A technology that once disrupted the financial sector and puzzled governments with cryptocurrencies like Bitcoin has permeated into the software development space with multiple use cases across different walks of life because of its salient features:
1. use of Distributed Ledger Technology (DLT);
2. cryptographic security or tokenization, and
3. the ability to have smart contract logic encoded into it.
If you look forward to master this technology, but still in a catch-22 situation regarding the job opportunities it has in store, you have come to the right place!
Software Engineers or Developers
Underlying features like DLT and tokenization of the Blockchain Technology contribute towards building secure web and mobile applications. IT service providers offering IT solutions for healthcare, banking, insurance, and supply chain management invest big in recruiting and retaining software developers with a sound knowledge and skills of Blockchain frameworks, tools and practices.
IT has a pivotal role to play in the operations or processes of government and non-government organizations. With the growing number of software, hardware and services involved in the IT environment today and decentralization of data, maintaining IT performance, stability and security becomes critical. The knowledge of Blockchain aids to the skills of IT security administrators. It helps them perform regular systems and security monitoring, handle backup procedures, patches and upgrades efficiently to let end users derive the expected performance from the IT assets.
Supply Chain Managers or Heads
Maintaining transparency in the operation, addressing counterfeiting and theft instances, meeting compliances and performing audits have been some of the critical challenges of supply chain management that Blockchain has solved with ease. Blockchains make it possible for stakeholders to access a database to act as the single source of truth. Recorded transactions are immutable, are append only and provide a time stamped audit trail. Blockchain eases product documentation on real time as it moves from its original provenance and all its touch points.
Health record of a patient in a healthcare system is held across different institutions or silos like emergency department, radio or clinical labs, ward admin, and so on. Further, there are chances that a patient might be receiving treatment from multiple departments like cardiology, ENT, and so on. For standard treatment a correlation amidst all records is essential. Using the distributed ledger technology (DLT), healthcare institutions can allow different stakeholders to have conditional access to a single source of truth where each interaction with a patient’s health data gets recorded on the ledger as a transaction with a time stamped audit trail. The practice induces a higher degree of safety in data management and ensures accountability at every level of healthcare service.
Insurance Claims Adjusters
Insurance claim settlement department plays a key role in ascertaining customer satisfaction with speedy and accurate settlement of claims. Insurance claim adjusters probe the investigation by engaging with customers (victims), perpetrators or criminals, law enforcement agencies, and civil authorities as and when required. At the same time, they have to make cost-effective decisions that benefit their business. Today’s claim settlement IT solutions take advantage of Blockchain to keep the communication framework accessible to authorized users with the right mix of restrictions and rights. Tokenization ensures encryption of sensitive personal information. The innovation in technology solutions pays off by speeding up the process and limiting the possibility of data theft or errors.