If you know how a legal contract works, you might find it very easy to understand blockchain technology. Two parties agree on a transaction, and implement it, but do so digitally. The accounts of this exchange, unlike the physical ledger in a bank, is maintained by the blockchain technology. Its like an event that is made known to all parties, like putting pictures on a WhatsApp group.
HFT speaks to the co-founders of RabidQube, founded by Raghunadh Vaddadi and Mohanraj Polurbalu, Umashankar Somasekar and Vikram Viswanathan, to know about the emerging field of Blockchain development.
Mohanraj Polurbalu, the Chief Digital Strategist at RapidQube spoke about the future of work and scope of Blockchain Technology in India.
Being a blockchain enthusiast, Mohanraj propagates the need for blockchain enabled solutions globally through regional and international forums. He has more than one and half decades of IT experience and is recognized by various certifying authorities across project and technological domains.
To understand the phenomenon at its roots, what is blockchain technology?
The blockchain is self-sustaining, peer to peer distributed database ledger technology for managing and recording transactions with no central regulatory and ownership involvement. It is like an online bank ledger, open to both parties in a transaction.
Blockchain gained increasing importance because of its relevance in facilitating a single shared version of the truth for any digital asset. The five tenets of blockchain – distributed network, cryptographically secured, consensus-based, smart contract parsed, immutable and provenance friendly features make it one of the most promising technologies of the century. It is a recipe that is a combination of advanced techniques from yesteryears.
The most talked about cryptocurrency Bitcoin among others are built on blockchain technology, while it’s a unique use case, where else can Blockchain be applied?
Any problem area that has a more than one participant transacting assets, and their processes are unexposed and governed within their territories is a good candidate for blockchain. E.g., an online shopping service that relies upon multiple organization like suppliers, warehouses, shippers can implement a blockchain solution to build a secured communication channel for efficiently performing track and trace of a consignment.
Instances of its application include patient-centric health care, where the patients are connected to devices for real-time monitoring. Online repository of educational certificates, automated legal contracts, are some other forums where blockchain is also used.
An interesting field in itself, Mohanraj took it up as it provides better, cheaper and faster solution that is the ultimate need for any business model to be successful. He foresaw that it creates new paradigms and enhances the value of the organization like none of the existing technologies could.
Vikram Viswanathan, a co-founder at RapidQube, was introduced to the niche field of Blockchain by his peers and like-minded enthusiasts. After spending 8 years working with traditional technology, he wished to explore more. It was then that he chanced upon blockchain. He saw the vast ramifications of Bitcoin, and wondered the major influence that blockchain could have in various fields like insurance, logistics, travel and banking. He was fascinated by the value creation it added to conventional business with its package of security and transparency of data.
To anyone who wants to pursue a career in Blockchain technology, the scope is far and wide, as it can be applied to all industry verticals. Many other distributed ledger technologies are evolving. A blockchain eco-system is powered by other emerging technologies such as Internet Of Things, Artificial Intelligence and Big Data. A blockchain enthusiast should be aware of all these to blend a robust solution to meet the needs of the customer.
“Vikram suggests that any fresher who wants to join the field of blockchain development should have some knowledge in GoLang/NodeJS technologies. An added skill and knowledge of Cryptography also carries importance.”
The blockchain technology is still in Early adoptions stage, so there is yet more to come and many more implementations to happen, and these would need more resources. Computerworld.com cites Blockchain development as the second-hottest skill in the job market today, growing more than 200% since this time last year.
As a novice, understanding the concept would be easier but acquiring the technical skills may be challenging.Since most of blockchain platform are in early evolution stage, there would be constant updates to the platform that would require a novice to continuously unlearn and learn a new set of functions. There are a plethora of websites that provide free knowledge dump of blockchain which can come handy for a novice to get quickly and easily accustomed to the changing trends in the blockchain domain.
Read Also: Are You A Slave To Technology?
