A bad hire can be the most expensive mistake a business could make. A bad hire at the senior level, in particular, can wreak havoc on a business’ reputation, among other hard-to-fix problems. “What can be costlier than a faulty product or poor budgeting is the price of repeatedly hiring underqualified, short-term employees,” says the San Francisco-based Whitham Group, in a new report. “Opposingly, the right hire can be significantly beneficial.”

“The CEO and owner of Zappos has a net worth of about $840 million,” said the  report. “But it cost him many bad hires before he learned how to get it right, according to him ‘well over $100 million,’ he estimates.”

The first sign that your hiring process needs help is a high employee turnover rate, said the search firm. Considering that one in every two candidates will misrepresent themselves on their resume, and one in five candidates will be likely to blatantly lie in an interview, how can you decide who to invest in? The cost can be massive if such questions aren’t resolved quickly.

Firing and replacing regularly dampens morale. While you make changes hoping to “get it right this time,” your employees, even the good ones, begin to feel dispensable and insecure. “This is not the employee infrastructure of a successful company,” said the report. “A high employee turnover rate makes you vulnerable to losing valuable team members who seek security and a place they can grow with.”

Unfortunately, keeping the bad hire causes nearly double the damage. A study done by Career Builders shows that 60 percent of long-term, contributing employees could spot a bad hire by their inability to work in a team setting. This often resulted in reduced teamwork, less productivity, and diminished the work culture.

As it goes, what happens within and the organization soon happens without it, said the report. The cost of a bad hire can be devastating to your company’s reputation, especially if the hire had a senior-level position or an executive role. “Repeated bad hires run the risk of damaging professional and customer relationships and significantly damaging your organization’s authority,” said The Whitham Group.

Is hiring always going to be like a blind shot in the dark? Absolutely not, said the report. According to the U.S. Department of Labor, the cost of a bad hire can exceed 30 percent of that employee’s first-year earnings. And 74 percent of companies admit to making bad hires.

But your hiring process no longer has to result in another bad statistic. “Stop relying on the untrackable HR process, make changes to exhaustive screening processes, and hire a specialized team of professional recruiters,” said The Whitham Group. “Collaborating with recruitment experts is an investment in your work environment, productivity, team morale, time, bottom line and scalability.”

In a separate study, “The Three Parts of an Effective Executive Interview,” The Whitham Group offered some ways that one can sidestep bad hires.

High-level executive recruiting requires interviews to be as efficient and precise as possible, said the study. And with the standard of candidates who make it this far, it’s expected to be. “Effective executive interviews follow a formula,” said The Whitham Group. “The goal is to use your interview time wisely, understand what to ask a potential executive, and what you can expect from a good candidate versus the best candidate.”

What to Ask Executive Candidates

When interviewing a senior-level candidate there are two types of questions to ask your potential executive, said the report. Even though a resume tells you a lot, it can never give you the full picture. Situational and motivational interview questions help you get to know the candidate professionally and personally. Here’s how:

1. Situational Interview Questions: Provide realistic situations that may arise in your organization to discover the candidate’s behaviors and approach to resolving them. For example, describe a recurring problem in a previous or current role that you wanted to resolve but didn’t. Ask, “Why not?”

2. Motivational Interview Questions: Ask questions to discover what motivates your candidate to excel or hinder their progress with your organization. For example, what three things in your current or last role gave you the most satisfaction? Which things didn’t?

Noticing Red Flags

During an interview, the interviewer often wants to be proven right. But in the search for reasons to hire someone, it’s easy for red flags to fly by unnoticed, said The Whitham Group. Here are a few ways your candidate may unknowingly disclose that they’re not the right fit for your organization:

1. Lack of Preparation Your executive candidate may not be able to recite your company mission statement during the interview, but the best candidate will know quite a bit about what the company represents, values, and is looking for in an executive. As you get to know your candidates, pay close attention to who is generalizing your company goals and who has actually done the research.

2. Poor Presentation Skills Your executive is going to represent your company in front of important clients, investors, customers and other team members. Confidence, clarity and professionalism in how they conduct themselves and communicate their points are telling of how they will perform as a leading position in your organization.

3. Arrogance Personality traits are just as important as skill-set and experience. An executive with an inflated ego is likely to create a toxic work environment and isn’t as interested in learning and growing, said the report. Additionally, arrogance can stifle one’s open-mindedness and is often a sign of limited emotional intelligence. Both of these are critical characteristics of successful executives.

Let the Interview Wander a Bit

A list of questions and a set direction is important for when conducting an executive interview, however, opportunities can be missed if you stick too closely to the script. “Let the conversation naturally wander,” said The Whitham Group. “It creates a more relaxed atmosphere and presents opportunities to really get to know who your candidate is, what motivates them, how they think, and most importantly if they fit with your organization.”

The expectations on leaders and bosses these days is huge.  They are expected to work long hours, be on call, sort out complex problems, juggle competing demands, all the while knowing there is permanent job insecurity. The day-to-day working environment often operates like a pressure chamber. Actions and reactions are constantly at play up and down the organisational hierarchy, writes Michelle Gibbings

The employee-boss dynamic impacts workplace productivity and culture, and ultimately organisational outcomes. The Great Places to Work Institute found that trust between managers and employees is a defining characteristic of organisations that are listed in their annual ‘100 Best Companies to Work for’ list.  Similarly, a study by Alex Edmans, Professor of Finance at the London Business School, found that the top companies to work for increased their share value by 50 per cent.

Despite research extoling the benefits, Gallup found 82 per cent of employees find their leaders uninspiring, only 15 per cent of employees are engaged at work, and only one in three employees strongly agree that they trust the leadership of their organisation. While it’s easy to point the finger, the root cause of challenging workplace dynamics is usually not down to one person or one incident.

"The best leaders proactively seek feedback and continually assess their effectiveness. They critically and honestly reflect on what is going on in their world, how they are coping and notice the impact they are having on their team and colleagues."

The pressures at play
The expectations on leaders and bosses these days is huge.  They are expected to work long hours, be on call, sort out complex problems, juggle competing demands, all the while knowing there is permanent job insecurity. The day-to-day working environment often operates like a pressure chamber. Actions and reactions are constantly at play up and down the organisational hierarchy. When everything is going smoothly the working environment hums along. But when the pressure gets too much, ineffective behaviour rises to the surface.

Pressures get placed on leaders from internal and external sources:

• External – Customers, environment, political, legislative and regulatory, societal, technology, and economic
• Internal – Executive team/Board, cost pressures, mergers, downsizing, demands for increased revenue, strategic reviews, and cultural shifts

Those expectations and demands, regardless of the source, get passed down the organisational food chain from boss’s boss to boss to employee. How those expectations get passed down, and the reaction that comes back up the line depends on the level of pressure that’s applied – how hard, how fast, what type of pressure, its frequency, and the nature of the person applying the pressure.

If it’s passed down in a way that the person on the receiving end is receptive, prepared and well positioned to cope with the pressure, then it will be managed well. When that person subsequently passes on the expectations to their team members and they too are similarly prepared then the impact is largely positive and so outcomes are progressed positively. This is because the release valve to manage the pressure, which may involve awareness, support, strong team dynamics, a collegiate environment, and a good working relationship with the boss are working well.

Beware of unnecessary pressures
In contrast, if those expectations and demands are passed down badly, and the person receiving is ill-prepared, ill-equipped, not supported and not able to handle it well, then the result is a chain reaction of negativity. That person, likely a boss, pushes those expectations down to their team who don’t feel supported, and in a challenging environment the pressure builds, ructions in the team start to fissure and the tension bubbles to the surface. This workplace stress gets pushed back up the line through increased turnover, less productivity, poor engagement and disgruntled employees.

