Blockchain is a data structure that consists of an ever-increasing list of information. To explain it to you easily, we will first look at an example. (Like in a store, the accountant has all the information regarding such things as where the goods come from.  What does it cost?  all these records that have been written are known as a ledger, so basically Blockchain also works the same and is known as a Digital ledger. 

It is a decentralized and public ledger used for keeping up records regarding the transaction which is quite tricky to alter or change. Blockchain is a P2P network that allows digital currencies to be transferred worldwide without any sort of problem and does not need any sort of central server. Blockchain uses technologies such as Hashinh(the process of changing any sort of given string of characters into a sort of fixed length value)and Encryption to provide well security to the data and it mainly depends on the SHA256 algorithm.

HOW DOES THIS TECHNOLOGY WORK?

You may have noticed in recent years that many companies all around the world have begun accepting blockchain technology. So how does blockchain technology actually work? Is this a sizable modification or only an addition? Let’s start by understanding blockchain technology, which is still in its early childhood and has the potential to be dominant in the future.

Combining three popular technologies, blockchain:

1) keys for cryptography

2) a network of peers that uses a shared ledger

3) a kind of computation that stores network transactions and records

Cryptography is made up of a private key and a public key. These secrets aid in the execution of successful transactions involving two parties. These keys are specific to each person and are used to create a secure digital identity. The most remarkable component of distributed ledger technology is this protected identification. This recognition is known as just a “digital signature” in the kingdom of cryptocurrencies and is used to approve and manage transactions.

The peer-to-peer network and the cryptographically signed document are combined; many people who work as authorities use the digital ledger to agree on transactions and other matters. As soon as they accept a transaction, it is verified to be valid, which results in a successfully secured transaction between the two networks.

BLOCKCHAIN DEVELOPMENT TRENDS 

1) SECURITY TOKENS: Due to the slowdown of the utility token market in the past, which resulted in several discussions regarding the ICO process, Due to its lower profit potential and inability to ensure real value, the ICO concept faced much criticism from investors, and people started to consider crypto as a short-term investment platform. So then, Blockchain decided to launch the security tokens to recover all the issues of the ICO. It is the investment contract that guarantees a profit. They are based on the method of combining stakeholder principles, programmable equity, etc. This allows the investors to get more ownership rights than before with the passive income.

2) Stablecoins are a type of cryptocurrency in which the digital value of the asset is said to be fixed to the reference asset. It will bring many benefits, such as transparency, security, privacy, efficiency, etc. Moreover, this type of currency has no effect and is not affected by the market condition and will always bring a stable price as it will be sponsored by fiat money, which will result in a lower percentage of loss occurrence.

Read More: Future of blockchain 

TYPES OF STABLECOIN

• FIAT COLLATERALIZED: is the name given by sovereign currency and are the digital assets that control financial stock in Fiat currency.
• Commodity collateralized is another digital asset whose value is financed by some real or tactile asset, like gold.

3) Hybrid Models: Due to the less focus given by the cryptocurrency in the regulation and in the official support, customers have reduced their trust in crypto transactions. It is the blockchain that uses the best parts of both public and private blockchain solutions.

Advantages: Protect from 52% of the attack. As it helps to keep the hacker inaccessible to the network to carry out their attack.

• Work in a closed ecosystem, as this will help to keep all information safe and secure on the network.
• Lower cost of transactions as the dominant nodes in this network make it easier to verify, improve efficiency towards the network, and with fewer upper charges to pay.

4) BLOCKCHAIN INTEROPERABILITY: refers to the capacity of multiple blockchain networks that help the data be shared or exchanged. It can be a path for developing innovative new goods. Interoperability is the capacity to perform several tasks at the same time and the mechanism of function between two or more blockchains.

Advantages: Improved cross-industry collaboration

• Customize Web 3 Services, as it will introduce multiple token transactions and a wallet, enabling interoperability through the blockchain and assisting crypto users in improving their experience.
• highly decentralized ecosystem.
• Offer diverse functionalities like cross-chain transactions.

