What is it?
The blockchain is basically a:
- Decentralized database; that is
- Distributed to a peer-to-peer network who will manage the blockchain.
It is a more reliable and secure form of a database because any changes or additions made to the blockchain is done via consensus of those participating in the peer-to-peer network; which could be in hundreds of thousands. In other words, if you want to attack the blockchain, you will need to attack all the participants.
Bitcoin is built on a blockchain and is the most well known blockchain-based cryptocurrency because it was the first to allow two parties to make and receive payments without needing a bank… since 2009.
Blockchain, far more than Bitcoin
The world is beginning to realise that the applications for blockchain are infinitely vast beyond just payments. The keyword is ‘database’ – anything can go into a database. Here are some already real-life working examples:
- Steemit – Social media content
- Cryptokitties – Collectibles
- Bitgive – Charity
- Storj.io – Rentable cloud space
- OpenBazaar – e-Commerce
The above examples are public blockchains.
There is another huge segment for private blockchains.
- Maersk & Microsoft – sharing shipping data on a blockchain
- IBM & DTCC – sharing of credit default swaps on a blockchain
- Jiocoin – India telecom giant launching on cryptocurrency
- Kodak – IP rights & payments for photographers
- Barclays Bank – securing financial assets and combating fraud using a blockchain
Countries Using Blockchain
- Dubai – definitely one of the first countries to come to mind. Their resolve to become the world’s first blockchain-powered state began since 2016 when 30 government departments formed a committee dedicated to investigating opportunities across health records, shipping, business registration and preventing the spread of conflict diamonds. They had one of the largest global summits recently in May.
- Estonia – Due to a cyberattack incident in 2007, the Estonian government had already been working on blockchain adoption since 2008. As a result, Estonia was named ‘ The Most Digitally Advance Nation’ by Wired. The countries’ entire digital infrastructure is run by an open source backbone called X-Road. Citizen ID, medical, tax, property and voting records are all stored on the X-Road. With the public records securely stored on the blockchain, Estonia shall never face a similar problem to what Haiti had when their physical records were lost after they were hit by an earthquake.
- China – In September 2017, China banned Bitcoin & cryptocurrency trading and closed down all crypto-exchanges. But just two weeks ago, the Chinese President Xi Jinping gave a speech in what could be the largest endorsement to blockchain to-date and stated it wants China to be forefront leader in the technology and its adoption in the near future.
Where does this leave Malaysia?
Countries, corporations, and communities all over the world are moving rapidly to innovate and to earn their leadership symbol in the blockchain space.
In our last post, the current state of Malaysia is that we are running severely behind. Our neighboring countries are being favored more than us because they have more supportive governments and growing developer talents.
There are few blockchain developers in Malaysia… but therein lies a potential opportunity for those who are paying attention, take action and build their skill sets to meet the impending demand for blockchain developers in Malaysia and the world in general.
According to my sources, a blockchain developer can demand a starting pay of US$1,250 a month and can scale depending on the number of blockchain programming languages they are familiar with and their ability to interoperate and advise between them.
One of those languages is ‘Solidity’, which is currently the most used blockchain programming language of Ethereum.
Do you want to be a blockchain developer?
If you have basic programming knowledge and skills and are looking to build your career or extend your skill sets in the field of blockchain, there is upcoming 3-day workshop you should definitely try to get into.
If you can afford, you should invest and guarantee your seat now.
If you run a business, you should send your team to get their training now.
If you have reasons why you really must attend but cannot afford…
… there are 15 seats that are 100% sponsored for you only if you get selected by filling up this form.
Please note this is NOT a sponsored post.
Blocklime Academy did not engage or paid us to write this article for them.
Malaysia needs more blockchain developers.
Blocklime is a good bunch comprising of very talented individuals in the blockchain space.
If you want to be blockchain developer, this is your chance.
In my experience, the earlier you can add value into this space, the greater your rewards.