Celebrating the Unsung Heroes of Blockchain
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Blockchain technology rose to fame with the launch of Bitcoin, a cryptocurrency that challenged the massive popularity and mainstream adoption of the fiat currency. It was back in 2008, and in the past decade, blockchain technology has come to command its own prominence and importance. Niti Aayog, the government’s think tank is contemplating ways of increasing blockchain adoption in government projects, and the most recent case was to fight counterfeit drugs. And that’s not all! Several startups are coming up with unique use-cases to enhance the technology’s prominence in several sectors like banking and finance, healthcare, and various creative industries.
Such growing prominence of the blockchain technology needs to be attributed to the talent in the field that refused to take no for an answer and continued to persevere despite regulatory uncertainty and criticism. Here’s celebrating the unsung heroes of blockchain, who have carried the technology to the ranks of mainstream prominence that it currently enjoys.
Crypto Miners – The entire blockchain architecture works through mining. With the rise of Bitcoin and other cryptocurrencies, professional crypto miners have become rather popular in the industry. Mining is not, however, a process of digging for cryptocurrencies. In fact, as a process, mining is what ensures the decentralized security of the blockchain. The role of miners is to secure the network and to process every crypto transaction in the network without depending on a central authority, such as banks. Miners have played an extremely vital role in the mass adoption of blockchain by validating and recording the transactions on a global ledger. They compete amongst themselves to solve posing mathematical problems generated by the hash algorithm of cryptography. The resulting solution is known as Proof-Of-Work. It is only after miners are done solving a problem that the transaction is validated and deemed confirmed. For their efforts, miners receive rewards in terms of either Bitcoin or another crypto for each transaction. However, without the cumulative hard work of miners, the blockchain architecture would not have been able to spread to the world, ensuring immutable transactions on a distributed ledger.
Blockchain Entrepreneurs – Blockchain development has been the rock-solid foundation of the technology because, without development, none of the multifaceted deployments of blockchain would have seen the light of the day. The credit goes to the persevering blockchain developers and entrepreneurs, who have enhanced their coding expertise, to execute blockchain applications. Since access to formal education in the blockchain is scarce, the talent pool has been utilising online resources and communities to self-learn and hone their skills. We owe the massive prominence of blockchain technology and its application in solving real-world problems to these coding geniuses.
Blockchain Legal Consultants – From taking the battle for crypto acceptance to the courts of law to looking after regulations, compliance, ethical development and deployment, legal experts in the field of blockchain have been a rock-solid pillar of strength and support for the technology to grow and bloom.
Blockchain Marketers – Without the concerted efforts of marketers and communications specialists in the field of blockchain, the discipline wouldn’t have a massive community by its side. Marketers, community managers, bloggers, YouTubers and other communicators in the field have been instrumental in helping the masses understand and adopt the blockchain phenomenon. Technology, in isolation, could be intimidating for the end users, but together, these professionals have helped the masses not only warm up to the technology but also acknowledge its true prowess and potential.