This isn’t an isolated incident.

So much so that in May 2019, the 194 members of the World Health Organisation (WHO) unanimously agreed to change the International Classification of Diseases and Related Health Problems to classify, for the first time, professional burnout as a recognised illness. The WHO defines professional burnout as ‘a syndrome conceptualised as resulting from chronic workplace stress that has not been successfully managed’. So what should leaders do?

The need for greater recognition
The best leaders proactively seek feedback and continually assess their effectiveness. They critically and honestly reflect on what is going on in their world, how they are coping and notice the impact they are having on their team and colleagues. This takes awareness and courage.

"Actions and reactions are constantly at play up and down the organisational hierarchy. When everything is going smoothly the working environment hums along. But when the pressure gets too much, ineffective behaviour rises to the surface."

Academics Ronald Heifetz and Marty Linsky, experts in building adaptive leaders, note that when things get busy and tough and the adrenaline is pumping, it’s easy for leaders to convince themselves that they won’t succumb to the normal human frailties. However, the “…intellectual, physical and emotional challenges of leadership are fierce”. To manage they recommend leaders “…regularly step into the inner chamber of your being and assess the tolls those challenges are taking”.

Take the leap
With feedback in hand, leaders can determine the actions they need to take to elevate their leadership.  This is about them creating their own personal playbook filled with strategies and tactics that put them in the best possible position to lead with integrity, authenticity and courage, and in turn, create healthy, thriving workplaces.

Making time to do this doesn’t automatically catapult a leader into a ‘good boss’ category.  It does, however, make them someone who’s interested and invested in being the best leader they can be.  And that’s the first step in progress.

Blockchain technology promises to revolutionize practically every sector of the modern economy. In this post, we take a look at why everyone’s so excited about blockchain and what do all the wide applications of blockchain really boil down to.

To create a basic level understanding of what blockchain is capable of, let’s look at the 10 things blockchain can do

1. Decentralized Database

Blockchains are called so because they are blocks where data is stored in linear containers. These blocks form a chain, so the name blockchain.

Anyone can notice that you’ve placed data there, since it is semi-public and carries your signature. However, only you can unlock what’s there in the block (container). You can do so securely by using the private keys to that data block.

Essentially, blockchain is a database with the “header”, where the information is stored as public. If you think that’s not very good for a database, you’re right. Blockchain isn’t the best database, but that’s not a problem. Blockchain isn’t meant to be the substitute of a database.

Instead, we expect developers to find ways to rewrite their applications that capitalize upon the strong points of blockchain’s state transition capabilities.

Simply put, blockchain has disrupted the database transaction process paradigm.

2. Distributed and shared accounting ledger

Firstly, blockchain is a semi-public and therefore distributed ledger. That makes it shareable across multiple entities without sacrificing security.

What’s more, the ledger is time-stamped. This makes every single transaction verifiable and traceable. All computers on the network can validate every single transaction. That becomes one of the key strengths of blockchain – it automatically prevents double-counting. As a result, the chances of both errors as well as fraudulent transactions are virtually zero.

This may appear to be the single most important application of blockchain but there are many more, equally powerful uses of blockchain.

3. Peer-to-Peer Network

You would’ve noticed by now that being shareable, there’s nothing that is “central” about blockchain. It’s architectured in a way that there’s no central server that dictates transactions – it remains a peer-to-peer network over nodes. Your computer, if a part of the network, can verify transactions happening over the network. You could call it thin computing in its best decentralized format.

Because of this, users can reach out to other users and transact with each other instantly, irrespective of geographical or time-zone differences. There are no intermediaries like a main server to filter or slow down the transaction. Hence, the transaction happens without delay. All nodes on the network have equal importance and can offer their knowledge of all transactions over the network.

This goes beyond just being a peer-to-peer network and creates a marketplace for users, a distributed economy. The size of such marketplaces varies greatly in size without compromising the integrity of blockchain.

4. Cryptocurrency

Without doubt, cryptocurrencies (aka token) are the most popularly known application of blockchain. Famous examples of cryptocurrency include Bitcoin (BTC), Ethereum (ETH) and Ripple.

Basically, cryptocurrency is an economic proxy of the operations and security of blockchain, a cryptographically encrypted currency. Cryptocurrencies follow a set of protocols and are not dependent on a single government body, entity or authority. They have an open source code, which means anyone can available for everyone to use or modify.

Cryptocurrencies, like other currencies, can have a compensatory as well as production role. Miners who mine out cryptocurrencies and successfully validate blockchain transactions can be awarded the currency. Additionally, there is a consumption role, where you pay a small fee for running smart, blockchain-backed contracts (using Ethereum), an equivalent of transaction fee (with Bitcoin or Ripple). These costs and compensations are placed so as to prevent abuse of the blockchain system. In a larger, more advanced case, tokens may be used simply for internal value, asin DOAs (Distributed Autonomous Organizations).

Technically, it’s a currency and therefore can be traded over currency exchanges, pretty much the same way you trade Euros and Dollars. You can also buy goods and pay for services, with the help of Bitcoins. Such transactions are smooth and secure within the blockchain network.

Of course, when it crosses over and has to interact with traditional, real-world currency, there’s a chance of friction and delay.

Like any other asset, one can invest and transact in cryptocurrencies. As a result, it is susceptible to volatility and hence keeps away a large number of potential investors. The volatility originates from the genuine uncertainty. It is hoped that as it gains more acceptance and more understanding develops, the uncertainty will drop considerably. That would make cryptocurrency more stable in the long run.

5. Open Source Software

Technologies with open source software are not just transparent. They have the benefit of huge improvements by way of collaborations that add massive, valuable features on the top of the core software. That way, users keep tinkering and adding value to the core.

A good case is Bitcoin. Its core protocol is fully open source. From the time Satoshi Nakamoto was inspired by Nick Szabo, it was clear that open source was the way to go. Since its inception, Bitcoin is being maintained by a collaborative group of “core developers”. Their work is continually complemented by contribution from thousands of independent developers the world around. These independent developers constantly come up with complementary products, services and applications that benefit from the Bitcoin protocol and its robust nature. Eventually, we can see an extremely strong ecosystem being built around Bitcoin. Essentially, it’s the open source nature that has led to the level of excellence that Bitcoin is.

I’m an open source learner: I like to share the knowledge I’m acquiring. A lot of people want to know how to find a job in blockchain, and I have a few tips to share. I’ll start by asserting that blockchain is in its early days but that the juggernaut technology unleashed upon the world by the invention of Bitcoin in 2009 is starting to make its general-purpose potential felt and known. Those who are curious about how and whether they can pivot into the industry while it’s still this young should take heart: there’s a lot of opportunity ahead. Sure, blockchain is an experiment without a verdict. Sure, some, especially Bitcoin maximalists, say the tech will only find longevity and utility in the brilliant economic policy and architecture of the Bitcoin blockchain, the implication being that blockchains like Ethereum and others being used by hundreds of enterprises and startups won’t be around for much longer (or their jobs).

However, many others view blockchain as a foundational technological instrument that we’ve only just begun to make economic and non-economic music with. In the latest edition of MIT Technology Review, the front cover sports the word “Blockchain” in big letters. Beneath that are two boxes. One box reads “HYPE”. The other box reads “HOPE”. Overlapping at the intersection of the two is a much smaller square, with an arrow pointing at it. The arrow reads, simply: “The future is here.” It’s a nice symbol that at the intersection of hype and hope, an ever-growing box of opportunity now sits for the job-seeker to search. There’s no time like the present to dive in, because nobody knows when a blockchain-based “killer app” will come along or when a good time to dive into the industry is. So why wait?

