By Anish Rao, Vice President – Finance and Accounts, Times Professional Learning
Organisations are rapidly adopting Blockchain technology for its numerous benefits. The Finance Industry of all has seen the most growth with the adoption of blockchain.
The World Wide Web has become a crucial element of our daily lives. From exchanging information to conducting financial transactions, the technological revolutions have made our lives simpler and more efficient. And now the web 3.0 revolution promises new unknowns and opportunities. But is India Inc prepared? For context, the Global Blockchain Market is expected to reach USD 34 billion by 2026, with a growth rate of 45 per cent. The escalating growth span of the blockchain industry is creating the need for proficient professionals.
The Rise of Web 3.0
In the 1990s, with Web 1.0, the amount of data available on the internet was limited to specific providers. The advent of Web 2.0 was marked by a significant increase in the number of content creators, leading to the production of an enormous amount of data. In 2014, the term Web 3.0 started making rounds in the news. Web 3.0 combines features of earlier versions of the web along with concepts of Machine Learning, Artificial Intelligence, and the Internet of things (IoT).
Web 3.0 focuses on building peer-to-peer connectivity by integrating blockchain technologies with businesses. Blockchain technologies function on the primary characteristics of Web 3.0 that include decentralisation, transparency in data sharing, and higher user utility. With the use of AI tools and Machine learning, Web 3.0 aims to provide personalised data to each user for their queries.
The internet of things, when combined with Blockchain, ensures an excellent reach of Web 3.0 to any location through any medium. According to Globe-News Wire, The Internet of things (IoT) will be worth around $1,463.2 billion by 2027, thereby indicating the growth of Web 3.0. Implementing blockchain technologies in Web 3.0 revolutionises traditional methods of conducting business and day-to-day activities.
The Future Trajectories of Blockchain Industry
The Blockchain industry is achieving new milestones with time. The technique of documenting financial transactions across a secured vast network through virtual means is how Blockchain is implemented in the finance sector. Blockchain technology is one of the leading innovations in the finance industry, holding promise to reduce fraud, ensure quick and secure transactions and trades, and ultimately help manage risk within the interconnected global financial system. Blockchain accomplishes this through advanced cryptography that is designed to be resistant to hacking, adding trust to the transaction ecosystem. Currently, cryptocurrency is one of the leading demonstrations of blockchain in the finance sector. The use of Blockchain allows data users to exchange information securely without any intermediaries, and it provides a plethora of benefits to organisations as well. A report estimated that financial companies could save up to $12 billion a year using blockchain.
Data privacy advantage of blockchain allows its users to connect by building an element of trust. Blockchain technologies are transforming various industries like healthcare, real estate, automotives, among others. In the healthcare industry, blockchain would facilitate efficient working by shortening diagnosis periods and protecting the identity of patients. The global market size of blockchain technology in healthcare is expected to reach USD 231.0 million by 2022, with a growth rate of 63 per cent over the next six years.
The dynamic nature of the industries and rapid adoption of blockchain technology, especially in the finance industry, ensures the ever-increasing need for an adept workforce. The blockchain industry provides a mountain of opportunities for working professionals to advance their careers. Taking up a fintech and financial blockchain course would prove to be a lucrative decision for the trainees out there.
Job Market and Skill Development
The Blockchain industry is one of the rapidly expanding industries. According to Glassdoor, a 300 per cent increase was reported in blockchain-related jobs in the US during August 2018. Since then, the demand graph has shown positive growth in the industry. A career in the blockchain industry would yield profitable results in the long run, provided that the candidate has the vital skillsets.
The demand for blockchain professionals is there in every sector, like the BFSI sector (Banking, financial services, and insurance), healthcare, supply chain, etc. One of the basic requirements for becoming a blockchain developer is a strong base in mathematics and algorithms while thorough knowledge about programming is necessary, along with an understanding of the fundamentals behind blockchain technology.
Learners should focus on constant skill-building by pursuing certificate programmes in fintech and financial blockchain. For existing blockchain developers looking to enter the finance industry fintech certification courses would help build a solid foundation.
How Upskilling Can Help People Build a Career in Blockchain
The digital revolution has taken the finance industry by storm. The increasing technological advancements have created a market gap between the demand and supply for skilled professionals. Upskilling through certification programmes in Fintech and Financial Blockchain provides a competitive edge to the learners.
Various Fintech and Financial Blockchain courses focus on enhancing the core skills of the learner by connecting them with industry experts. TimesTSW, a brand of Times Professional Learning (TPL) partners with India’s leading IIMs and IITs to help them achieve scale, hence providing the learners with the latest industry knowledge and toolsets while preparing them for the future. Fintech Certification Courses by IIMs ensure credibility, and their unique pedagogy allows learners to gain a practical understanding of the field.
Disclaimer: Content Produced by Times Professional Learning (TPL)