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Let’s talk about Blockchain

By Johana Tita Ferreyra | Published on August 19, 2022 | 4 min. reading time.

First of all: What is a blockchain?

From an abstract point of view, blockchain is a ledger, which allows recording
transactions and tracking assets in a decentralized manner by implementing
blockchains through its nodes. It is a secure technology that tracks transactions,
encrypting information or “data blocks”; that are chained together to create a single
reliable data source; since it is widely distributed, it cannot be modified or copied,
reducing security risks, and is created to be an immutable source showing the details
of these transactions’ lifecycle.

What is it used for? Where can it be used?

Blockchain is used to keep track of all kinds of transactions (payments, orders, smart
contracts, NFT records, etc.). It is, therefore, used for many different purposes and
Blockchain technology is frequently used in:

  • Cryptocurrencies: blockchain is not synonymous with cryptocurrencies. They
    are, however, related, as cryptocurrencies use blockchain technology to make
    transactions. It is one of the most well-known uses.
  • Asset transfer: it has become popular with digital assets such as NFT.
    However, it can also be used to process ownership of real-life assets, such
    as: cars, real estate, etc., enabling identity and ownership verification.
  • Smart contracts: self-executing contracts that upon meeting requirements and
    conditions are automatically executed.
  • Supply chain monitoring: controlling massive amounts of information,
    especially when goods are shipped from one part of the world to another.
    Storing this information on blockchain facilitates monitoring each stage.
  • Voting: used to prevent voter identity fraud and ballot rigging, simplifying and
    optimizing vote counting, allowing transparency, cost and personnel savings,
    among other benefits.

How does it work?

For the sake of clarity, a blockchain works as follows: first, a block of data is
recorded from the transactions that are made. This block may contain any type of
information that you want to record. Then, each block is connected to a previous and
subsequent block, in a secure and immutable sequence. Each additional block
reinforces the veracity of the previous block, thus, the veracity and reliability of the
entire blockchain. It is the irrefutable proof of its immutability against hacks.

Importance of blockchain

As every business deals with information and, with the advent of the IoT, the number
of transactions has grown exponentially, this information needs to be accessed
optimizing time and avoiding possible vulnerabilities, fraud and cyber-attacks. This is
where the importance of having blockchain technology comes into play.
Its most important features are:

  •  scalability
  • security
  • immutability
  • traceability
  • speed

Blockchain developer

Now, who is in charge of ensuring that the blockchain system meets the required
security and efficiency? The developer, indeed. This profile, which is very difficult to
find, is in charge of performing these functions and working with the different layers
within the blockchain.
The responsibilities of a blockchain developer depend on his/her role and the project
involved. However, in general, these are some of the most common tasks:

  • Create the blockchain protocols.
  • Develop the back-end based on the formulated protocols.
  • Design and implement the blockchain network architecture.
  • Develop and monitor smart contracts.
  • Integrate the blockchain solution with other solutions.
  • Coordinate functionality testing and solution’s QA.
  • Create graphical interface according to customer requirements.

Blockchain opportunities in ITS

As pioneers in headhunting blockchain development profiles, IT Scout has an
astounding database of qualified candidates in this technology. It also launched a
Masterclass to provide the necessary tools to those seeking to become recruiters of
these valuable profiles, taught by Ms. Verónica Rueda Miranda, Senior IT Talent
Acquisition of the company and with active searches for blockchain profiles, so if you
need advice and more information about our services, do not hesitate to contact us.

About ITS

IT Scout is a powerful boutique recruiting firm for people and companies in the Tech Industry. We create quality relationships between the best IT talent in the market and the most challenging software development projects. We are 100% remote, start-up oriented and we specialize in headhunting senior talent worldwide.

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