Those who are curious about how and whether they can pivot into the industry while it’s still this young should take heart: there’s a lot of opportunity ahead.

Before We Start: Where to Look? The Devil is Definitely in the Details

Here’s my opening advice to the aspiring blockchainist: find companies building core infrastructure technology if you can, especially protocols and layer two technologies. Let me provide some context.

Because blockchains are still so young, and all companies creating blockchain solutions are building on one of the available blockchains, the most important and far-reaching work in the industry is currently happening behind the scenes, in the design of back-end infrastructure. These protocols and layers will be the building blocks companies are going to use to implement a variety of tech into their blockchain solution stacks. Are companies interested in such projects? According to Deloitte in a recent poll of 1,053 companies from around the world, yes:

• 43% (452) said they view blockchain as a top 5 strategic priority, and
• 29% (305) said blockchain was not critical yet important to their business

Not only that, of the companies already active with blockchain proof of concepts and implementations in production, 52% are focused on permissioned blockchains, 44% on private (internal) blockchains, 44% on public blockchains (Bitcoin, Ethereum, and others), and 35% on consortium blockchains. In terms of infrastructure, despite this diversity of approaches, what all these companies have in common is that they need back-end tech to create front-end solutions to their problems. So if you’re able, find a company “building out the plumbing” of blockchain. Be a plumber. Soon there will be a need for the masons, carpenters, roofers, electricians, painters, interior designers, and landscapers, too. But first we need interoperability standards, scalability mechanisms, context-specific consensus algorithms, on-device key management, hardware enclaves, ASICs specializing in private key cryptography and security, industrial-grade IoT-to-blockchain bridges, and other “early-day infra”.

These protocols and layers will be the building blocks companies are going to use to implement a variety of tech into their blockchain solution stacks.

But As with All Things Blockchain, DYOR (Do Your Own Research)

The caveat to the above is that not all buildings go up at the same speed, and they’re certainly not all built at the same time. There are thousands of blockchain startups and companies worldwide building a blockchain project of some form (and currently seeking to fill 1,500 positions), and they’re not all building infrastructure. Also, not every company has the same current hiring horizon: one company building self-sovereign identity technology might be hiring marketing teams for its two year-old project, whereas a newer company in the same space might be more focused on hiring back-end developers to build out its tech over the coming year. Then there are historical industries by geography: London and New York may have more fintech jobs, Connecticut might lean more towards insurance tech, Research Triangle and Boston might have more biotech-focused blockchain pilots, and so on.

Out of all the industries that could leverage blockchain to join the 21st century with faster transactions, transparency and smoother processes, the financial industry has more to gain than most. One reason for this is that slow transactions, secrecy and bureaucratic processes used to be an intrinsic aspect of old school finance sectors, but all of that is changing thanks to a new generation of financial technology firms. By adding blockchain to the mix, the FinTech companies have evolved even further.

What Is FinTech Blockchain?

2019 was arguably ‘the year of FinTech’. That is, a hybrid between technology and financial services. Several FinTech companies have thrived since the early 2000’s, but the last few years have seen massive success with companies applying modern technology and flexible, customer-centric ideas to help solve issues in the current conservative finance system. One example of this is the Richard Branson backed TransferWise, which recently became Europe’s most valuable FinTech company. 

DeFi (decentralized finance) is the next step in that evolution, by leveraging digital decentralized smart contracts into the mix. Most finance giants have started investing heavily into blockchain R&D for their businesses, so along with the new tech firms disrupting traditional banking services, a new future has arrived. This reinforces the idea that blockchain and finance companies are not necessarily at odds, but can instead complement each other greatly, thus furthering their success. 

DeFi is basically the merging of FinTech with blockchain. Although the two are not the same, there is a lot of crossover between their use cases in the finance sector. This marriage of 21st century technologies using trustless, transparent protocols which skip ‘the middleman’, have brought much needed competition to the banking and finance sectors, by lowering transaction fees, becoming more user-friendly, and providing more digital options for their clients. The future is bright for DeFi, in 2020.

The Difference Between FinTech & Blockchain

Blockchain is a decentralized way of digitally recording transactions, which can’t be manipulated or controlled by governments, banks, or companies. Once blockchain is unlocked to its full potential, it will mean the freedom of finance, among other benefits. The situation is slightly more complex, however, because of the power that incumbent finance firms and banks have in the political spectrum, swaying public opinion and governmental policy, to disallow newer technology to dethrone them. 

Having said that, the big finance players have seen ‘the writing on the wall’, which shows that the potential for blockchain is so vast, and so difficult to prevent (or control), that many have begun their own blockchain projects, or partnerships. Arguably the most famous of these is Ripple, which now has partnerships with over 200 banks and financial organizations around the world, using their ‘RippleNet’ to process cross-border payments in real-time with end-to-end tracking and certainty.

FinTech is also changing the finance industry with 21st century tech, using deep learning AI for transactions and fraud detection, chatbots for advanced customer service, heightened security via biometrics, as well as intuitive smartphone apps to create omni-channel, customer-centric banking, aka, “NeoBanks”. However, many NeoBanks like N26 or Revolut do not use blockchain, or other decentralized processes, while still improving financial activities with the help of modern tech. 

How Blockchain Helps FinTech

Blockchain helps FinTech with its distributed, decentralized, transparent and immutable digital ledger technology, providing a new type of freedom and security. There is no single authority controlling the information. Nobody can modify the data. Besides being safe, it provided real democracy and equality. This is a fantastic opportunity to provide banking services to billions of people around the world, without the need to go to typical banks or black markets for these type of services. 

DeFi companies, aka FinTech with blockchain elements, create a global, open alternative to all the everyday financial instruments out there — from trading to savings and loans, or even insurance — making them accessible to anyone on the planet with internet and a smartphone. This is the reality today, negating the need for a middleman, making use of stablecoins (digital currencies pegged to fiat currencies or assets), lending money to strangers, plus more advanced investment strategies.

Blockchain & FinTech Team-up: Changing the World

Some people like to picture blockchain as a revolution against the ‘evil, greedy bank sector’, but in reality, it is more of a cooperation. Although many banks have indeed exploited their power to get away with quasi-illegal operations, most won’t disappear overnight. Instead, they will be embracing the innovations of blockchain and FinTech startups, to survive in the future. In fact, 82% of traditional financial organizations have plans to increase collaboration with FinTech companies in the next 3 – 5 years.

According to PwC, 88% of banks have been concerned since 2017 that they’ll lose revenue to innovators using blockchain. Further reports have found that investments in blockchain tech applications went up nearly 90% from 2018 to 2019 (to around 3 billion dollars), with billions more expected solely from FinTech in 2020. According to Fortunly, nearly 50% of people use digital channels exclusively for their financial needs, providing a huge opportunity for both FinTech and DeFi hybrid companies. 

What Are the Major Use Cases of Blockchain in FinTech?

Among many benefits, blockchain greatly reduces transaction fees. For example, a $10,000 international transfer can cost around $200 with all the various fees and currency exchange losses added up, while using blockchain it’s less than $1. It also vastly lowers (or completely eliminates) delays in worldwide online payments, as well as making financial processes safer, immutable and more transparent overall. 

Another peripheral benefit is its capability to improve democracy and openness in financial services, by making these services available to the “unbanked”. That is, those without access to the standard banking system of their own countries. Additionally, smart contracts eliminate the need for most paperwork, by automating the transfer of currencies after certain preconditions are completed. Long term, it can drastically lower carbon footprint as well, making it much better for the environment.

Doing business has been quite hard over the past few months. Many firms have lost their competitive edge they might have maintained for years as big players unleash unrivaled technology tools against them. The technology evolution is quite fast-paced in modern professional environments and coping up with varying dynamic situations can pose quite a problematic situation for small-medium sized businesses.

