One of the most talked about and most significant aspects of fintech or financial technology is blockchain, one which has been in the discussion forums of the tech world for quite a while now. And while a good majority of our people and even some younger students in software engineering and computer sciences might not know all the details about blockchain development and what are the basics of it and how does it work, it is still becoming integral to the modern world of finance and technology. And so, in this blog post, we will look at blockchain development, and how is it poised to change software development as an academic discipline and subject.
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Lets look at blockchain development and how is it changing software engineering as a discipline, but first, lets begin by understanding blockchain development.
A blockchain is a decentralized digital ledger that saves transactions on thousands of computers around the globe. These are registered in a way that inhibits their subsequent modification. Blockchain technology increases the security and speeds up the exchange of information in a way that is cost-effective and more transparent. It also dispenses with third parties whose main role was to provide a trust and certification element in transactions (such as notaries and banks). The high importance of blockchain has attracted the attention of organizations in different sectors, with banking sector being the most active at this stage. Blockchain has resulted in the development of thousands of new job positions and new startups ranging from mobile payment solutions to health care applications.
Now, lets look at how blockchain development is influencing software engineering.
Blockchain has quickly become the cornerstone of good software development and the face of what forward-thinking software development is all about. Here is how the synergy is playing out.
The most important aspect of any software development project is security. With blockchain, this security is guaranteed through the decentralization, transparency, and immutability of the data stored on its platform. Unlike traditional systems that rely on a central database, blockchain data is distributed across the network, making it extremely difficult for hackers to compromise the system, as it can be easily identified since each transaction is recorded in its ledger and cannot be changed later without other users, as well as the network's administrators/owners, noticing.
Data integrity is one of the biggest challenges faced by software developers today. The ability to trace and audit any transaction on the blockchain ensures transparency at all levels of the business process. Additionally, there is no need for intermediaries, as all transactions occur directly between peers without the involvement of third parties.
There are many ways blockchain can improve data integrity and transparency in software development projects. For instance, smart contracts allow developers to write code that cannot be changed once implemented on a blockchain network, ensuring that all involved parties have access to accurate information about what is happening at all times.
Blockchain technology has enabled new players to enter the market and compete with established companies. This is because blockchain applications are built on open-source platforms, where anyone with the right knowledge, like a good software engineer, can develop a software product. This means that any startup development company, even with limited resources, can develop software engineer products that were previously impossible due to a lack of access to capital or resources.
The software development industry has always been plagued by long timelines between concept development and product launch, making it difficult for companies to keep up with market demands. Blockchain accelerates time to market by reducing the complexity of processes involved in product development, such as DevOps, supply chain management, and digital payments, among others.
Smart contracts are self-executing codes that implement contract terms without intermediaries. In other words, they are transactions that automatically execute when certain conditions are met, revolutionizing how organizations make agreements and simplifying processes in software development, particularly in terms of licensing and application use.
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