Benefits Of Blockchain Technology - The Nation Newspaper


Blockchain, described as online distributed ledger technology (DLT), is creating jobs and pushing up salaries as developers and other experts command premium pay for their services, DANIEL ESSIET reports

There is high demand for jobs in blockchain technology, described as distributed ledger technology (DLT).

According to an online resource, salaries for blockchain developers are up again.

To international analysts, the global market for blockchain-related products and services are expected to hit $7.7 billion in 2022, boosting jobs in the sector.

Addressing a forum in Lagos, Blockchain Nigeria User Group (BNUG) founder, Chimezie Chuta, said the deployment of the technology in securing business online was generating jobs.

He said the blockchain technology allows the organisation of any chain of records or transactions, without intermediaries.

For, instance an international report said international banks are using blockchain for domestic trade and remittances.

Chuta explained that block chain technology offers the potential for pooling large volumes of data that can be anonymised and protected by the ledger’s encryption protocols.

He said the deployment of block chain improves transparency in transactions between banks and efficiency of communication among their counterparts.

He explained that blockchain aims to create seamless, digital customer experiences and expand financial opportunity across global markets.

He explained that blockchain is helping financial and public service institutions too effectively to build infrastructure.

To this end, he said there is demand for block chain developers. The non-availability of block chain tech talent, he stressed, is for real, calling on young Nigerians to take advantage of it.

Chuta said blockchain is an emerging area in terms of practice and availability of skill and capability; as such there are few organisations offering training and global exposure in the space.

He said with a limited talent pool, blockchain techies are in huge demand, primarily at banks, non-banking financial companies (NBFCs), global in-house centres and other public sector firms.

According to him, some block chain experts earn as much as $5000  monthly and that a software engineer with experience in blockchain could earn more.

He said there were instances software developers with blockchain experience earned more than a techie without blockchain expertise.

Cofounder, VesselTrust, Charles Okaformbah, a blockchain solution architect, said blockchain developers command premium for their services as the distributed ledger technology has heated up in the IT marketplace.

Perceived value and aggressive adoption in the emerging field, he added, combine to produce overwhelming demand for qualified talent.

Okaformbah said blockchain developers and engineers are in very short supply, but this is even more acute and that’s why salaries are  higher.

For Nigerians who want to earn huge salaries paid as Blockchain experts, Okaformbah said they need training in Java, JavaScript, C++, Go, Solidity and Python coding languages.

Okaformbah said he had been a blockchain solutions architect for  some projects where he was  a bridge between business and technology. He  was  required  to  come up with proposals to deliver to the business with the technology available until they found a solution.

For one to succeed as an architect, he said one must focus on being able to learn many subjects.

Breaking down solutions into  patterns allows you to think quickly about the technology.

Meanwhile, more than 40 central banks worldwide are experimenting with blockchain technology, says a new report by the World Economic Forum. The report analyses how various central banks are either examining what blockchain can be used for or are outright experimenting with central bank digital currencies (CBDCs).

“It’s very much the case that several central banks are looking at this,” said Ashley Lannquist, a project lead in Blockchain and distributed ledger technology at the World Economic Forum and the primary author of the report.

She listed 44 central banks that are exploring, researching or experimenting with blockchain technology, with an eye to issue a digital currency in the future.

“Pilot and experimentation work thus far on this subject has yielded some mixed results, some optimistic results, and the summary of where we are right now is that central banks are proceeding with caution, yet highly involved in research,” Lannquist told CoinDesk.

At present, these banks have to navigate some technical and policy issues, she said. On the technical side, the institutions need to ensure that their new systems work as intended and whether they are preserving data privacy accurately.

Other questions pertain to the policy aspects, including a central bank’s monetary policy. These issues need to be studied to avoid any unintended consequences, he said.

Those caveats aside, trends bode well for CBDCs, she said.

She said: “I’d say in the next couple years, speculating towards the future and being a bit conservative, I would expect a couple central banks to issue a central bank digital currency and that’s because we know that at least a few are.”

The National Bank of Cambodia, for example, plans to incorporate blockchain technology for its national payments system by the end of this year.

As Lindquist’s report noted, the bank is looking to tackle two issues: many of the nation’s residents are underbanked or unbanked entirely, and the banking system itself is not very efficient.

“They have a very fragmented domestic payment system and many (residents) are unbanked,” she said. “Instead of using the bank they use private payment apps that don’t even use the bank so they sometimes can’t pay each other.”

The new blockchain-based payments system may serve to unite some of these disparate payment apps, providing more efficient payment and settlement services to Cambodia’s residents, Lannquist said.

What’s perhaps is most surprising about Cambodia’s plans is that the bank is not going to start with a pilot programme, but rather a large-scale deployment with over 10 banks.



Source link

Register at Binance

Benefits Of Blockchain Technology - The Nation Newspaper
Benefits Of Blockchain Technology - The Nation Newspaper
Benefits Of Blockchain Technology - The Nation Newspaper
Benefits Of Blockchain Technology - The Nation Newspaper
Benefits Of Blockchain Technology - The Nation Newspaper

Benefits Of Blockchain Technology - The Nation Newspaper

Benefits Of Blockchain Technology - The Nation Newspaper