The latest technology that has been discussed widely is blockchain technology. It has disrupted the previous Information technology networks as blockchain offers much better operational scalability.

This has been the reason behind one of the most growing aspects of modern-day trading; virtual economy. Cryptocurrencies and their trading platforms such as bitcoin up official website are rigorously operated on blockchain networks and they have provided fascinating results. Now, we are discussing the use of this technology in various sectors including the governmental, educational, and corporations looking to make a technological makeshift.

The time is surely the most appropriate for you to leverage the blockchain technology for your business operations. Walmart’s journey towards the adaptation of blockchain has set a benchmark for the business to follow. They have reaped exponential supply chain management benefits and ousted their competition with such ease. Let’s look at some of the benefits your business can gain to lead the industry you operate within.

Read also: Nigeria stock investors gain N107bn following increased bargains

Ultimate secure IT networking

The prime reason for you to leverage blockchain technology would remain the security features. Hashing algorithms are quite complex and only authorized individuals can get into the systems? The transactions performed over this network remain unchangeable once done and this leads to transparency in business operations.

Traceability also remains a quite stellar feature of this technology. Each of the transactions performed can be traced to its origins without any hassle. If your business faces numerous fraud threats or you feel you need to put unbreakable data security systems, blockchain technology is here to help you out.

Smart Contracts helping digitalization

Well, we have been longing for safe online working environments for a long time. Digitalization has caused immense convenience in our lives to engage in global business transactions, on the other side some scams were also feared.

Now you can feel absolute mind peacefulness when you operate within the digital world with the presence of smart contracts. This all has been backed by the blockchain technology and you need to adapt to using these to scale your business operations.

No Network Downtime

The ability of blockchain networks to handle millions of transactions at one time is the main convincing factor for the companies and governments to think about technological makeshift. Existing systems don’t have that capacity to cater to the rising needs of globalized networking. When you want to scale your business as a global operating entity, you can’t back yourself with redundant IT systems.

Blockchain technology holds immense importance in the near future. You can put your business in the driving seat if you are able to adapt to the technological changes happening around the world. There is a massive need to scale all of your operations and diversify things as instability is on the rise with recent global political environments.

From supply chain to human resources, blockchain (distributed ledger technology) will  impact every industry it touches. However, myths around what the distributed ledger technology is and how it works threaten to prevent businesses from capitalizing on its far-reaching potential to impact positive change. When it comes to blockchain technology, there is a fear factor. Some of what frightens potential users is the technology's cryptocurreny origins. But blockchain has many uses beyond crypto. Let's take a look at some of the common misconceptions that persist around blockchain and separate the myths from the realities.

MYTH 1 Blockchains Are Only Designed to Help Manage Money

Yes, blockchains can (and are) being used to manage financial transactions, but they are also being used to accelerate the trading and settlement of transactions, to enhance cross-border payments and transfers, and to make the supply chain traceable from end-to-end.  A blockchain can increase transparency around any type of transaction—from goods moving through a supply chain to the verification of the education and degrees a student needs to earn a degree. Blockchain can also be used to verify the credentials of a job applicant, so future employers can ensure that the person they wish to hire actually has the skills they claim to have.

MYTH 2 Blockchains Consume Insane Amounts of Energy, Driving Up Costs
While it's true that mining via permissionless blockchains (used to mine cryptocurrencies) drives up costs, this is not true of the permissioned blockchains most typically used to perform business transactions. Permissioned blockchains don't typically involve cryptocurrency mining.
The governing body of trusted participants creates the rules to validate information across the network on the chain. Permissioned blockchains have actually been proven to be cost-effective.

MYTH 3: Bitcoin is Blockchain and Blockchain is Bitcoin
Beyond serving as the underlying technology used by Bitcoin and other cryptocurrencies, blockchain has many other potential uses across all enterprise activities, including insurance, healthcare, supply chain,and identity verification. So now that we've dispelled many of the misconceptions about blockchain, let's talk about the realities.

Blockchain can help revolutionize current business processes in the following ways:

1. Track & Trace: Enable distributed, autonomous marketplaces by allowing asset owners to track and trace things of value—such as outstanding invoices—in a secure, transparent, and private "chain" of transactions without need for reconciliation. This capability adds speed and flexibility to cash and asset management.
2. Speed: Accelerate business transactions through automated smart contracts, instant payments, and Internet of Things (IoT)-activated shipments. Without conflicting data and paper-based processes, errors and missing information are reduced and business transactions can happen in seconds instead of days or months.
3. Security: Manage and secure decentralized private records with encryption of each individual data record or element using a blockchain member’s key. This is not to say that blockchain makes all data 100% secure, but a cybercriminal would need to have access to each key of each member to access all of the blockchain data.
4. Provenance:  Verify the authenticity of products,ingredients and raw materials to guarantee product quality and safety by making activities, like the recall of defective products like auto parts or spoiled lettuce, much faster and more effective. Goods can also be authenticated to prevent fakes.

With all these benefits, it's clear that blockchain is a technology you might want to explore.  Here are a few resources to help you determine if blockchain might be right for your business.

A recent report by the most popular professional networking platform, LinkedIn states that blockchain is a top skill in demand. The findings of the report clearly showcase the rapid fluctuations in skill requirements in the IT job market, with Blockchain at the top in 2020. Hiring managers are constantly on edge with frequently changing trends in the requirements of hard skills and soft skills.

The most striking highlight about the report is that it has stated, “blockchain is the most-demanded job skill in 2020”. On the other hand, there was no hint of blockchain among the requirements of hard skills in 2019. This article presents an in-depth perspective on the findings of LinkedIn’s report with an idea of career prospects in the blockchain.

The requirements of soft skills for enterprises have the tendency to reform gradually over the course of time. On the other hand, the most demanded hard skills continue to transform drastically, especially with continuous technological advancements. LinkedIn had included analytical reasoning, artificial intelligence, and cloud computing as the top hard skills in 2019.

All these skills are still present on LinkedIn’s list of most demanded hard skills this year. However, blockchain has been able to mark its own presence among the top skills of 2020. This has been a promising boost for driving awareness around career opportunities with blockchain technology. Blockchain is a top skill in 2020, and this statement coming from LinkedIn would have a huge impact on career prospects.

Why Blockchain is a Top Skill in 2020?

According to LinkedIn’s report, Blockchain is the top skill for its potential for inducing transformation. The blockchain technology has finally achieved a distinct recognition than cryptocurrency with different industries adopting its diverse functionalities. The different relevant use cases for blockchain also showcase the potential of blockchain for penetrating different job markets.

Previously, blockchain expertise was limited to cryptocurrency markets, and gradually financial institutions started using blockchain technology, and slowly it has gained a substantial market base. Recruiters have to leverage the power of blockchain as one of the most in-demand skills for the future to drive business value. Recruiters have to develop familiarity with the working of blockchain, its potential benefits, and the professionals suited for helping businesses leverage the maximum potential of blockchain technology.

Readers should also note that apart from LinkedIn’s report, blockchain is a top skill in the US, UK, Germany, Australia, and France. Many large enterprises continue to look for blockchain professionals with some top names includes Oracle and IBM. In addition, startups are also on the constant lookout for blockchain experts. Another critical aspect of blockchain is that professionals can explore a wide variety of job roles with blockchain expertise. The diversity of blockchain-based job roles includes opportunities for developers, business managers, coders, analysts, engineers, and many other roles.

Industries that Demand Blockchain Expertise

Presently, the demand for blockchain jobs would increase in specific sectors. The impact of the report would encourage the expansion of employment opportunities in the significant sectors that require blockchain expertise. Almost every industry ranging from financial institutions, banks, insurance, retail, accountancy, and even law offices, want to leverage the benefits of blockchain.

