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Blockchain, Cryptocurrency

Blockchain Technology: 7 Things Every Developer Should Know in 2020

With an origin that dates back to a decade, blockchain has been a disruptive technology across sectors, displaying its remarkable potential to mend the flaws in the legacy systems. It has evolved into something much more than a supporting technology to cryptocurrencies, owing to which governments and industry players are now eager to leverage the technology to modernize their existing processes. 

Over the last few years, there has been a consistent demand in the job market for blockchain developers. In between 2018-19 there was a 500 percent rise in demand for that specific job role, which has pushed many to shift to the DLT-verse. 

However, to thrive in this extremely competitive and constantly evolving blockchain world, a developer needs to be well aware and adept in all the latest decentralized technology trends and aspects. 

Given under are seven essential blockchain aspects that every developer should know about and have expertise in. 

Federated Blockchain

Blockchain might be a boon ton most organizations, but it can become a problem for those that deal with sensitive information. The launch of federated blockchain has come as a blessing to all those institutions. A federated blockchain is private and permissioned where the participants get access to the blockchain through voting or an approval process. It is highly trending at the moment and is expected to see lots of development in 2020. 

Read Also: Decoding the Digital Future with Blockchain Technology

Interoperability

The interoperability of blockchain is referred to the ability of separate DLT networks to see, access, and share information amongst each other. Most of the existing blockchains are siloed and operate independently. However, experts believe that interoperability among blockchain networks will be highly beneficial for the development of the industry as a whole. 

Baas (Blockchain-as-a-Service)

BaaS refers to a managed DLT model that enables the developers to create and deploy blockchain applications, along with other digital services on a distributed network. The model offers blockchain building tools and the overall infrastructure. BaaS provides an auditable record of the transaction and a middleware for monitoring the development of the application. It also comes with a modular and previously configured infrastructure and network along with a platform for architecture management. 

DeFi

DeFi or decentralized finance is also known as open finance is the provision of financial services like insurance, savings, borrowing, lending, trading, loans, etc that happens on a public blockchain network. It is more advantageous than the traditional financial services and has the scope of reaching every user through just a smartphone. 

Lightning Network

Lightning Network is a second layer technology that was introduced for instant micropayments. It was a solution to the scalability issues encountered by DLT networks. However, it was found riddled with flaws especially from the security aspect, which at present the developers are trying to correct.

DAML

The digital asset modeling language is also known as DAML refers to a smart contract language that allows blockchain developers to code multi-party agreements accurately for different DLT networks. It is presently and open-source model and has the potential to enhance the developer experience and bring significant improvements in ledger models. 

Read Also: Impact of the COVID-19 Pandemic on Blockchain Industry

Cryptojacking

Cryptojacking or malicious crypto mining is a fairly new threat looming online over the crypto world. It involves malicious mining of crypto assets on the victim’s device. There has been a significant rise in cryptojacking in recent times. The threats are hard to detect and can only be done through proper network monitoring solutions and tools. 

Blockchain technology is rapidly evolving and its demand in every sector is increasing every day. The industry needs skilled and dedicated professionals for the overall advancement of the technology. These are the few aspects knowing which will help a professional get ahead in the blockchain sphere.  

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