Blockchain Technology is the most promising technology of the 21st century. Many have compared the blockchain technology’s potential importance to that of the net. Now, those are some lofty words, but to understand why it’s so much potential, let us understand the differences between horizontal and vertical innovation.
Vertical innovation is innovation that’s done specifically in a specific field while flat innovation is something which may be adopted by everyone. Let us take an example to make this clearer.
Penicillin, Polio vaccine, and sophisticated operating methods are examples of vertical creations as they are specific only to a specific field i.e. the healthcare market.
Electricity, Internet, and Cloud Computing, on the other hand, are horizontal creations that have been adopted by multiples areas and businesses to create their performance more efficient.
Blockchain: The Upcoming Horizontal Innovation
We’ve talked about Blockchain fundamentals a great deal of times on this website before. So, to provide you with an extremely brief description. A blockchain is, in the simplest of terms, a time-stamped collection of immutable record of information that is handled by a bunch of computers not owned by any single thing. All these blocks of information (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).
The Reason the blockchain has gained so much admiration is that:
- It’s Not owned by a single thing, hence It’s decentralized
- The information is cryptographically stored inside
- The blockchain is immutable, so no one can tamper with the information that is within the blockchain
The blockchain is transparent so one can monitor the information if they want to
Blockchain and Decentralization
So as to comprehend why the notion of decentralization and running a trustless system is vital, you will need to comprehend the connection that we humans have had with hope since the start of time.
Early cavemen learned the value of trusting each other. It was actually a matter of life and death. A caveman by himself had 0 chance of living. Think of all of the elements in the character that might have killed them from wild beasts to changes in the weather. People had to learn how to reside in communities with people they can trust, merely to survive.
As time moved on, you could see this trust evolve into plenty of interesting ways.
Firstly, we had the barter system, wherein people trusted each other to give them a product of value to trade with theirs so as to perform transactions. However, as time went on, our trade system became infinitely more complicated.
Our population exploded thanks to improved medical care in a large part and our businesses became far more complex. Because of this, we moved from expecting an individual, to expecting a centralized institute, like a bank. However, as time grew, these banks became more and more powerful.
With the amount of duties that these banks were dealing with a stage had to come where they were going to fail so badly, that individuals would need to search for an alternative financial strategy.
This point came in 2008 financial meltdown. Many banks, and Lehman Brothers, in particular, were guilty of excessive risk-taking which plunged the entire planet in the worst recession since the 1930s Great Depression.
Disillusioned by the centralized banking system, an anonymous individual (s) named Satoshi Nakamoto created the notion of Bitcoin. Bitcoin was the world’ first decentralized cryptocurrency that was powered by the blockchain technology.
So, how is the blockchain decentralized?
It really is a fairly simple idea. All the documents that are stored inside the blockchain, is not stored inside one centralized storage device. There are numerous computers operating within the network who have a copy of all of the information in the blockchain. This is the reason, whenever anything is upgraded in the blockchain, all of the nodes in the network get informed of this at once.
That is what we mean by decentralization. There’s not any single source who’s in charge of all of the data anymore.
Ok, so what have we learned so far?
Horizontal innovations are tough to come by. Blockchain Technology may very well be the next great horizontal innovation
Blockchain’s biggest property is decentralization which could disrupt a good deal of industries.
So, let us look at some of the businesses the blockchain technology can interrupt for good:
- Healthcare industry
- Supply chain management
- Finance industry
- Real Estate
- Legal Industry
This is but a mere handful. We will need to wait for at least 3 years to determine the entire extent of this Blockchain’s potential.
Why Should Firms Educate Themselves on The Blockchain?
#1 To Not Be Left Behind
Simple answer, they do not have any choice.
To understand why it is a must for organizations to keep pace with modern technology, let’s give you the case of Kodak.
What you see above is that the fall in the stock value of Kodak within the past couple of years.
For a long time period, Kodak possessed the photography market. The expression”your Kodak moment” became synonymous with photography. The main reason why they fell so far behind, is because they just blew their opportunity to lead the digital photography revolution as they were in denial for a long time.
Steve Sasson, the Kodak engineer, actually invented the first digital camera back in 1975. “However, it was filmless photography, so management’s response was,’that is cute–but do not tell anyone about it,” says Sasson.
To put it differently, in their hubris, Kodak failed to see digital photography as a disruptive technology.
