Just when we thought the heat has finally settled on the Bitcoin debate, it looks like Blockchain has opened new doors for more feverish arguments and ideas on what the future of tech could possibly be and where will we land with this hype and praise around the Cryptocurrency market.
Let’s start off by explaining Blockchain tech. Blockchain tech was invented by a group of people cumulatively known as Satoshi Nakamoto. This technology is a hivemind of computers or networks that all share information of all transactions within the network and keeps an account of it. It is the ultimate virtual financial ledger that requests validate and records any transactions that occur between these computers.
Bitcoin and other cryptocurrencies are transacted through this Blockchain tech but they don’t have a bank where you can access it from. It has no physical form, is very easy to code and can be bought and sold by anyone from anywhere through the Blockchain. Basically, Bitcoin is our Rupee notes and Blockchain is our bank, just much more complicated.
The Blockchain is everywhere, it has no physical form and the transactions that it keeps a record of is not in one central system. The records are found in every device that uses this technology and hackers cannot get access to the transaction details when it is no longer found in one central place, like a bank.
There is a possibility that more and more companies and investors will adopt Blockchain tech to mediate their transactions because of its safety from hackers and the speed and reduced cost with which they can transact globally. Even though it is still vulnerable, with proper coding and regulation, Blockchain could become extremely safe and reliable.
This results in two things:
- We have to learn how this technology works so we can also invest and be a part of it and
- We need to teach this technology to our aspiring students in Engineering who can code, control and create a healthy Cryptocurrency market and handle the problems this would inevitably create in the future.
If we look at the Indian industrial scenario, most core industries and FDI investments go to the Haryana, Gurgaon, NCR-Delhi belt where we have a cumulative force of engineers, managers and financiers working day in and out to generate the nation’s largest industrial revenue.
We have to see how Blockchain works in core industries and FDI before we move on to our IT sector which primarily involves Outsourcing and Research & Development. Blockchain could control the scams and red tape that core industries are facing today and increase domestic and foreign investment.
We can teach this technology to the students who are in or have migrated to the industrial regions like Haryana, NCR-Delhi to pursue Engineering. The Top Engineering Colleges in Haryana like NIT in Kurukshetra, ITM University in Gurgaon and BITS in Bhiwani can include courses around coding in Blockchain and creating and managing Cryptocurrencies and teach it to their aspiring Engineers.
Engineers need to learn the ways around this technology more than bankers or accountants simply because of the coding and software related concepts that are essential to working with Cryptocurrencies. Even jobs like SEO, SAP and other management related functions are now handed over to Engineers because of their technical background.
We can start with B.E and B.Tech students. Some of the Top B.Tech Colleges in Haryana are NIT, YMCA University, IITB, to name a few. The colleges that are already excelling in teaching students modern day technology can definitely focus on adding courses for these concepts that could possibly power the future of transactions and online security.
Once these industrial powerhouses of India have paved the way for Blockchain and Cryptocurrencies, it will be time for others in the Service sector to follow. This will take time and cost us a lot of resources but it could be worth the effort since Blockchain has created a new route for faster and safer transactions across the globe.
–Ranjani Chandrasekaran
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