Blockchain is a top skill in the case of these industries for the advantages of decentralization and secure transactions. Blockchain startups, which have been operational since the inception of the technology, could use individuals with blockchain expertise to drive innovation in their products and solutions.

The decentralization aspect of blockchain is also driving its adoption in tech firms and governmental firms. While decentralization helps in simplifying internal and external transactions for tech firms while streamlining operations, governmental agencies are leveraging blockchain for the symbiotic balance between cryptography and transparency.

Hard Skills and Soft Skills

LinkedIn has used specific criteria for qualifying hard skills and soft skills in its report. Hard skills are basically the employee’s ability to carry out a particular task while soft skills are about the approaches for achieving the concerned task. Soft skills are particularly associated with the ability for collaboration, problem-solving, decision making, and adaptability. On the other hand, hard skills among which blockchain is the top skill in 2020 require technical abilities and specialization in areas such as patent law, software development, or financial accounting.

Hard skills have easier criteria of definition and measurement in comparison to soft skills. Employers would look for soft skills in combination with blockchain skills for filling in crucial blockchain-based job roles. However, soft skills deal primarily with cognitive abilities, behavior, personal traits, and thinking. These aspects are particularly hard to measure and present notable difficulties for recruiters.

So, what is the ideal soft skill that makes blockchain one of the high paying skills 2020? The answer to this question, according to LinkedIn’s report, is emotional intelligence. Emotional intelligence showcases the ability of blockchain professionals to recognize their emotions and that of others. It also helps a professional utilize emotional information for driving proactive and efficient thinking. Recruiters can use questions such as candidate’s responses to previous mistakes or performance in short-term projects for evaluating the emotional intelligence of candidates.

Everywhere you look, disruptive technologies are reshaping the future of finance. From robotic process automation (RPA) and artificial intelligence (AI) to machine learning and blockchain – new digital tools are offering CFOs unprecedented opportunities to streamline and automate back-office operations.

AI and machine learning, for example, can analyze massive amounts of data, finding patterns that a human would never see and distributing data-driven insights throughout the organization. Process automation and touchless transactions can automate mundane tasks, freeing up the time and brainpower of every finance team member. Rather than spending the majority of their time on traditional responsibilities like internal controls, compliance, and closing the books, finance leaders can focus on uncovering new insights and opportunities to help drive top-line growth.

Now more than ever, finance is equipped to become a true strategic partner to the business, supporting decision makers with precise, real time reporting, planning, budgeting and forecasting. With digital technology, the close is no longer a monthly event—it now has the potential to happen every day. And finance can drive innovation by establishing a culture of data, insights, and foresight.

Clearing hurdles

Yet despite the abundance of opportunities offered by digital finance, many organizations remain on the sidelines, preferring to focus on traditional ways to improve cost efficiency and effectiveness. What’s holding these organizations back from modernizing? A lot of common roadblocks come into play, but the combination of highly customized legacy systems, disparate systems with multiple versions of the truth, and a finance workforce trained in traditional, transactional skills are largely to blame.

Digital technologies delivered in the cloud can help address these challenges and make finance more automated and efficient – and therefore, more effective. What’s exciting for CFOs is that many of these digital technologies fall squarely into the charter of the finance function.

Blockchain, for example, promises to revolutionize the management of financial assets, cross-border settlements, exchange of business-critical transaction data across the ecosystem, as well as supply chains, health care networks, and other value chains. Machine learning is now automating many routine finance tasks, from fraud detection and internal audit to account reconciliations and other tasks associated with the finance close. Then there’s AI, cognitive computing, predictive analytics, and data visualization – technologies that provide finance teams with insights about how to compete and win in the digital economy.

Six strategies for leveraging digital technologies

How can CFOs harness the power of these emerging digital technologies? Here are six strategies to help your organization gain a competitive advantage in the digital age of finance.

1 - Deepen your understanding of the digital landscape

Now is the time to review the potential of digital technologies, including process automation, and share the expected benefits with your entire team. Show the rest of the company you’re doing your part to reduce costs while freeing up time for more valuable work.

2 - Study both the digital leaders and the laggards

Learn who’s leading the industry and who’s falling behind. Digital leaders consistently pursue automation and innovation and invariably outperform laggards in key performance measures such as income growth and profitability. Research from the Association of International Chartered Professional Accountants and Oracle identifies the key traits of digital finance leaders—including a digital-first, cloud-first mind set—and examines why the laggards continue to fall behind.

3 - Conduct a business readiness assessment

Adopting digital technologies can be a transformational change for your organization, so you’ll want to conduct an assessment of business readiness and create a roadmap of your migration journey. It might be helpful to focus on one area to pilot, such as record-to-report, and map where you are now to where you’d like to be in the future.

4 - Enhance your finance talent model

Running a digital-age finance organization requires new types of skills and talent, with a premium placed on data scientists, business analysts, and storytellers. Make sure your new hires represent the future you’re striving for. Important qualities include a strong customer service orientation, flexibility, and good collaboration and partnering skills.

5 - Take a “start small, start early, scale big” approach

Prepare for your digital journey by taking time to look at the pros and cons of different implementation paths. But don’t hesitate to dive right in. You might begin by looking at your business processes and standardization, assigning a global business process owner to simplify and standardize the transformation. You can also use a value-and-complexity framework to identify use cases that have a good chance of success for initial deployment.

6 - Focus on “operate to innovate”—one key to sustainable growth

Perhaps a better overall theme for this journey is, “operate to innovate” to develop a technology-enabled foundation. Innovation should be the primary strategy for moving to the cloud, not simply operational cost cutting; the rate of innovation delivered in the cloud, where providers update the software several times a year, is many times faster than with on-premise systems or hosted ERP. Focusing on innovation will be key to supporting sustainable business growth in an increasingly digital world.

Change is now

The Digital Age of Finance is upon us, and the changes we’re witnessing in finance organizations are just getting started. Deloitte predicts that by 2025 finance will focus less on booking accounting entries and reconciling data and more on delivering value and services that drive improvements across all business activity.

Whether you’re focused on talent, technology, analytics, or any other part of finance, the end game is the same: business leaders want finance to deliver better insights faster, so they can make smarter decisions with less risk. Finance transformation in the digital age can help the business meet these expectations quickly and efficiently. 

The latest research-based data from the LinkedIn, the employment-oriented digital networking platform manifested that Blockchain tops the list of most in-demand Hard skills of 2020. Blockchain is as an unchangeable record of time-stamped data which is commanded by a cluster of computers which cryptographically secured. The ranking was notified by categorising the skills of the user’s career profiles who are getting employed at the skyrocket rates.

Blockchain Amongst Favorites

According to Crypto News, the ranking of Blockchain portrays the penetration of technology in the business world. The top-ranked technology has beaten up the infamous techniques of Cloud Computing and Artificial Intelligence. The researchers further added that Blockchain technology is in demand in the countries like the United States, the United Kingdom, France, Germany and Australia.

LinkedIn’s Opinion on Blockchain Technology

Bruce Anderson, the blog head writer of LinkedIn, explained that Blockchain has transpired from the mysterious world of cryptocurrency to business solutions in search of troubles. He further cleared that recruiters should foresee the prospected benefits of the infamous technology of crypto-world.

For the most renowned companies of the world, like IBM, Oracle, Microsoft, Amazon and many more, the technology has turned for better business prospects. This top-ranked technology has diversified from shipping to healthcare industries, from food safety to entertainment sectors.

Emerging Buzzword

The demand for top-ranked technology has increased since 2018. LinkedIn published the report in December 2018, “Emerging Job Reports” in which it acknowledged “Blockchain Developer” as the most rapidly emerging employment position of the year. 

