Block chain technology is the most hyped technology of the recent times as it is used to maintain the privacy and secrecy of the data in the fields of:
- Stock exchange
- Digital identity verification Syndicated lending
- Hedge funding.
This technique was originally developed in the year 1991 by the group of researchers with the purpose to timestamp digital documents so that it was not possible to backdate them. But this technology became famous when Satoshi Nakamoto used this technology to create of the most famous crypto currencies called Bitcoin.
A block chain is a distributed ledger that is completely open to anyone. It has an interesting property that once the data is recorded inside a block chain, it becomes very difficult to change it.
How does block chain work:
Well, let’s take a closer look at the block chain. Each block contains:
- Some data
- Hash of the block (like a fingerprint)
- Hash of the previous blockThe data stored inside the block depends on the type of the block chain. For example, the Bitcoin block chain stores the details about the transactions like the information of the sender, receiver and the amount of the Bitcoins that are to be transacted.
Block chain is like P2P software, that is, peer to peer software. The system of every peer is the part of the chain making it impossible for anyone to breach this orientation. For example: If a person wants to hack into P2P chain, he will have to hack into all the peer systems at the same time, which is just next to impossible, thus making the system breach proof of any perilous activities.
There is a world economic forum report that says that 10% of the Global GDP of the world would be stored on block chain by 2025. It also says that 20% of the financial institutions have undertaken block chain projects in one form or the other. Also 2.3 billion dollars would be spent on block chain projects by 2021. To me, block chain is the driving force of the new business model and the new career opportunities and the new technologies that are yet to come which will change the world in terms of the financial storing of the data also it is a known fact that for every block chain developer there are around 14 Jobs available in the world right now it is the number one and the fastest growing scale on the various job sites also these job sites give 200% better salary to what they give to an average developer. The biggest impediments for these job sites are to find the right talent and equipment that would fulfill these roles.
From the students perspective it becomes a concern that he or she will have to learn from the best of engineering colleges which- can help them to learn on these latest emerging technologies of the world- one of such Institute, which believes in absorbing the latest technology is Arya Group of Colleges, – ARYA MAIN CAMPUS- Jaipur. With the best of faculties having profound knowledge in such fields the college offers best of SDP (student development programs) to make the student amass these requirements which are quintessential for any good job placement.
Conclusion: Block chain will change the way we communicate with our world. The movement of self-renunciation of the user from h the trusted 3rd party agencies with their information will be marked by the biggest transformation in the history of information technology.