A former vice-president of Kodak Don Strickland states:
“We developed the world’s first consumer digital camera but we couldn’t get approval to sell or launch it due to fear of the effects on the film industry.”
The management was so concentrated on the movie success which they missed the digital revolution after beginning it. Kodak filed for bankruptcy in 2012.
However, with that said, they are attempting to integrate the blockchain technology, so we will need to see how that goes.
#2 Upcoming Interoperability
We are on the brink of entering the age of third-generation blockchains. Blockchains such as Cardano, ICON, AION recognize as third-generation. One of the most basic goals is achieving interoperability.
What’s interoperability? In layman’s terms, it is going to enable interaction among various blockchains AND heritage businesses.
That seems pretty cool, but what does that have to do with universities?
Interoperability will enable an increasing number of companies to integrate and interact with blockchain businesses. As such, they’ll want to hire people who have some basic blockchain knowledge.
Now, since there’s a scarcity of such talent available at the moment, they need to begin educating their existing workforce in the ins and outs of their blockchain technology. This will be certain that they aren’t losing any ground.
#3 Upskilling vs Implementing
The data that we will show you in this section comes from this report made by McKinsey Global Institute. This report, once and for all, puts the upskilling vs hiring debate to rest. For a company, it’s more economically efficient to upskill their present employees, as opposed to hiring new ones.
Apparently, 375 million employees that are roughly 14 percent of the worldwide workforce, might want to switch occupational classes as”digitization, automation, and advances in artificial intelligence disrupt the world of work.” So, the sort of skills that these businesses will need will dramatically shift.
According to the report, the size of the shift is “akin to dealing with the large scale change from agricultural work to production that happened from the early 20th century in North America and Europe, and more recently in China”.
So, with change right around the corner, many companies have identified retraining and upskilling their current work force as a pressing priority. Not just that, but they also realize that corporations, rather than the government, have to take a stand .
They conducted a poll with 00 executives in companies with more than $100 million in annual revenues and among this group, they recognize that 66 percent see”addressing potential skills gaps related to automation/digitization” in their workforces as at least a”top-ten priority.” Nearly 30 percent put it in the top five.
#4 Enterprises/Corporations Will Need to Take Charge
At least 58% of the people polled believe that businesses will need to take charge in addressing these skill gaps. Not the federal government, not the state authorities, not education institutes. It ought to be enterprises. That’s the only way to go forward.
Ok, so far we’ve talked about institutes teaching themselves on the blockchain, what about people?
Why Should You Educate Yourself About the Blockchain Technology?
Currently, there’s a big need out there for blockchain-related tasks but then why should you join the celebration? What’s in it for you to be a part of this crazy world?
Well, turns out that a career in the blockchain world comes with its own set of perks also.
#1 Lots of Money In The Space
There’s a whole lot of money in the crypto area due to an assortment of reasons. Firstly, we’ve got institutes set up by people who were early investors and hence made humongous ROI within their investments. Plus, we also have startups that have raised absurd amounts of money from several ICOs. ICOs have become a very controversial topic enabling businesses to raise millions of dollars within 24 hours per product!
ICOs have already raised twice the quantity of money they did at the entirety of 2017, in the first five months of 2018 alone! Also let’s not forget that more and more institutional investors have entered the room to fund these projects also.
So, what does all this mean?
We’ve got a young field, which requires more manpower, but there are not a great deal of people around who have the necessary skill sets and knowledge base. Because of this, due to the demand, the wages given out are usually incredibly appealing.
In actuality, according to a study done by angel.co, the payout given for specialized and non invasive roles are both higher in the technical group as well as the non category.
Plus, it’s also worth noting that the gain sharing models in crypto jobs are far better and the incentives a great deal higher.
#2 Remote functioning
According to a research done by J.P. Dowell, who has spent 15 years studying why people hate their jobs, 70% of the people surveyed said that they’re not fulfilled career wise. So, what’s the reason for this unhappiness?
Well, according to another study done by Softchoice, they discovered the following two facts:
74 percent of employees saying they’d quit their jobs to work for a company that would enable them to work remotely more frequently, even if their wages remained the same.
Compared to Baby Boomers, millennials are twice as likely to feel much more effective and better-equipped working at home than in the office.
Additionally, according to the report by CNBC,
“over two-thirds of individuals around the world work away from the workplace at least one time every week, according to researchers.”
Remote occupations are advantageous for both workers and companies.
