the next block.

One new record is the input data in a network composed of a myriad of machines. The new record or input stirs a request for acceptance and validation from at least some members of the network, or all in the case of the Bitcoin platform. Third parties involved are eliminated, thus saving time and costs for the business. Blockchain participants have access to a shared ledger. Without intermediaries companies benefit from transparency, lower costs and less time on operations.

Potential for improvement in different industries

Blockchain technology has the potential to improve a lot of industries. Retail, AI, IoT, agriculture, oil and gas, manufacturing, and cybersecurity are just a part of them. Here are some advantages of using the blockchain system in BFSI, supply chains and healthcare:

  • Increased transaction speed and lower fees. In financial services and insurances-digital payments, investments, capital raising, assets, cryptocurrencies, NFTs blockchain transactions can be settled within a matter of seconds and reduce banking transfer fees. Blockchain makes these accessible, user-friendly and a solution to the traditional financial system. EU already created a strategy to integrate digitalised finance.
  • Better product monitoring. In supply chains, some companies are already using blockchain to support their supply chains. Also, the delivery of products, location in real-time and product traceability is improved.
  • Maintain regulatory compliance and data privacy. The blockchain market in healthcare is expected to grow from USD 2.37 billion in 2023 to USD 19.52 billion by 2028. Blockchain technologies can help to manage patient records or laboratory clinical trial data. At the same time, it can maintain regulatory compliance, data security and privacy protection.

Career Development Paths in Blockchain

Despite the strong overall decline of the blockchain market in 2023, the job global market is increasing in Europe. According to a 2023 job report, in Europe, blockchain jobs are on the rise in Germany, France and the Netherlands. Also, Ireland ranks third globally for per capita jobs in blockchain, followed by Malta and Luxembourg.

If blockchain is a career path you want to follow then it might be better to choose a programming language you are comfortable with. Different blockchains support different languages. Among the programming languages used in blockchain are: Solidity, JavaScript, TypeScript, Python, Rust, Java, and Go. Core concepts about the blockchain are related to distributed ledgers, cryptography, transactions, nodes, consensus mechanisms, mining, validation protocols and writing smart contracts.

There are several career paths available in blockchain, reflecting the diverse needs of a blockchain platform. The most common tech jobs are Blockchain Engineer, Blockchain Architect, Security Blockchain Engineer, Blockchain Developer, Data Scientist, Quality Engineer, Business Development Manager, and Graphic Designer or Illustrator.

General knowledge of blockchain is necessary and more free courses are available on Udemy or EdX. Besides MOOC courses and universities other options are Blockchain certifications on different blockchain platforms or boot camp programs related to FinTech and cryptocurrency markets that might come with career options. However, platform-specific career paths provide credentials that demonstrate expertise in blockchain. However, they are limited to their specific platform network technologies.

Unchangeable, secured and owner-controlled data structure

The declared scope of blockchain technology is to create an unchangeable, secured and owner-controlled data system. Blockchain has incredible applications starting with our personal finances to neurosciences. We are already assigning blockchain systems human values and ethics like transparency and consensus. We are naturally drawn to blockchain tech because of the promise of a more secure system. Another reason to agree with the general adoption of blockchain is that transparency and consensus principles can help secure and maintain our idealistic democratic communities.

Lately, blockchain has gained more and more acceptance, especially within financial services. It’s perceived as a potential investment instrument to the traditional financial system. It already created new opportunities for decentralized applications and reshaped the financial environment through digital assets, tokenisation and digital currencies.

Decentralization, Transparency, and Consensus

The idea seems simple, creating a chain of immutable blocks distributed among people collectively validating and securing the network and making it decentralized. And most of all having trust and transparency as the main ideals. Blockchain technology is generating a decentralized system based on transparency, security, and consensus. And as it continues to evolve, it has a real potential to radically change various industries like data sharing, supply chain, healthcare, etc.

Technologies used in blockchain like consensus algorithms and smart contracts generate an overall enthusiasm. The decentralized nature of blockchain makes people dream of an equal, transparent and consensual technology with the potential to create progress and safeguard our freedoms.

In our history, decentralization has always been a modality to empower people and help them act with autonomy. That is why we are entitled to consider this technology as real progress within our communities. Still, we might need to remember that we are only humans and our idealism and emotions can overtake reason.

It will take time and patience for the market to become stable and mature and to have sustainable results. After all, these new technologies were created by computer scientists to solve our earthly problems and it seems that they have great chances to do so.