The world is slowly moving towards distributed ledger technology. The potential advantages of blockchain technology are being discussed across industries and even governments. The recent implementation of blockchain based solutions into stock exchanges and trading platforms, the introduction of asset-backed crypto tokens and announcements made by the government stands proof of the increasing interest in cryptocurrency technology.
Blockchain technology has gained attention mainly for two important reasons. The transparency and accessibility it offers, and the provisions for automation of tasks using smart contracts. Like any other promising technology, Blockchain also has its own set of drawbacks. Cryptocurrency technology is a piece of software and it is only as good as the developers behind it. With blockchain technology still being in its nascent stage, the number of experts in the field is limited.
As it gains prominence, the developer community will eventually grow. But the applications of blockchain technology ranges across various fields and each industry has its own requirements. In order to be able to create the ideal blockchain solution, the developers need to have an understanding of both cryptocurrency technology as well as the industry for which they are developing the solution for. Any errors on the developer’s part may prove costly to the company or even the whole industry sector.
Automation of processes over blockchain technology is enabled using smart contracts. These smart contracts are programs set to execute when certain pre-declared conditions are met. These smart contracts may soon replace legal agreements, documents, and processes that are currently in place. In order to ensure smooth execution of smart contracts in accordance with existing legal structure, the developers should have an understanding of laws and various regulations applicable to the industry.
Blockchain sector is increasing becoming a diverse field and those working in the industry will soon be needing more than one skill set to create and implement products. The future is in the blockchain, but that future is a bit farther than imagined.
Ref: DevOps Journal | Image: Shutterstock