How Blockchain Technology & Cryptocurrency Revolutionize The Money Transaction?

Oktober 29, 2021

There is no doubt that the future of the World lies in Technology. And, BLOCKCHAIN TECHNOLOGY has emerged as a panacea to all the problems related to the Money transaction in this digitised economy. The augmented usage of Cryptocurrency is a further boost to this technology.

What is Blockchain Technology ?

Blockchain Technology is a Deconcentrated and Dispersed chain of blocks also known as Ledger that contains the relevant data starting from the very first block i.e. Genesis Block. The data of the ledger can’t be changed otherwise the chain of data will become Invalid. It has some remarkable characteristics such as transparency, durability, Immutability, Incorruptibility etc. All these qualities make it a trustworthy technology. Satoshi Nakamoto is known as the father of Blockchain technology.

How does Blockchain Technology benefit the Money Transaction domain?

Blockchain Technology has a wider Scope as it is utilised in various sectors such as Advertising, Healthcare, Business, Banking, Entertainment, Telecommunications, Insurance etc. However, there is one particular sector that fetches an overwhelming attention to it and i.e. Payment and Money Transaction.

Blockchain Technology can be well optimized in the Money Transaction field as it is a digital chain method that contains the record in each block linked with one another. It starts from one end and provides details to all the concerned participants and if anybody tries to alter data, it can be easily traced by the rest of the participants. The data contained in each block can only be encrypted by the person on the other end ( also known as receiver) with the help of a private key/code. Hence, it is more reliable, secure and impossible to be altered or hacked. There are some top-notch Blockchain platforms which are as follows:

Ethereum
IBM Blockchain
Tezos
Quorum
Hyperledger Sawtooth
Hyperledger Fabric
R3 Corda

What is Cryptocurrency and How does it supplement Blockchain Technology?

Cryptocurrency is a Virtual Currency that is digitally transacted from one entity to another in exchange of goods and services. This transaction of Cryptocurrency is possible only through Blockchain Technology. In this technology there is no Central regulator which is the biggest advantage of it as this exterminates the chances of corruption or misuse.

There is a variety of Cryptocurrency in the market. Nevertheless, BITCOIN is the leading one.

List of other Cryptocurrencies.

Ethereum
Z Cash
Dash
Stellar
NEM
Ripple
Litecoin
Monero

What are the Pros of BLOCKCHAIN TECHNOLOGY?

TRANSPARENCY : Blockchain technology assists in transacting money through a transparent method, as all the participants have details which can’t be altered. Hence, there is the least possibility of fraud.
IMMUTABLE: Blockchain Technology ensures that there is a good data Management without any possibility of alterations. And even if it happened it could be easily traced or detected.
INSCRUTABLE: The chances of fraud dampens as Blockchain Technology shields the transaction end to end with the help of an abstruse encryption algorithm.
HACK- PROOF: Hacking of Blockchain technology is next to impossible unlike the traditional methods of transaction that are easily prone to hacking.
INCORRUPTIBILITY: There is the least possibility of Corruption and Fraud because of its crystal clear transparency.
HIGHER SUCCESS PROBABILITY: Blockchain Technology assures a safe and secure transaction procedure to the customers.
HASSLE FREE: It makes the arduous transaction method easier, more reliable and saves time and energy.
NO MAIN REGULATOR: As there is no central regulator the probability of fraud shrinks. Subsequently, all the participants become accountable to one another.
SMOOTH TRANSACTION : The transaction is easy and smooth.
Time & Energy Efficient: To transfer money via Blockchain technology is an effortless task as a person just needs to meet credentials and mention the amount that is to be paid.

How and Why is Blockchain Technology advancing?

Lately, El Salvador is the only country that has adopted Bitcoin as its legal tender.

I would say that it is a proactive initiative by El Salvador, as many experts have foreseen that the secure future of Money Transaction depends on Blockchain Technology and it is possible only with the usage of Cryptocurrency. Hence, El Salvador has Immortalized and legalized the use of Digital Currency i.e. Cryptocurrency.

According to Gartner, the value of blockchain technology in the commercial world will exceed $3 trillion by 2030.

Syllabus of the Blockchain Technology Course

Broadly, the syllabus of the Blockchain Technology covers the following topics:

Cryptocurrencies and The Crypto Network
New Generation Technology & Shift of Blockchain
Fundamentals of Blockchain
Blockchain and core application
Regulatory and Policy Considerations of Blockchain Technology
Strategic Application of Blockchain Technology in Current Businesses
Entrepreneurial Experiments Using Blockchain
The Business Applications and Blockchain
Privacy and Risks in Using Blockchain Technology

Learning Outcomes

Following are the skills that you master at the end of any Blockchain course:

●Learn the Basic and the Advanced use of Blockchain Technology.

● Understanding of Cryptocurrency and its use.

● Use of Blockchain Technology in different domains. .

● Benefits of Blockchain Technology.

Application of Blockchain concepts in business.
● How is the use of Blockchain technology a sustainable strategy?

● Students will get to understand:

What are the factors that make this Technology Corruption and alteration resistant?
How Blockchain Technology is an innovative sector for entrepreneurs.
How is Blockchain Technology more reliable and secure than the traditional methods?
How both Cryptocurrency and Blockchain Technology are complementary to each other?

Career Opportunities

Blockchain Technology Course invites a plethora of Career Prospects in different fields:

Blockchain Solution Architect.
Blockchain UX designer.
Blockchain legal consultant.
Blockchain quality engineer
Blockchain project manager.
Blockchain developer.
Blockchain Legal Consultant

Salaries: As per Glassdoor the Scope of Blockchain technology jobs has increased up to 300% in 2019 as compared to 2018 and the average salary of a Blockchain developer in India is Rs. 801,938. Well, It keeps increasing based on your experience and proficiency.