What is Blockchain?
Blockchain is the technology that underpins cryptocurrencies such as Bitcoin. A Blockchain is an ever-changing record of transactions that is maintained simultaneously across computers in a network.
The adoption of Blockchain has been compared to the internet, with many people trying to predict when it will go mainstream. The technology is seen as a major breakthrough because it ensures high levels of traceability and security in online transactions. It offers a secure method of sending money between currencies and there is no need for intermediaries, as a transaction travels from one wallet address to another.
Although Blockchain does offer increased security, this technology is not un-hackable. In 2018, a 51% attack occurred when a threat actor managed to gain control over more than half of a blockchain’s compute power and corrupt the integrity of the ledger.
Banking and Healthcare
While most commonly associated with cryptocurrencies, Blockchain is forecast to transform business models across a wide range of industries due to its ability to process instant transactions and eliminate the possibility of fraud.
In a recent study conducted by PwC, 95% of C-suite executives believed that their businesses could be improved by adopting Blockchain solutions. Blockchain has the ability to cut down bank infrastructure by 30%, reduce headcount by 10% and save millions on costs. It also has the ability to transform the healthcare sector through exchanging medical data, minimising cybersecurity threats and increasing trust.
Blockchain in Ireland
In Ireland, the growing cryptocurrency ecosystem and the availability of tech talent is attracting Blockchain leaders and their companies. Currently, Ireland is home to some local and multinational firms in the Blockchain space, including Aid:Tech, Fiserv and ConsenSys.
Challenges Facing Mainstream Adoption of Blockchain
However, there are two main challenges facing more widespread adoption of Blockchain technology;
1. Finding enterprise-level Blockchain Software Developers
There is currently a talent shortage, particularly when it comes to niche roles such as Blockchain Software Developers.
2. Avoiding Regulation
Political engagement increases awareness and interest for Blockchain technology. However, it also brings the temptation of regulation to an emerging market. This technology will be best nurtured when it is free from regulation.
The future of Blockchain
As Blockchain is in the early stages of adoption, the focus in the future will likely be placed on improving scalability, efficiency, cost of operation, security, privacy and user-friendliness.
If you are an IT professional who is looking for their next role in Blockchain or if you are a client who needs help finding these candidates, give us a call on +353 1 571 3000.
Written by Michelle Young