Did you know the global blockchain market is projected to be worth $1,431.54 billion by 2030? That means this is not just a tech trend that will pass with time; it will continue to grow and reshape all industries worldwide. As a woman in the tech industry, whether in cybersecurity, software development, fintech, or digital health, it is important to understand blockchain. This technology offers new opportunities for your career growth and financial empowerment.
Here are seven key things you should know about it:
- The idea of blockchain was introduced in 2008 by an unknown person under the pseudonym Satoshi Nakamoto. They created blockchain as the foundation for Bitcoin, the first cryptocurrency. Since then, blockchain technology has grown beyond Bitcoin and is now used in most industries, such as finance and healthcare.
- Blockchain is a secure digital ledger that records transactions and allows for the sharing of information and data. When information or transactions occur, they are permanently stored, and no one can change that.
- Blockchain is decentralised, which means no one, not even the government, can control it. It is like a digital community where everyone has a say.
- Blockchain is secure because each block in the chain is encrypted and linked to the previous one, making it extremely difficult to hack. That’s why it’s trusted for secure transactions.
- All transactions on the blockchain are recorded publicly, and everyone in the blockchain network can see transactions but cannot change them, which makes it trustworthy.
- With blockchain, there is no middleman. This is because blockchain is peer-to-peer; it removes the need for intermediaries like banks or brokers. This means faster and cheaper transactions.
- Although blockchain was initially created for Bitcoin, it can now be used for different purposes. In the finance industry, it is used to make banking and payment faster, cheaper, and more secure. In the healthcare sector, it can be used to store patient records securely.
A blockchain works by creating a network of computers that are all connected. When someone wants to add data, for instance, a transaction, they send a message to the network. The computers, also called network nodes, then check to make sure the data is correct and legitimate; this process is called verification.
After the data is verified, it is then combined with other data into a “block”. This block is added to the existing chain of blocks (Blockchain). Once the transaction has been recorded, it cannot be changed or deleted; it becomes a permanent record. Each computer in the network updates its copy of the blockchain to reflect the new block, which means that everybody has the exact version of the blockchain. As said earlier, the decentralised system makes the data secure and transparent and cannot be tampered with.
As different industries continue to adopt blockchain, it is important that you have a solid understanding of how it works. This will help you stay ahead and allow you to adapt quickly to new trends, no matter what field you are in.
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