In 2019, NASA had the requirement of a data scientist with experience in cryptocurrency and blockchain technology.

Conclusion

The crypto world is the brainchild supposedly of Satoshi Nakamoto. The world of cryptocurrency and Blockchain has evolving day by day as the technology is touching the daily lives.

As digital technology is targeting the digital economy, employment in the most infamous field of Blockchain Technology is increasing. This technology is unveiling the prospects for hassle-free financial inclusion. Many experts have explained the outpaced demand for those who possess the implementation knowledge of top-ranked technology. 

A fresh report from LinkedIn breaks down the top skills that employers are looking for in 2020. Moreover, it shows blockchain making an industry entry – in a big way. Specifically, blockchain has not just made the list, it’s the most sought after hard skill on it.

LinkedIn says blockchain is most in-demand skill in 2020

On January 9th, LinkedIn released its yearly list of the most valuable skills for companies. According to its report, “The Skills Companies Need Most in 2020”, companies are now beginning to recognize the growing importance of blockchain.

Although those who keep an eye on the cryptocurrency and blockchain sector will be aware of the massive demand for blockchain competence, this has yet to reach the general public. This is something that LinkedIn acknowledges, in that blockchain wasn’t even on their list last year: 

“Last year, cloud computing, artificial intelligence, and analytical reasoning led LinkedIn’s global list of the most in-demand hard skills. They’re all on the list again this year, but a skill we weren’t even looking at a year ago — blockchain — tops the list of most in-demand hard skills for 2020.”

The LinkedIn list includes both “soft skills” and “hard skills”. Put simply, soft skills are more behavioral, and do not directly relate to how an employee executes the work itself. Rather, soft skills decide how they perform their assignments, how they solve problems, make decision etc.

Blockchain talent is hired at the highest rates

The “Top 5 Soft Skills” include creativity, persuasion, collaboration, adaptability and emotional intelligence. However, soft skills are necessary in practically any role. “Hard skills”, on the other hand, are directly specific to a person’s role in the company.

As such, hard skills are the ones that are most likely to predict employment – and this is the list that blockchain technology tops. Notably, LinkedIn’s study is not only looking at the skills in high demand relative to their supply. It is also based on those getting hired at the highest rates. 

This means that blockchain is not only the most sought after hard skill in 2020. Instead, blockchain is also the most high-paying competence to hold. Keeping this in mind, it isn’t hard to see why people want to get a job in crypto 2020. 

But what some people don’t know is that there’s an easy way get the competence needed to work in blockchain yourself. What’s more, it’s even possible to do this with zero previous knowledge of blockchain.

Get a job in blockchain with zero previous knowledge

The answer to getting a job in blockchain is Ivan on Tech Academy. Specifically, Ivan on Tech Academy is the largest blockchain academy in the world with roughly 20,000 students. Moreover, the academy allows people to go from zero knowledge of blockchain to landing the job of their dreams.

In fact, Ivan on Tech Academy is already responsible for a number of success stories. These include Peto, who went from being curious about crypto to landing a dream job at IBM. Another story is that of Juliana, who went from zero knowledge of blockchain to getting a full-time job as a Blockchain Developer.

Ivan on Tech Academy has countless hours – described as “weeks” by Juliana – of content. This includes courses, tracks and tutorials. Moreover, anyone can sign up and learn with Ivan on Tech Academy, as it requires zero previous knowledge.

Additionally, the content is adapted so that anyone of any previous level of knowledge can jump right into the courses they are best suited for. Ivan on Tech Academy is also currently running an affiliate program, so it’s easier than ever to recruit your friends to join the blockchain community.

With this, it’s easier than ever to be part of this upcoming, high-earning segment. Consequently, it seems likely that 2020 will be the best year yet for the blockchain sector. 

LinkedIn themselves strongly encourage people to become more familiar with blockchain. If people are more aware of blockchain, they can adapt it to companies’ needs: 

In simple words, Blockchain is a cloud-based system to store information. Blockchain is the underlying network of cryptocurrency. There are many cryptocurrencies in the market. The most important ones are Bitcoin, Ethereum, Tether, and XRP.

This technology enhances flexibility, security issues, and even data transfer processing due to its advantages. In this article, we will discuss Why Blockchain Technology is the future of digital pieces of information. We need in-depth knowledge of what Blockchain is, how it works, and it uses it to understand this.

What is Blockchain?

Scientists first proposed the Blockchain technology in 1991. The original motto of this technology was to store digital data so that not to get it modified. Blockchain acts as an open-source database.

Later a group of Computer Scientists adopted Blockchain technology to form a digital cryptocurrency named Bitcoin. Once a blockchain contains written data, it is hard to change it. This property enhances the security of cryptocurrency.

In this technology, each block represents a structural and functional unit. A block holds data, the hashed value of that block, and the hashed value of the last block. These blocks link each other similar to a chain.

The Data in the block may vary based upon the usage of the Blockchain system. For instance, when we talk about Blockchain in bitcoin, the stored data refer to transaction details. A hash is like a fingerprint for digital information. Different systems use different hashing algorithms. For example, Bitcoin uses the SHA256 algorithm, while Ethereum uses the ethash algorithm. Simple manipulation of Data changes the hash code.

Due to this technique, the Blockchain acts as such a secure system. The hash of the last block acts as a link to that block. It resembles a linked list structure with hashes in place of pointers. So, a change in data of any block changes its hash. So, the next block doesn’t point to this one and no other block too. That’s why it is secure. It resembles a linked list structure with hashes in place of pointers. A change in data of any block changes its hash. So, the next block doesn’t point to this one and no other block too. That’s why it is secure.

Besides, a Blockchain network uses a P2P system. In this network, a copy of the Blockchain is present to every user. So, to tamper the network, one has to change the information in the whole chain. Thus, it becomes nearly impossible to break security. This is the reason why Blockchain is the future of modern data transfer technology.

Benefits of Blockchain

Data manipulation with time

Blockchain shows the history of data. In other databases, we get the updated data only, but we get the history of updating in Blockchain’s case.

Decentralized System

Blockchain is a decentralized system. It means there is no single unique database to store information. Rather there are many copies of it. So, no one can target a single structure.

Controls

In Blockchain, there is no single control order. The copies of Blockchain are available in every node and updated everywhere too. So, the information is secured.

Why is Blockchain the Future?

Starting from Crypto-enthusiasts to ending with Business minds, Blockchain is a solution to many problems these days. The concern may be about security or smart transfer of data. Blockchain promises to provide ways. With the advent of Quantum computer security in classical systems is of great question. The future may ask to secure every system even more. Also, it reduces the risk of hacking and data tamper.

A Blockchain is a primarily decentralized structure. So, the usage of this system also rests upon decentralized technologies. Before this, we need to know about Smart Contracts.

1. Smart Contracts

A smart contract is a digital form of contract which has programmable architecture. So, the details of the contracts are stored in the Blockchain block. This enhances communication. It is also useful to keep track of assets for the long term. Also, relations with consumers are dependent upon smart contracts.

2. Web Servers

In a web server, data security is very crucial. Typically, a web server has two parts. API and Data. Each block here serves as a node and joins the request-response cycle.

3. Banking

It typically takes multiple hours to encash a cheque and update the statement. While using Blockchain technology, it will be done in merely ten minutes. The time needed is the same as the time necessary to add a block in the Blockchain.

4. Cryptocurrency

Uses in Bitcoin and other cryptocurrencies is a well-known application of Blockchain.

5. Healthcare

Healthcare professionals can use Blockchain to store patient’s records safely there. It will enhance the safety of the information.

