Me: "What do you think of Bitcoin?"You've all likely met someone like this and brushed them off as closed-mined, but they're exactly the type of person this industry needs to convince to further adoption. It will be next to impossible to do so with the way things are right now.
Co-worker: "Didn't that thing get hacked last week?"
Me: "Bitcoin didn't, but a place where it was exchanged was."
Co-worker: "I don't trust it. It's only a matter of time til they find out how to type in some numbers to make more show up on a screen blah blah blah."
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In 2008 Satoshi Nakamoto came up with the concept for blockchain technology and it gained recognition with the introduction of Bitcoin. However, blockchain is not a new technology, it is a mix of three technologies that already existed:
1) The Internet
2) Private key cryptography
3) Peer-to-peer network adhering to a protocol
Thus, a blockchain is a list of records (known as ‘blocks’) which make up a virtual chain using cryptography. By using this technology it’s easy to distribute digital information in a way that cannot be tampered with. A blockchain offers a decentralized database, known as a digital ledger, of transactions that anyone with an internet connection can see.
Moreover, the information on blockchain is accessible across multiple locations and because the data is not stored in one location, it makes it hard for hackers to break into the system. Thus, blockchain is a secure way to share information and can benefit many industries.
For example, it can improve the way mental health problems are treated because data is stored in a single file format, making it easy for people to access and comprehend the data globally. Plus, the data can be easily accessed by clinics, hospitals, and insurance companies.
In fact, The People’s Insurance Company of China (PICC) has partnered with DNV GL and VeChain to transform the insurance industry through blockchain technology. Today, current policy underwriting processes for insurance companies use legacy claim management systems, which result in overwhelming paper trails on insufficiently validated data.
So PICC thinks that blockchain technology can bring about a digital revolution, which would lead to reduced turnaround time, lower premiums, fraud prevention, and the improvement of KYC compliance and claim experience.
Blockchain technology also has the power to improve the luxury goods market. When it comes to goods such as designer handbags, vintage wine and spirits, and luxury automobiles Forbes pointed out the difficulty associated with pinning down the exact price of these items.
Besides going to a professional appraiser or using some authentication system, there’s no way to be entirely sure about the valuation. Thus, blockchain technology could become the trusted, verifiable system in place to better track a particular item or brand’s life cycle, by pinpointing potential counterfeiting issues.
Furthermore, using blockchain technology would offer more transparent transactions and relationships between buyers and sellers.
So it’s no surprise the job market surrounding blockchain technology and cryptocurrency is booming.
When it comes to more traditional sectors in Asia blockchain and cryptocurrency jobs are increasingly attractive to those seeking careers in that area.
For example, Robert Walters the recruitment firm stated that they had seen a 50 percent increase in the number of roles related to blockchain or cryptocurrencies in Asia since 2017, with developers with Python language skills among the most highly sought after.
For instance, if you search for blockchain jobs on LinkedIn, you can find results for openings at big companies like IBM as well as positions at newer businesses, like the cryptocurrency exchange called Binance.
What’s more, as per data collected by job search engine. Indeed, the central Asian markets (Australia, India, Singapore and Malaysia), have seen high interest in blockchain roles.
If you believe blockchain technology and other advancements can help with the creation of a new legal platform for the exploration of space, then be part of a movement that will define the future of humanity’s expansion off-planet. Join Asgardia today!
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