Blockchain technology is growing at a significant pace. According to Statista, the global blockchain market, valued at US$1.57 billion in 2018, is expected to grow more than a hundred times to US$163 billion by 2027.
Blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of data by duplicating transactions and dispersing them to “nodes” across the network. With organizations increasingly adopting this revolutionary technology, it is transforming the way they do business.
What Industries Will Benefit From Blockchain?
According to 15 of Forbes Technology Council members, industries that will benefit the most from blockchain include:
Law enforcement and security: Currently, it can be difficult for police to know if video evidence is legitimate or altered. With blockchain technology, video evidence is signed and time-stamped in a way that is non-repudiable, so it cannot be altered using deepfake software, which is easily available online.
Supply chains: The global supply chain is notorious for being difficult to navigate and monitor. This problem often leads to goods being lost or expiring if left out of cold storage. With blockchain technology, these goods can be more easily tracked and monitored using sensors.
Identity management: By providing a global ID in which organizations will need to obtain consent to use data, blockchain will give ordinary people greater control over their online identity and personal information.
Software security: By providing “dependency controls that are automatic, tamper-proof, and decentralized,” blockchain will make software far more secure. Offering “in-depth dependency graphs” allows those purchasing the software to know exactly what it contains.
Media: Blockchain could potentially remodel the rights and ownership of media assets— though current industry standards pose some obstacles to this topic.
Messaging apps: Blockchain could improve messaging app security by providing a crypto wallet address. This process would allow you to sign into the app without having to use your personal financial information.
Real Estate: Blockchain could potentially simplify the real estate industry by removing the need for middlemen such as lenders, property managers, and brokers.
How to Expand Your Blockchain Skills
With distributed ledger technology becoming increasingly popular, many technical professionals are looking to expand their skills to include blockchain. The Q1 2022 Workplace Learning Index, performed by the online learning portal Udemy, found that courses on decentralized blockchain applications were the top lessons among global learners in technology and power skills in 2022, IT Pro reported. Other key findings from the report include:
- Technical skills in decentralized apps (dApps) and platforms like Binance experienced more than 450% growth in usage compared to the last quarter of 2021. Internationally, interest in learning skills in Openstack Cloud increased by 444%, while FastAPI skills grew by 304%.
- Lessons for Amazon Web Services Certified DevOps Engineer and Laravel were the two most popular skills in the United Kingdom, with 202% and 168% growth respectively, followed by Cucumber Software (118%), GitHub (108%), Apache Maven (107%).
Bill O’Shea, Udemy EMEA vice president, told ITPro that there has been a “rapid rise in blockchain upskilling” in Britain, revealing that blockchain “continues to be one of the fastest-growing areas within the employment market.”
“Learners are being savvy in preparing themselves for further developments and understanding of this area as it continues to dominate,” he said.
Given the number of industries that blockchain will impact, organizations will likely start recruiting more technical professionals with knowledge of this increasingly popular technology. Is your organization’s workforce prepared for the blockchain revolution?
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Forbes Technology Council. (10 June 2022). 15 Industries That Could Significantly Benefit From Blockchain Technology. Forbes.
Millman, Rene. (26 May 2022). Uptake for blockchain skills courses surges 450% in 2022. ITPro.