Unless you’ve been living under a rock, you’ve probably heard about the blockchain. You would have definitely come across TikTok videos with a bunch of “Crypto” investors showing off their swanky new Lambos. Here’s my Gen Z take on the Blockchain and why we’re at the best time to leverage this technology…
What exactly is the Blockchain?
Blockchain is the technology behind the buzzwords like cryptocurrencies, DeFi and NFT’s. Think of this analogy, Instagram works because of the underlying technology and connectivity of the internet. As the name suggests, the blockchain is a chain of blocks that is distributed to every user in the network. So what’s the big deal in that? You see, this chain can hold any kind of information, from financial transactions to social media profiles. What makes it even more interesting is the fact that this information is not stored or controlled by one entity (unlike modern banks, social media companies, etc). The information is shared across the world with different users or nodes on the network. What does that mean? For starters, no one can change even a single piece of information on the blockchain, or in fancy lingo it is immutable. In order to change a piece of data, one would have to take control of all the nodes in the world at the same time! All that’s good, but what’s the point of all this? Any information or activity on the blockchain is decentralised. This means that we do not need any authoritative institution to be able to function on the blockchain. And that’s the key to unlocking all the potential.
“I always think of it this way, Blockchain is a technology that is limited by our ability to come up with ways to use it.”
The potential of Blockchain
So what’s the potential of Blockchain? Bitcoin or Crypto as you know it was one of the first such applications where the blockchain is used to store the information of different transactions taking place in the Bitcoin network. If you own bitcoin, you can now send a million pounds to another person without the involvement of any major bank. How cool is that?
Imagine casting your votes for the next election using the blockchain network. There will not be any more claims that the election was rigged. Another interesting application is what we’re seeing as NFTs or Non-fungible tokens. NFTs are primarily being used to store and represent artwork on the blockchain. Artists can now receive royalties anytime their artwork is sold on the blockchain. Users can track the artwork back to the artist to verify its authenticity. Applications on the blockchain are plentiful to come from gaming to maintaining health care records for a patient. I always think of it this way, Blockchain is a technology that is limited by our ability to come up with ways to use it. What innovative application can you think of?
Why now’s the best time to understand this technology?
That brings us here, why is now the best time to understand this technology. Firstly, thanks to the popularity of cryptocurrencies, the rate of adaptation for blockchain technologies is rapidly increasing. Getting into learning and understanding the blockchain now, would be the same as starting an internet company in the 90s. There will be ups and downs along the way, but there is massive potential in the very fact that major players have started talking about it. A large percentage of tech startups in this decade will be working on some form of blockchain technology.
How can I start my journey into Blockchain?
YouTube and Twitter profiles can be a great medium to help you dip your toes into the world of blockchain. From there you can start looking into blockchain development where you will focus on building apps that run on this technology. What if I don’t want to code? There are multiple ways in which you can enter this industry, if you have a law background, then understanding the regulation and laws that govern this technology will be highly valuable in the near future. If you are more of a creative soul, you can produce artwork for brands that are launching their own NFTs or even go solo with your own work. You could also work with blockchain companies as a marketer or HR if you understand what the space requires.
Authored by Imagen Insights Gen Z consultant, Nidhish Gokuldas