Living in a world where technology and innovation rule the realms around us, one needs to have a solid grasp of the events and changes that are occurring around the globe.
Exploring and evaluating the formation of upgrades and new technologies that are forming around us and knowing the potential outputs they can bring, we will come across technologies and topics that could rewrite the landscape of the industries and fields around us.
One of such prominent technologies that is acting as a pioneering one is blockchain technology.
Building a better world with the blockchain
To understand the benefits and fruitful results that blockchain technology holds, one needs to analyse and understand the concept of blockchain.
Blockchain technology can be defined as a decentralised digital ledger that collects and records the details of transactions that are occurring across multiple computers with secrecy and transparency.
Every transaction that occurs is stored inside a “block”, and the multiple blocks formed by the transactions that are linked together form a “chain”, forming a continuous, unalterable record that in turn forms the blockchain.
The technology of blockchain revolves around some key principles and concepts like decentralisation, cryptographic security, immutability, and consensus mechanisms.
All of these elements together help to form credibility and trustworthiness in digital transactions and reduce dependence on intermediaries.
One of the most prominent and pioneering terms that you will come across in the field of blockchain engineering is blockchain engineering.
Blockchain technology and blockchain engineering are closely related, but they focus on and revolve around different aspects of the blockchain ecosystem.
Blockchain technology is an underlying system that helps to enable decentralised and secure transactions, while blockchain engineering utilises the technologies offered by blockchain to design, develop, and maintain blockchain applications and networks, turning theoretical concepts into practical, functioning solutions.
Blockchain engineers are the professionals who work in the field of blockchain technology and who write and prepare the code that makes the blockchain that we craft operational, draft and design rules for how new information is added, and most importantly, make sure everything associated with a blockchain system is secure.
These engineers also have the responsibility for developing “smart contracts", which can be defined as automated agreements that run by themselves when certain conditions are met.
In short, blockchain engineers are the ones who are responsible for making sure that the technology they are working on is solid, secure, and ready to be used in things like digital currencies, supply chains, and more.
Understanding the demand for blockchain engineering
If you are a blockchain engineer who is expecting to utilise the scopes and opportunities that blockchain technology is offering, you need to know what the current demands and skill requirements are that are expected of such a professional.
The skill set that is currently in demand in the field of blockchain includes a solid understanding of cryptography, distributed systems, and consensus algorithms. These skills are considered vital for designing secure and efficient blockchain networks.
Along with these, proven proficiency in programming languages like Solidity (for Ethereum), Go, Python and Rust is essential for developing smart contracts and decentralised applications (dApps). Knowledge of data structures, peer-to-peer networking, and blockchain platforms such as Hyperledger and Ethereum is also highly valued in this field.
Traditional software engineering practices, which include code optimization, version control, and testing, play a vital role in blockchain development.
Practices like these will ensure the credibility, scalability, and maintainability of blockchain applications and help us bridge the gap between innovative blockchain solutions and tried-and-true software engineering methodologies.
Innovative blockchain applications
The aid and assistance offered by blockchain technology are transforming the vivid and various industries around us by enhancing security, transparency, and efficiency.
For example, in the field of finance, blockchain enables us to secure decentralised transactions, powering cryptocurrencies and smart contracts for automated, trustless financial agreements.
In supply chain management, blockchain ensures transparency and traceability by recording every step of a product’s journey, reducing fraud, and improving efficiency.
The application of blockchain also extends to the fields of real estate for transparent property transactions, voting systems to ensure election integrity, and digital identity management for secure authentication.
These applications demonstrate blockchain’s potential and the ability to revolutionise processes across diverse fields, driving innovation and trust.
Integrating and scaling blockchain systems
Integrating and scaling blockchain systems will also produce several challenges that require careful consideration and innovative solutions. One of the major challenges that we are facing in the field of blockchain systems is the process of ensuring compatibility with existing systems, as blockchain operates differently from traditional databases.
The challenge of scalability can also be considered another relevant challenge that we have to tackle, as blockchain networks can become slower and more expensive to maintain as they grow, especially in public blockchains with large transaction volumes.
To address, analyse, and seek a solution for these problems, it is important to use layer-2 solutions like sidechains or state channels to offload transactions and reduce congestion. In addition to this, employing consensus algorithms optimised for scalability, such as Proof of Stake (PoS), can improve performance.
An effective blockchain integration also involves thorough testing, ensuring security and reliability, and aligning blockchain solutions with specific business needs to maximise efficiency and value.
The growing demand for blockchain engineers
As we discussed earlier in this article, blockchain technology and its application offer a wide range of credible career opportunities for us, and the increasing demand for skilled blockchain engineers is an example of this.
This is happening because of the increasing adoption of blockchain technology across various industries.
As many of the companies, corporations, and organisations around us seek to leverage blockchain for its security, transparency, and efficiency, there is a rising need for skilled professionals who can design, implement, and maintain blockchain systems.
To meet the requirement for skilled and thoughtful blockchain professionals, our academic systems and institutions also need to step up. They need to understand the current demand for blockchain technology across industries and offer specialised courses and degrees in blockchain technology.
Universities and institutions need to provide degrees in blockchain engineering. They need to properly organise this and provide credible certifications and relevant workshops that would cover blockchain fundamentals, smart contract development, and decentralised applications.
We need to make our students aware of the possibilities of blockchain technology and equip them with the technical skills and practical knowledge required to excel in the rapidly growing blockchain sector, thereby preparing them for a range of roles in this dynamic field.
Conclusion
Blockchain technology is revolutionising industries and all the fields around us by enhancing security, transparency, and efficiency through decentralized, immutable ledgers.
The evolution of blockchain technology stands as a sign of its transformative potential across vivid sectors and fields around us, which results in a driving demand for skilled blockchain engineers.
The role of educators in nurturing students with credible, up-to-date, and relevant knowledge and expertise in blockchain technology is vital, and as the scope and scale provided by blockchain technology continue to mature, collaboration between academia and industry will be essential in harnessing its full potential and addressing global challenges.
(Dr Saravana Kumar is the Professor & Head, Department of Information Technology at CMR University. Views expressed are his own)
