What is Blockchain Technology? Why is it important?

Blockchain Technology

In simple terms, blockchain technology is a fixed set of data that is regulated and controlled by a network of computers. This data and information (i.e. block) is safe and inter-linked using cryptography (i.e. chain). This blockchain network is not controlled by any central authority. The fact that it is an open-source distributed ledger, the transparent information in it is for everyone to access. Anything that is demonstrated on the blockchain is crystal clear and everyone involved can use and make their own decisions.

Incredible benefits of blockchain technology are discussed below –

  • All the activities and transactions in blockchain occur in real-time which further helps save a lot of time. Time is not wasted in administration and processing of transactions since there is no involvement of middlemen processors.        
  • The transparent nature of blockchain reduces the risks of cybercrimes, modification, tampering, deletion and frauds. Financial sector has been plagued with hacking and cybercrime for many years. Decentralized and cryptographic blockchain protocols make the whole process safe and secure.
  • Proper linking and sharing of data with blockchain enables better management of data between departments.
  • Direct transactions reduce the burden of intermediary and overhead expenditures; which is a common occurrence in third-party transactions.
  • A clear and systematic recording of activities and transactions is possible through blockchain technology.

Blockchain is a latest technology that is changing the landscape of the business and economy. For instance, blockchain technology is responsible for changing the face of finance industry in many ways. It streamlines all the functions associated with asset management and payments. This eliminates the need for intermediaries or brokers and ensures effective management of transactional data. This revolutionary technology is helpful in many industries such as banks, insurance, hospitality, retail, health and pharmaceutical industries. Blockchains have the potential to replace many trusted third parties (notaries, banking trades and land registry) by distributed computer systems.  

One of the prestigious universities, UPES is offering a specialised education, aiming at the benefits of blockchain technology, career opportunities and the importance of this technology. Computer Science Engineering with a specialisation in Blockchain Technology is a four-year program that educates students about this emerging field. UPES School of Computer Science has industry alliances with giants such as IBM, Xebia, Oracle, Microsoft and many more. The university also provides 50% scholarship for post-graduate programs in academic partner institutes in UK, Europe, USA and Canada. UPES students also have free access to 3600+ global courses from Coursera.

After pursuing B.Tech CSE with a specialisation in Blockchain Technology students can work as blockchain developer, project manager, blockchain consultant, blockchain designer and quality engineer. Not only these, blockchain technology has many opportunities in this modern digital era.

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