5) DECENTRALIZED ECOSYSTEM PLATFORM: Due to more B2C businesses entering the digital world, B2B companies have a slower pace of digitalization. So blockchain will help by introducing a more complex ecosystem, e.g., B2B2C, which will help to maintain efficiency in ways you can’t imagine. Peer-to-peer transactions allow others to connect and build new business models.

6) DATA MARKETPLACE: Due to the increase in AI demands, the quality of user data is difficult to obtain. To solve this problem, the concept of a marketplace is introduced, where users can sell their personal and own data that cannot be changed in the network, which will help to maintain privacy and reduce other risks of information leaks.

7) METAVERSE: One of the dream projects of the tech giants. We are connected to the virtual reality world in a variety of ways, including gaming, working, and other websites. It will enhance and make more vivid and clear the experience of virtual reality with the help of Metaverse.

 BLOCKCHAIN FUTURE OPPORTUNITIES

Future Career Paths in Blockchain: Blockchain is nowadays in its growing stage and showing a lot of scope for the upcoming generation in its career-deciding path as it is offering many career opportunities such as

• A blockchain developer is a person in charge of updating blockchain applications like DAPPS, smart contracts, and many others.

TYPES

• Core Blockchain Developers: They are majorly responsible for the architecture development and also for making consensus protocols and planning high-level decisions.
• Blockchain software developers are primarily in charge of creating and executing smart contracts, as well as decentralizing application and depth.

SKILLS REQUIRED: *understanding blockchain architecture

• Learning data structure and coding
• Learn how to build smart contracts.
• Learn the basics of cryptography.

2) BLOCKCHAIN WRITER: They are the people who provide the basic information related to crypto, and they have essential information to attract onlookers (NET holders, investors, and community members). Their main motive is to enlighten the viewers.

SKILLS REQUIRED: *Experience working in the crypto ecosystem.

• Strong interpersonal skills and willingness to learn
• Strong capability over experience
• Proven ability to complete the project

Blockchain legal consultants are generally professionals who present all possible risks and their further solutions. They give advice about developing new blockchain firms that utilize digital currencies and integrating digital ledger technologies into existing operations.

Skills required: understanding how blockchain works.

• Develop the ability to make financial analyses.
• Know about cryptography.
• Know-how (smart contracts) work
• Understanding how legal regulations and compliance work

4) Blockchain UX Designer: These are experts who develop manageable, user-friendly interfaces or UI experiences that help their clients. These are responsible for creatively showing technical information about the blockchain.

SKILLS REQUIRED: *Vast experience working with UX design terms.

• Brilliant grip in all techniques and policies

for mobile UX design

• Physical communications
• Strong knowledge of PHOTOSHOP and ADOBE ILLUSTRATOR.

5) BLOCKCHAIN SOLUTION ARCHITECT: These people have the responsibility of working to keep the traders competitive by giving insights and helping accomplish blockchain while creating and providing solutions.

SKILLS REQUIRED:

• expert in front-end and back-end development.
• Highly skilled in cryptography.

BLOCKCHAIN’S NEW UPCOMING TRENDS BENEFIT

• More fast transactions
• Lower cost, no extra charges
• Improve its secrecy
• Efficient experience
• A more vivid and clear UI experience
• Improve transparency.

CONCLUSION

Blockchain technology is thoroughgoing. The way it stores personal information and how transactions for goods and services are done will change,  and secure daily life. Every transaction is recorded permanently which we should thanks to blockchain technology. Fraud, hacking, data theft, and information loss are all impossible with this smart digital ledger. Every sector of the global economy, including manufacturing, retail, transportation, healthcare, and real estate, will be dominated by this technology. A number of businesses, including Google, IBM, Microsoft, American Express, Walmart, Nestle, Chase, Intel, Hitachi, and Dole, are trying to be among the first to adopt blockchain technology. Blockchain is expected to modify a number of sectors worth close to $400 trillion.