For employees it:
- Increases productivity and efficiency
- Decreases stress and increases overall happiness
- For employers it:
- Helps conserve up on office property prices
- Lowers the overall employee turnover
This is another place where crypto businesses outdo their heritage peers. Plus, bear in mind that crypto companies are a lot more likely to give you the”work from home” option and ask that you come to work only on specific days.
#3 Employee Liquidity
This is a pastime that is restricted to token companies. Normally, in a startup, workers receive equity and need to await a liquidity event to market shares and receive Fiat currency. This may itself be an extremely intricate process and in several situations, grants given by firms are extremely restrictive which blocks secondary trades.
In blockchain providers, employees usually get tokens which functions as an equity-like damages. These tokens, unlike stocks, are inherently liquid, although a number of them might still have limitations on them.
So, now you know why you need to start looking for a career in the blockchain area, let us see just what you can do.
#4 Being Part of Something Revolutionary
There’s absolutely not any doubt about the fact that blockchain technology is revolutionary. We now have a system where an asset is not owned by one person/entity and the whole system is transparent(if needed) and untamperable. There’s a big likelihood that the blockchain will be as radical as the net in the future. So, keeping that in mind, do not you want to be a part of something that revolutionary?
Ok, so far here is what we know:
- Enterprises have to take charge of their rising skill gaps
- People can heavily benefit from learning about the blockchain technology.
Here comes the bad news. Bear in mind that the McKinsey survey that we were talking a little earlier? According to it,
“only 16 percent of private-sector business leaders in this category feel”very prepared” to address potential skills gaps, with approximately two times as many sense “somewhat unprepared” or”very oblivious.” The majority felt”somewhat prepared”–hardly a clarion call of assurance.”
So, in ventures no they have to get into blockchain schooling, but they do not know where to get it.
Which brings us to another question.
Blockchain Education: How to Get It?
So, how do you get into blockchain instruction? If You’re looking for a full-blown level then you can look in the following universities Offering classes on Blockchain Technology:
- Stanford University
- Duke University
- Georgetown University
- Cornell University
- New York University (NYU)
- Princeton University
- RMIT University
- The University of Illinois
Now the simple fact is, the companies can not simply send out their workers to get university degrees right? No one will actively send their people out to get 2-3 year degrees. This is where certificate comes in.
There are loads of advantages that certificate has over amounts:
- Shorter: An ordinary certification class may last from anywhere around 6 weeks to two years. Sometimes, it can be even shorter than that. A level, on the other hand, will continue minimum 2 decades.
- Easily accessible: Most certifications may be accessible online and can be done at your own time, speed, and place. However degrees could ask that you join classes, and stick to the universities schedule.
- More concentrated: Certifications are more subject centric than levels. Eg. If you’re doing a certificate on C++ programming then you’re only going to learn C++. However, if you’re doing a degree in Computer Science then you might even have to take up Environmental Studies or Mathematics for a session.
- Cheaper: Obviously since certificates last for a shorter time, they’re a good deal cheaper than degrees.
- Less age prohibitive: Normally college going students or individuals in their late teens to mid 20’s opt for amounts. But people from all walks of life and age groups apply for certification due to the flexibility it provides program and location wise.
According to The Washington Post, the amount of individuals who maintain post-baccalaureate certificates has improved appreciably. Here are some of the numbers:
Nearly 51,000 people earned the credential in 2010, a 46 percent increase in five decades.
For men, having certificate adds a 25 percent to their earnings.
For girls, it’s a 13% addition to their earnings, but that is mostly because they’re in less specialized fields.
Based on research from Georgetown University’s Center on Education and the Workforce, about 3% of the workforce i.e. 4 million employees have certificates.
So, where exactly can you get these accredited courses? Well, we’ve got got that managed for you!
Blockgeeks for Your Business
Businesses and organizations of all sizes can use our business course to provide powerful, on-demand technical blockchain training to their teams. With engaging, interactive content and customizable learning monitors, we can build you a results-driven training plan tailored to your precise targets.
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Here are some of the features/advantages of our class:
- Course program built with business leaders, for business leaders
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- Job reviews and feedback from business SMEs?
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- This is what people have been saying about us.
Whatever you consider the blockchain technology, the simple fact remains that it’s one of the most disruptive technologies of the era. You will need to get together with the app, or you’ll be left behind. We’ve curated the ideal blockchain certification course that’s specifically targeted towards individuals working in enterprises. We think that the course will surely give your career a massive boost. So, do not miss out.