6. Records

Property records should use Blockchain with Smart Contracts. This will uphold the statements to all the parties.

Can you believe that Blockchain expertise is the fastest growing skill according to the latest skills index and is now one of the hottest in the United States job market? Did you see this technology evolution coming? Less than a decade ago very few people cared for this technology which has now become a significant career opportunity for professionals.

The demand for people with Blockchain skills is high. Due to its many fields of application, it is looking to hire those who have skills set to navigate this new technology. Of course, just like with any other fantastic job opportunities, not everyone is cut out for these opportunities. You must have or acquire the skills that set you apart and make an employer want to entrust you with their investment.

Who Is Hiring

First of all, let’s explore who these potential employers are. There are four significant players in the crypto job market, these are:

• Industries – these are big companies like banks, accountancy firms, oil & gas, insurance, retailer as well as law offices that want to keep up with the technology.
• Startups – these are independent businesses and products created since the invention of Blockchain.
• Tech firms – these are the companies that have the most to lose in case Blockchain tech takes over the world. As they try to shift to a decentralized system, they need all the expertise they can gather.
• Governments –  many governments have been hiring crypto experts to advise them. Several governments are warming up to Blockchain due to its many advantages; Blockchain professionals are in high demand.

Career Opportunities In Blockchain

You are probably wondering what these jobs and careers are and if they are available, let me answer that as walk with me. Here are some of those positions

Blockchain Developer

Blockchain developer with the expertise to help companies explore Blockchain platforms are on high demand. Blockchain development might be the most marketable career path today because people are eager to realize all the benefits of Blockchain. These individuals require absolute attention to detail as theirs is a high ranking position. Blockchain developers are programmers who create applications for blockchain. They typically have a lot of experience working with C++, Python, and Javascript before becoming Blockchain developers.

Blockchain Solution Architect

The Blockchain Solution Architect has the responsibility of designing, assigning and connecting Blockchain solution components with the team experts such as developers, network administrators, UX designers, and IT Operations whose to develop to complete the Blockchain solutions.

Blockchain Project Manager

This individual is entrusted with the responsibility of connecting Blockchain projects to experts whose duty it is to develop Blockchain solutions. Blockchain project managers need to be equipped with the skills of a traditional (cloud) project manager. They also need to master the technical bit to understand the technology thoroughly. Another important ability is excellent communication skills; this is essential when addressing non-technical workers, when providing useful updates or when trying to get resources from higher authorities.

Blockchain UX Designer

With the incorporation of Blockchain into so many industries, its design as well as user interface, is becoming critical. The role of a Blockchain designer is shaping a user interface that creates trust and is alluring to a regular user. These individuals need to be able to pay attention to detail, have an artistic touch, but most importantly they need to be hardworking as their line of work requires them to spend a countless number of hours behind their computers.

Blockchain Quality Engineer

In any development environment, we have quality assurance engineer who tests and ensures that all areas of the project are of the required quality. In the Blockchain world, a Blockchain engineer plays a similar role by guaranteeing that all operations are of excellence in the Blockchain development environment. In other words, they conduct the testing and automation of frameworks for Blockchain. These individuals need to have a third eye as far as payment to detail is concerned because a small mistake on their part affects everyone using their technology. Excellent communication skills would also go a long way in the maintaining of good work relationships.

Blockchain Legal Consultant

Of course, as organizations try to comprehend the adoption of Blockchain into their systems legal issues always arise. As companies launch this new technology, they are also looking for legal expertise on what considerations to make while investing. They are curious about the implications of their actions, about how to handle their finances and lastly how to manage their identity. Of course, for such an individual, proper communication skills are mandatory. You also need to have a good grasp of your international law as Blockchain is tech without borders for the same reason it is advisable that such people master as many universal languages as they    

Everyone In The Business

Besides the specific roles of professionals working with Blockchain technologies, it is also important that everyone in the organization has a fundamental organization of the Blockchain. Only when everyone has an understanding of the benefits, key capabilities, use cases, and critical success factors, organizations can fully exploit the Blockchain.

Other Connected Roles

• Accountants
• Public Relations
• Marketers
• Crypto journalists
• Managers
• Crypto brokers
• Analysts
• ICO advisors

Are These Jobs Available?

Did you know that there is a Blockchain job site? If you didn’t, check out Crypto Jobs List as it advertises vacancies in management, marketing, community, design, and many other roles.

If you want to be successful in a crypto career, do the following:

1. Get certified
2. Keep up to date with industry trends
3. Be flexible; these careers come in many forms
4. Love crypto and blockchain (I feel like that one goes without saying).

Conclusion

As the Blockchain technology continues to evolve, so will it’s professional opportunities. The Blockchain is here with us to stay which means that Blockchain Expertise is to be in high demand for years and years to come. So whether you are a techie or not, a career in Blockchain is a new and exciting opportunity worth exploring.

Are you a blockchain enthusiast? Want to take your career to new heights but don’t know where to start? We are here to help you out by providing an in-depth guide about how to become a successful blockchain professional from scratch.

Overview 

Despite technology has taken the world by storm, many people still juggle blockchain and cryptocurrency. 

Blockchain is a decentralized ledger of all transactions across the P2P network, whereas cryptocurrency is a medium of crypto exchange, whose underlying technology is blockchain.

If you want to become a blockchain professional, it is mandatory to understand what exactly this technology is, how it works, its use-cases, and how it can be implemented. Sounds too much? 

Yes, you need to learn a lot if you are a student at any level or an aspirant with little or no knowledge in this domain.

So let’s start with the definition of blockchain so that you grab the understanding of what exactly blockchain all about. 

Understand ABC of Blockchain Technology 

Blockchain, in most simple words, is a peer-to-peer decentralized distributed ledger technology that works without involving any third party intermediaries or middlemen. It offers immutability, transparency, privacy, and security and ensures that there is no single entity controlling the information on the network and allows you to create a verifiable digital record of every record.

Blockchain experts and technocrats believe that its distributed ledger database is a game-changer, with many people staking their fame and fortunes on it. This distributed ledger tech is facilitating solutions to the obstacles faced by various industries such as supply chain, healthcare, real estate, identity management, logistics, and much more.

Learn its Fundamentals

Undoubtedly top tech companies are hunting for blockchain developers and blockchain experts, but they prefer those who have comprehensive knowledge about blockchain technologies.

Learn what is blockchain, its characteristics, decentralized and distributed ledger, consensus mechanisms, miners, cryptography, etc.

If you are at an entry-level, these are the most commonly asked questions. You need to understand its features such as decentralization, dApps, smart contracts, and more, which are considered to be the essence of blockchain technology. 

If you are more into development and want to become a blockchain developer, you need to learn and practice technical skills that form the backbone. You should have hands-on experience in creating and implementing technical solutions for organizations by utilizing blockchain technology.  

Be a Part of Blockchain Community 

Volunteering and participating can be excellent ways to get some experience, build your resume, and create connections in the blockchain space. Secondly, for a great initial experience to get your feet wet and become immersed in the crypto space, at entry-level, you join an intern to know all the ins and outs of the technology. Also, going to meetups or community events will help you become more passionate. 

Go for Online Training and Certification Courses 

Certification courses can do wonders for your careers. It is believed that people who hold certificates have a better chance of getting a high paid job compared to others. Professional blockchain courses such as Certified Blockchain Expert, Certified Blockchain Developer, Certified Blockchain Architect educates you with blockchain lessons and valuable advice that guarantee an in-depth understanding of blockchains and its implementation. Blockchain courses offered by reputed organizations like Blockchain Council also helps aspirants in developing a sample blockchain application, making them fit for various domains, including supply chain, eCommerce, banks, telecom, manufacturing, and others.

