Future of Blockchain Technology

 Article by @Harmanjot Kaur, Content Writer, Chandigarh University 

“Everything will be tokenized and connected by Blockchain one day”- Fred Ehrsam

If you are familiar with the terms, “banking” or “investing”, then you might have heard “Blockchain'', the record-keeping technology behind the Bitcoin network. If no, then let us walk you through the meaning of Blockchain Technology, how it works and how it has become a significant part of the prospective future. 

Blockchain Technology is on a high rise. Almost every industry and business model relies on this technology.

What is Blockchain Technology?

The term “Blockchain” seems complicated, instead, it’s a piece of cake. It is a form of database recording information in such a way that makes it difficult or impossible to change, hack, or cheat the system. In layman terms, it is a cloud-based system to save information. 

Blockchain Technology is the underlying network of “cryptocurrency”. There are numerous cryptocurrencies in the market that include “Bitcoin”, “Ethereum”, “Tether”, and XRP. The technology is advantageous as it boosts flexibility, security issues, and allows seamless data transfer processing.

How Blockchain Technology came into existence?

The first Blockchain Technology had its origins in 1991 with the objective to store digital data so that it can’t be altered or changed. Subsequently, a group of computer scientists adopted this technology to create a digital cryptocurrency named Bitcoin. 

Each individual block in this technology represents a structural and functional unit. A block retains data, the hashed value of that block, and the hashed value of the last block. These blocks connect each other just like a chain. The Data in the block is different based upon the usage of the Blockchain system. This makes this innovative technology the most secure and safe system.

Apart from this, a Blockchain network uses a P2P system that allows a copy of the blockchain to every user. So, to intervene in the network one has to alter the information in the whole chain. This makes Blockchain the future of modern data transfer technology. 

The avant-garde technology has revolutionized the world of information registration and distribution which eliminates the requirement for an intermediary expert to enable digital relationships.  Nowadays, from manufacturing, utility, healthcare, and almost every business sector use Blockchain-based applications for processing their transactions. This makes it one of the most sought-after study courses of 2021. Many top universities and colleges are coming up with specializations in this technology.

Chandigarh University provides CSE Engineering with specialization in Blockchain Technology. This course covers different and essential topics to provide a broad overview of the intricate concepts. You might be sceptical about how studying blockchain technology is useful. It is because of the immense benefits and a comprehensive future scope this technology has to offer. 

Benefits of Blockchain Technology

Decentralized System

It is a decentralized system that denotes that there is no single unique database to store information. Instead, there are ample copies of the same. So, one cannot target a single structure. 

Data Management with Time

Blockchain allows you to see the history of data. In other databases, we can access updated data only, but in Blockchain, we can access the history.

Controls

In Blockchain, there is no sole control order. Information is secured as copies of the blockchain are available in every node and updated everywhere too.

Why Study CSE Engineering with specialization in Blockchain Technology?

Blockchain Technology is one of the fastest-growing technologies and has an incredible scope worldwide. This makes it one of the in-demand career options for the future. Companies in the contemporary era are looking for dynamic individuals experienced in blockchain technology and it is one of the highest paying jobs in India. 

Being a solution to many problems these days, let us delve into why it is the future and how studying this specialization is beneficial. 

Digital Marketing

Facilitating smooth consumer-market relations and secured way of data transfer, Blockchain has a great scope in Digital Marketing. It boosts security and allows companies to get higher quality consumer information. With this technology, each transaction is verified and helps small companies to build trust. 

Healthcare

Blockchain Technology will become an important part of consent management in healthcare. This will further reduce the administrative burden and improve the patient care experience. It can also help store patient’s records safely. 

Banking

The banking industry will be taking the lead in the adoption of blockchain technology due to the specific and advanced features. It will allow banks to cut down on the expenses for third-party verifications and expedite the processing time for traditional bank transfers. With blockchain, banks are expecting peer-to-peer loans, fast and more secure loan processes in the upcoming future.

Smart Contracts

A smart contract is a digital contract with programmable architecture. The details of the contract get stored in the blockchain block. This boosts communication and helps to keep updated with the assets for the long term.

Voting

The highly secured and decentralized technology can be used to record and report votes. It will help prevent voter frauds in elections. Blockchain voting software is still in its infancy but it is crucial to the future of society. It will enable us to produce a transparent outcome.

Blockchain technology has massive benefits for your marketing. You can target anyone and there will be no wastage of money. Blockchain is the future. Studying this specialization will open doors to lucrative career options. CSE Engineering with specialization in Blockchain Technology at Chandigarh University is a 4-year program that provides students with the functional and operational aspects of the Blockchain ecosystem.

The global curriculum is designed to provide students with a comprehensive understanding of relevant domains and advances in Blockchain technology. CSE Engineering with specialization in Blockchain Technology opens a wide range of career pathways which includes Blockchain Developer, Blockchain Architect, Blockchain Project Manager, Blockchain UX Designer, Blockchain Quality Engineer, and Blockchain Legal Consultant.