Looking for the next big thing in tech? Short on cash and itching for additional income? Searching for a new project? want to find a new avenue for your career?
I have the answer to a few of these conundrums: blockchain.
What is blockchain? Basically, it is a network of computers that allows for the exchange of data with all the guarantees that a middle man can provide, like security, safety, and reliability, while also being decentralized—or not solely reliant on just one database or computer. Blockchain technology can provide advances in many industries, such as banking, insurance, and even the medical industry. The possibilities are endless.
Companies all over the world have begun research into blockchain. Large companies like JPMorgan Chase, Toyota, and Apple have all have put significant funding into research and development of blockchain. Additionally, countries like China and India have put significant amounts of money towards the technology. India’s central bank has recently been reported by CryptoCoinsNews to have jumped into major research towards blockchain and cryptocurrency.
But what does this mean for you? As a student at one of the best polytechnic schools in the country, you should be aware of new and innovative technologies, especially ones that have the power to “do to the financial system what the internet did to media,”—a claim by Harvard’s Business Review—as well as to engage other industries.
Bitcoin, the poster child for blockchain applications, is a cryptocurrency and could provide students who do not have the capital to bring to a brokerage the opportunity to invest and trade on their own terms, thus earning the supplementary income we all need. The ability to create decentralized applications for numerous situations opens the door to widely-available solutions, much like the app boom of the App Store, which brought new and varied capabilities to our phones. As a student, the potential investment rewards coupled with the numerous application abilities should put blockchain at the top of your research list.
Personally, my investments using cryptocurrency, as well the development of decentralized applications, have provided me with an additional source of income and a very sought-after skillset in this emerging field. Therefore, if you are working in or around tech, understanding what blockchain is and how it can potentially change your field or even your life in a positive manner can be both monetarily and intellectually beneficial.