 Choose the Best Path for Your Own 

The job market of blockchain is undoubtedly flourishing, but the future has even more opportunities for those working in this cutting-edge technological field.  With blockchain, one can become a blockchain expert, blockchain developer or a blockchain architect, which solely depends on your learning interest. Here is a list of most on-demanding blockchain professional courses in 2020:

• Blockchain Expert

Blockchain expert works closely with product teams to design and build Blockchain-based applications for enterprises and businesses. 

• Blockchain Developer  

Blockchain Developers specialize in creating and implementing technical solutions for organizations with blockchain technology.

• Blockchain Architect 

Blockchain Architect utilizes his/her expertise to make important decisions about the blockchain project and craft the guidelines and structure of the whole blockchain system, considering the system’s requirement.

Concluding Lines 

As blockchain space is booming with each passing day, this is the right time for blockchain enthusiasts to learn technology and get involved in the community and create their path for career success. 

The Traditional work environment vs Work from Home Environment?
The work environment continues to evolve, change, and adapt according to the times and the workforce landscape. Traditionally, employee workplaces have consisted of company-designated office spaces structured by a specific function or department. The traditional workspace design was intended to create consistent performance, maintain professionalism, and increase employee collaboration to achieve company goals. In a traditional setting, employees are easily able to build relationships and establish connections within their teams when working together in one location or building. The traditional office space has helped employees to remain engaged, productive, and thriving in the work environment.

The introduction of the virtual or work from home option has disrupted the 21stcentury workplace. According to a Gallup:

“43% of U.S. employees work remotely some or all of the time...show remote workers are more productive and profitable than in-house employees.”

The virtual work or work from home environment is a new frontier shaping the workplace. Employees are faced with increasing challenges to adjust and remain productive in a geographically dispersed workforce.

There are three ways to remain productive when transitioning to a work from home environment:

1. Create a balanced office structure
2. Evaluate and monitor performance
3. Maintain engagement and communication with your team

How do you create a balanced office structure?
Creating a balanced office structure is important to staying productive in a work from home setting. The work from home option often lacks organization and order. The benefit of working from home is the ability to create your own structure and workspace. It is important to create an office environment that you can easily remain motivated to perform well. Plan by arranging your office space to help you feel relaxed while working from home. Furnish your office with comfortable furniture, provide essential ergonomic office equipment and construct a pleasant setting to work in for 8 hours a day. In your virtual space, you may need your furniture arranged to have a view of a natural landscape, picturesque scene instead of a blank or gloomy wall. Delineate the workspace from your home environment to eliminate frequent interruptions and establish a boundary between business obligations and your personal life. Come prepared to start each day with a positive mindset to minimize distractions to your workflow. Your positivity will influence innovation and creativity. Incorporate an aspect of accountability into your office structure by implementing a daily schedule. The daily schedule will help with establishing a routine. Keeping a routine will help with creating a balanced structure and sustain the performance that you had prior to working from home.

How do you evaluate and monitor performance to stay productive?
Another way to remain productive is to continuously evaluate and monitor your performance. Remain focused on your individual and team goals by dedicating sufficient time to important tasks and staying abreast of deadlines. Schedule meetings with your manager to clarify performance expectations, update your goal status and check completed milestones. Your results are the best leading measurement of your performance.

How do you maintain engagement and communication with the team to stay productive?
Working from home often creates a feeling of isolation for employees. Employees lose the ability to have frequent interaction and engagement in comparison to staff in a traditional office environment. The Buffer State of the Remote Worker Report said that:

"20% of remote workers have stated a feeling of loneliness when working from home.”

As a work from home employee, you must make the effort to build relationships virtually with your team through frequent communication and collaboration. Make use of your company's internal communication channels like Slack and Video Conferencing to remain connected to your team. Plan ad-hoc virtual breaks or team-building exercises to boost employee morale and connectivity to the team. You’re not alone because you simply work from home. So, resist the urge to work in a silo. Always ask for help when needed and offer to support your team when you can. Using a team-based approach is best to maintain engagement with your team members and manager and create an inclusive culture.

WHAT IS THE PURPOSE OF A BLOCKCHAIN?

A blockchain (from block-chain or a chain of blocks) serves as an anonymous digital ledger to simplify transactions. Users can manipulate the ledger securely without the intervention of a third party such as a bank or legal representative. This is why more and more businesses must think about their uses of blockchain.

WHAT ARE THE ADVANTAGES OF BLOCKCHAIN TECHNOLOGY?

Blockchains are decentralized systems, which prevents any single authority from taking control. By using a blockchain, you can share a database with no central administration. Eliminating data storage in a computer system prevents unauthorized access to the details of the transaction.

By using blockchain, individuals and companies can reduce the cost associated with hiring experts to coordinate transactions and contracts. Further, blockchains prevent cyber-attacks by using cryptography.

Transparency

All data in the blockchain is viewable to everyone. This includes changes made, which are publicly viewable. Take cryptocurrency for example. Every transaction gets recorded and displayed publicly.

If you use cross border transactions in your business, you already know that banks can take days to complete transactions. With blockchain technology, you can transfer digital currency via decentralized blockchain transactions. No paperwork is required. This tends to be faster than traditional transactions.

Immutable

It’s not easy to change data recorded in a blockchain. Unlike traditional Ledger systems, you can’t go back and make corrections to the prior week’s transactions. This prevents changes to every block of data that comes after the transaction. A separate transaction is required to make changes to the original transaction results.

The unchanging nature of blockchain lends itself to use as a historical record. Bitcoin has transactions dating all the way back to the day it began. Also, because there is no central data repository, there is no downtime for blockchain technology.

WHERE IS BLOCKCHAIN USED?

This game-changing technology is currently used in the real world. Uses of blockchain are manyfold as the number of business cases we have. Next, we introduce you to some of the ways that industries have started using blockchain technology to create more secure transactions.

Starting from payment processing, up to monitoring supply chains. Even Retail loyalty rewards programs are done by using blockchain technologies. One of the biggest advantages of the blockchain is security. Therefore, digital ID’s are major use cases, same as digital e-voting. Data sharing is in the nature of this technology.

Copyright and royalty protection are huge advantages for the media and entertainment industry. Even real estate transfers can be done without the need for a notary or any other 3rd party. When it comes to Agriculture and grocery stores, then blockchain is the big enabler food safety. In Healthcare, for example, medical recordkeeping is not just easier but much more secure. Finally, we all benefit from saver internet connections while blockchain is managing the Internet of Things (IoT).

Transformational moment:

“You can learn more – if you can survive it – from a setback than you can from success. Success is a dangerous thing if you have too much of it.”

“My best learning occurs when I hit one of those bumps in the road. I realize that there’s more to learn.”

Bob became CEO at 25 years old. At 35 the board fired him. Ultimately, the board granted him 3 months to demonstrate he had turned things around.

“I had a transformational moment in the midst of all this sadness, and shame, and failure … and began to grow … with some emotional intelligence.”

Bob’s leadership was transformed when he shifted toward humility and away from arrogance as a result of reading “The Best and the Brightest,” by David Halberstam.

Expressions of humility:

Learn to listen to others. Arrogance talks. Humility listens.

Learn to be thoughtful with the board. (I didn’t explore this with Bob.)

Create an advisory council of franchisees. “Where an awful lot of the wisdom of the system existed.”

Visit 100 locations a year to keep in touch with franchisees.

(Practiced by the entire senior management team.)

Always take 100% of the responsibility for the well-being of the system.

“We decided that we would never blame our followership.”

Own your mistakes. Bob said the board’s action was deserved. “I had lost my way.”

Apologize. “When we apologized to our franchisees and invited them in to fix it, they were more than willing to help.”