Blockchain brings forth opportunities to Software Developers

Blockchain definitely had left a mark last 2017. In fact, according to Google, “blockchain” and “Bitcoin” were two of the most-searched keywords last year.

Other factors that pump blockchain discussion and increase the awareness of this technology are cryptocurrency, Bitcoin and ICOs (Initial Coin Offering). In addition, blockchain has been included in the Top 5 Developer Trends in 2018.

There is now a growing number of organizations searching about how to take advantage of blockchain technology. With 58% of large corporations interested in incorporating blockchain applications into their system of work, it indeed created a buzz all over the globe.

Blockchain is all about software. Hence, it is specifically more relatively good news to software developers, which brings forth many opportunities to them.

This article tackles the size of opportunity blockchain produces for software developers.

Blockchain

It was Stuart Haber and W. Scott Stornetta in 1991 who introduced the concept of Blockchain. The two described it as “a cryptographically secured chain of blocks,” which means a chain or blocks that are linked together and cryptographically secured. A block is combined with three items, (1) a hash pointer to the previous block, (2) a timestamp, and (3) transaction data. Blockchains are secure and are difficult to modify by design.

In Investopedia, Blockchain is defined as:

“A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping.”

All transactions that take place in blockchain are shared and distributed among a network of peer-to-peer computers and are encrypted and decrypted using private and public keys.

Below is a video about blockchain:

The applications

Blockchain is very useful where you need to bring transparency and accountability to a system. It isn’t industry-specific. Industries that lack trust such as banking, financial institutions, insurance, healthcare, pharma, investment-firms and money transfer could utilize blockchain in order to bring integrity to the system.

Few industries that have already reported building blockchain-based applications are banking, payments, supply chain, insurance, security, and healthcare. In addition, there are 585 large corporations that have adopted blockchain, which will lead to more jobs.

The year 2017 was remarkable for blockchain due to Bitcoin, cryptocurrencies, and Initial Coin Offerings (ICO). Bitcoin’s worth had grown from $11 billion to $247 billion in a span of less than 12 months. Furthermore, over $3.25 billion had been raised in ICOs in 2017 alone, exceeding the traditional VC funding. In fact, the two largest ICOs, Filecoin and Tezos, were able to raise $357 million and $232 million respectively in a matter of days.

The chart below shows Google trends for blockchain (Blue), cryptocurrency (Yellow) and Bitcoin (Red).

Blockchain

Banking is actually one of the industries that are leading the innovation for blockchain. The image shown below depicts major banks and financial institutions involved in blockchain, supply chain management, global logistics, healthcare and pharma. Even governments are now considering and exploring blockchain implementations.

Blockchain

The Opportunity

The blockchain opportunity is big and has only started for software developers. Companies such as IBM, Microsoft, Deloitte, Ripple, Chain, Circle Internet, BitFury Holding, Yuan Technology, Coinbase, and AlphaPoint are just some that are leading the charge in blockchain technology. Given that there are 6 out of the 10 corporations interested in blockchain, this only means that more jobs will also be created.

According to a report, 10% of GDP will be regulated by a blockchain by 2027. Back in 2017, the blockchain technology market size was $340 million and is now expected to grow to $2.3 billion by 2021.

Where to start

Presently, there are thousands of blockchain projects available in Github and each has specific objectives. Below are some of the top (not in any specific order) blockchain, as well as their project.

RippleNet offers experience to send money globally using blockchain technology.

Ethereum is a decentralized platform that runs smart contracts, applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

TRON is a blockchain-based decentralized protocol that strives to construct a global free content entertainment system, utilizing blockchain technology. This protocol allows each user to freely publish, store, and own data. The issuance, circulation, and trading of digital assets, through decentralized self governance, lay the foundation for the distribution and subscription of content, thereby empowering content creators as well as forming a decentralized content entertainment ecosystem.

Cardano is a fully-open source decentralized public blockchain and cryptocurrency project. It is developing a smart contract platform that seeks to deliver more advanced features than any protocol developed previously. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach consisting of a large global collective of expert engineers and researchers as its development team.

NEM is the world’s first Smart Asset blockchain. Built from the ground up for enterprise-grade performance, NEM’s blockchain technology delivers a world-class platform for management of almost any kind of asset: currencies, supply chains, notarizations, ownership records, and more. Its power is manifested through a straightforward and secure developer interface that can deploy your blockchain solution in record time.

Stellar is a distributed, hybrid blockchain that is fully open-source. It is an infrastructure that exists to facilitate cross-asset transfers of value including payments. With just one integration into the Stellar Network, you will join an open, global financial network where all actors – may it be the people, payment networks, or banks – have equal access and economic participation.

IOTA – As the Internet-of-Things keeps expanding, the need for interoperability and sharing of resources has become a necessity. IOTA enables companies to explore new business-to-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.

Dash is digital cash you can spend anywhere. Through Dash, you can make instant payments and secure privacy of transactions online or in-store using a secure open-source platform hosted by thousands of users around the world.

NEO is a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.

Monero is a decentralized cryptocurrency, meaning it is secure digital cash operated by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain.

Stratis is for C# developers, Stratis Platform offers simple and affordable end-to-end solutions for development, testing, and deployment of native C# blockchain applications on the .Net framework.

The Stratis Development Platform allows businesses and organizations to develop blockchain applications in C# utilizing the Microsoft .NET Framework. They can assist in defining one’s blockchain strategy and in integrating solutions and capabilities according to your business requirements.

Reference: C# CORNER

 


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