Blockchain has garnered a lot of attention thanks to its association with cryptocurrencies, especially bitcoin. The solution allows transactions to be tracked in a new way, using an approach that many consider more secure than many other options available today, increasing interest in the technology and how it can benefit a number of industries.
Since blockchain is relatively new, many companies have just begun exploring how they can benefit from the technology, particularly when it comes to ensuring transactions and data exchanges are more secure. If you are wondering how you can get your start in blockchain, here’s what you need to know.
The Appeal of Blockchain
As mentioned above, most people associate blockchain with cryptocurrency, though its potential stretches well beyond that role. As a mechanism, blockchain increases accountability and security related to various transactions or information exchanges, including contract signings, while also reducing error rates.
Generally, blockchain is prized for its ability to verify a transaction’s validity. Blockchain records cannot be altered after the fact, and all transactions can be published to shared ledgers, allowing trusted involved parties to easily review details while maintaining a suitable level of access control.
It also offers companies a way to increase the speed at which transactions can be completed while also providing a method for substantial cost-savings, as blockchain eliminates the need for intermediaries, such as banks or government agencies, to be involved in the execution of an agreement.
Blockchain for Business
As of today, “blockchain-as-a-service” isn’t a common offering, so some businesses have struggled to find an entry point to begin using the technology. However, two tech giants have embraced the concept, giving organizations a way to get started with relative ease.
Microsoft has provided blockchain tools into Azure, its popular cloud services offering. In just five simple steps, you can get started with blockchain through Azure through the “labs” profile. This gives you a relatively quick way to create a blockchain instance, opening the doorway to the larger world associated with the technology.
IBM also has a solution that includes a little more polish than Microsoft’s offering thanks o the ability to not just create a blockchain instance, but satellite features as well. Along with the developer environment, chaincodes and contracts can be generated through IBM Blockchain. The solution is also interoperable with Hyperledger Composer, a Linux Foundation offering. Through IBM Blockchain, it is possible to do anything from create a single blockchain application to building an entire network.
Over time, additional options for bringing blockchain into business will certainly arise, including possible “as-a-service” providers who can make the technology more accessible, though gaining an understanding of what blockchain can do now is indeed a worthwhile venture.
If you are interested in learning more, need a blockchain professional to join your staff, or are looking for a blockchain developer position, the knowledgeable team at The Armada Group can help. Contact us to speak with one of our specialists today and see how our services can benefit you.