What is Blockchain Technology? Definition, Application & Degree
Are you interested in working for a business by using all your enthusiasm for technologies and innovative knowledge? Then you should learn about blockchain technology first. Moreover, you can learn blockchain programming and all about where it is applicable through a professional degree.
For this reason, you should look for institutes offering BS Computer Science (BSCS) or BS Software Engineering (BSSE) with blockchain subjects. But first, let me give you a small introduction to this field and how it will help in building your future.
What is Blockchain Technology and How Does it Work?
You must be thinking what is blockchain in simple words? Therefore, I explained the concept in simpler and easier words for you here. Well, blockchain technology is an advanced database mechanism which allows us to share transparent information within the business network.
Furthermore, if we break down the term ‘blockchain’ and then try to understand it, maybe it will be more convenient for you. So, the block is a structure that stores the transactional records or data of the business and the databases in which it stores it are known as a chain which is connected in the form of a network.
Now, if you are thinking about how it works? Then there is no need to search elsewhere because I have mentioned it in this article here as well. Blockchain technology works in the following manner:
- In a business, whenever a transaction occurs, it is recorded as a “block” of data
- After this, each block is connected to the ones before and after it, which forms a “chain”
- This is how transactions are linked with each other in an irreversible link called a “blockchain”
4 Major Benefits of Blockchain
We all know that businesses have been running before all these technologies, too. But here comes the question, what difference has this high-tech knowledge made to our business and work? The answer is simple, firstly, blockchain technology and others have made it convenient for us and also brought the following benefits:
- Greater Trust
- More Security
- Greater Efficiency
- Easier Transparency
Thus, we learn new stuff to save time and then utilise it for the greater good of our lives and businesses. Well, you must be thinking about why you should study this amazing new field of work or how it will come in handy for your career. So, I have also mentioned some of the many applications of this modern field in the content below.
Blockchain Technology Applications
Now, let us discuss in what kind of business, industries, or organisations, this is applicable which I have mentioned in the following list:
- Healthcare
- Insurance
- Banking
- IoT Monitoring
- Cryptocurrency
- Voting
- Identity Management
- Cryptocurrency
- International Payments
- Media
- Real State
- Asset Management
- Supply Chain Management
- Digital Currency
- Patient Monitoring
- Money Laundering Protection
- Regulatory Compliance
- Smart Contracts
Additionally, I have added some of its examples for your better understanding of this field in the content below.
Examples of Blockchain Technology
Definitely, it is an important and ever-growing field of work which requires experts to develop and work just like some of the ongoing works:
KickCity
This is the platform which helps people in the entertainment and event organisers because it enables them to only make payment for the stuff they have.
B2Expand
It is used to create cross-gaming video games and it uses this latest tech to work in the crypto economy.
Spotify
Yes, you read it right, Spotify also uses blockchain technology as it acquired a blockchain startup Mediachain Labs. They use it to connect with artists in a better way concerning the licensing agreements etc.
Matchpool
This one is used to reward the matchmakers whether they are applied to Uber, dating, freelancing or Airbnb.
Loyyal
It uses blockchain and smart contact technology to create customised programs that allow for multi-brand rewards.
IBM Blockchain
So, it is used for supply chains which allow transparency with shared ownership and location of products in real-time.
MedRec
It is used to give full access to the healthcare providers with their patient’s records. Moreover, it is also helpful for research purposes.
Securrency
Blockchain technology is used by this trading platform for cryptocurrencies and other asset management purposes.
Thus, there are a lot of platforms and portals working, more than we even know of. However, you can still be a part of this fast-paced field of science and technology by choosing degrees like BSCS, BSSE or MSCS from the Capital University of Science and Technology (CUST).
CUST Teaches Blockchain Technology Subjects Innovatively
Our excellent educational institute is one of the top computer science and technology universities in Pakistan. Therefore, we guarantee you to teach all the modern and high-tech subjects including blockchain technology at the Capital University, Islamabad.
Learn at One of the Best Institute with Top-Notch Curriculum at CUST!
