Everyone has heard of bitcoin — a peer-to-peer digital currency or cryptocurrency with no central authority — but how many people know about the disruptive technology that made it possible? Blockchain is a new technology that is rapidly moving past early adoption. As the name suggests, it is a series of blocks that form a chain of tamper-proof information that is stored and updated in a decentralised fashion. It is like a public ledger that anyone can access but the data is cryptographically secure, so tampering with an old record will automatically invalidate the newer ones. Each blockchain can choose to issue a cryptocurrency of its own, which can be used to transact within the application. Every major financial institution — including JP Morgan, Goldman Sachs and the Monetary Authority of Singapore — is experimenting with blockchain.

Areas of application

While the largest application of blockchain has been in the financial sector, it may prove to be of great use in many other fields. Putting health records in blockchain ensures easier data integrity and seamless data sharing among hospitals. Digital assets such as music, art and books can be put on blockchain with a proof of ownership, preventing misuse and theft. Supply chain management systems can be put on blockchain to reduce middlemen, simplify verification processes and avoid duplicity of products. Digital identity can be stored in blockchain to provide a seamless authentication process. It can also be used to maintain transparent land records and, in India, the Andhra Pradesh government is already running a pilot project along those lines.

The possible applications of the technology are endless; the next wave of big companies will be built around it. This is not to say that blockchain technology is perfect today. Currently, no blockchain technology can withstand the crowd volume of the Internet. While VISA can process thousands of transactions per second, bitcoin can process less than 10. There is also the issue of data privacy and how users can control their personal data in a public blockchain. The price of cryptocurrencies too is volatile, making it hard to regulate. We need to solve these technical challenges before blockchain can become truly mainstream. A number of projects from all over the world are trying to solve these problems and take the technology to the next level.

Opportunities galore

Thousands of blockchain projects have sprouted all over the world, attracting billions of dollars in investment. These companies are now hiring aggressively in core development, research, developer relations, marketing and finance. According to Upwork, a top freelancing platform, blockchain and bitcoin were the second and third most sought-after skills (after robotics) in the third quarter of 2017. IBM, a large blockchain vendor, had 400 projects and more than 150 job vacancies in October 2017 alone. In 2017, the median annual salary of a blockchain developer in the US was $1,30,000 (about Rs 87 lakh) and could go as high as $1,58,000 (more than Rs 1 crore) in areas such as Silicon Valley. These figures may exclude equity and salary equivalents in cryptocurrencies.

Blockchain development is mostly done in C, C++, Java, Go and similar popular languages. There is a growing need for smart contract — software applications that can enforce an agreement without human intervention — developers who are familiar with the Ethereum platform and other emerging blockchain-specific languages. Since decentralisation is the core principle, building strong online communities is very important. Thus, companies are also looking for community managers to expand their reach and engage with developer communities.

Blockchain is a nascent technology that will evolve significantly in the coming years. It is important to understand the fundamentals early to stay ahead of the curve. GetonChain, a tech consultancy in Singapore that specialises in blockchain, has started training workshops for students and corporates in India and Singapore. The consultancy has also formed a group of more than 40 students and working professionals who exchange ideas, do small projects and learn from each other. A number of workshops are also being planned in May, June and July, all across India.

Back to the beginning

I did my schooling in Barasat, a small town to the north of Calcutta that is being slowly engulfed by the metropolis. I took part in the Indian National Mathematics Olympiad (INMO) in classes XI and XII and did exceptionally well. This made admission to the Chennai Mathematical Institute possible, where I did a dual major in mathematics and computer science.

Later, I joined the National University of Singapore for a doctoral degree in computer science. My topic was formal methods and distributed systems, knowledge of which helps if you want to become a blockchain developer. During this time, I also wrote research papers and was invited to colleges such as IIT Bombay, ISI, CMI, TU Munich and UC Berkeley for research and talks. After my PhD, I started the consultancy, GetonChain. In the next 10 years, I hope to see the firm become one of the top blockchain consultancies in India and Singapore.

Ratul Saha runs GetonChain (https://getonchain.com) and can be reached at ratul@getonchain.com