Blockchain Explained & How to Hire a Blockchain Developer

Over the past several years, cryptocurrencies like Coinbase and Bitcoin have soared in popularity.

Bitcoin’s price peaked in November of 2021 at around $65,000 in value and reached its lowest point at around $17,000 in December 2022.

Since then, it’s had its peaks and valleys and at the time of this article seems to be slowly trending upward again.

Even though we’re seeing businesses built on cryptocurrencies dwindle, and popular crypto giant coinbase laid off 20% of its workforce, many experts are predicting that the technology behind cryptocurrencies will continue to disrupt businesses moving into the future.

Uncover the future of blockchain technology and learn why your business will need to invest in this emerging Tech to remain competitive.

What is blockchain technology?

Blockchain is a database that stores records of digital transactions. It is a growing list of records, called blocks, which are linked together and secured using cryptography. Blockchain technology enables secure peer-to-peer transactions without the need for a centralized authority or middleman.

Business owners are considering whether or not it is an efficient and secure way of keeping track of their financial transactions, as well as offering distributed trust and transparency.

Additionally, blockchain technology can be used to streamline supply chain processes, facilitate smart contracts, and provide additional security measures for data storage.

Blockchain technology examples

There are several mainstream examples of blockchain innovations that include smart contracts, decentralized data storage, and streamlined operations.

Here we uncover how blockchain technology is disrupting the way businesses function.

Blockchain smart contracts

A smart contract is a digital agreement that operates on the blockchain technology platform. It is a software program that can automatically execute predefined actions when specific conditions are met.

The future of blockchain is set to disrupt, but through innovations like smart contracts this emerging Tech has the power to potentially alter several industries outside of the Tech realm such as the legal and financial fields.

Through the decentralized blockchain network, these smart contracts can save your business time and resources by eliminating the need of any third-parties.

Not only will smart contracts record and validate signatures but they can help resolve disputes by forming a binding, legal, digital agreement between both parties.

Blockchain allows for decentralized data storage

By now you’ve probably heard blockchain and cryptocurrency enthusiasts explain that one of the best functions of blockchain is the decentralized network.

When it comes to your private data, they’re right.

Currently, the centralized network we’re all a part of puts your company’s confidential information in the hands of corporations and hackers.

Your business will want to invest in blockchain for data security because the decentralized storage of data is what will improve your privacy and ensure information is only passed to those who need it.

Blockchain streamlines operations

Integrating blockchain-powered solutions like smart contracts and decentralized data storage will help streamline the day-to-day operations of all your company’s employees; from your cybersecurity professionals to your team of dedicated contract managers.

The future of blockchain will help your business enjoy the benefits of seamless operations; where your employees have more time to create and develop innovative solutions and products that will then positively impact your bottom line and improve your consumer experience.

Tech giants like IBM, Facebook, and Amazon have joined the growing list of companies who have begun to invest in the future of blockchain technology.

These Tech businesses have started using innovative ways to integrate this technology to streamline their enterprise processes and enhance their services.

How to hire blockchain developers

There are several best practices for attracting, recruiting, and hiring blockchain experts but two main points to focus on are interviewing non-traditional candidates and investing in skills training.

Interview non-traditional candidates for blockchain development

Though it may seem counterintuitive to interview hackers or gamers for your vacant blockchain-driven roles, it can open up the candidate pool, reduce your overall cost, and enhance your security.

These specialists are usually the first to test out emerging technologies, and they understand how hackers think; so with their experience and knowledge, your business can know a hacker’s next move before it’s deployed.

Interviewing non-traditional candidates like gamers and hackers can ensure you invest in the right blockchain-powered security tools and services.

Invest in skills 

Emphasizing your business’s focus and investments on what current employees bring to the team will show potential Blockchain Developers and Engineers that they won’t just become another number at your company.

Perhaps one of the Tech talents that make up your engineering team would be a great addition to your new blockchain-focused team. 

Investing in skills shows both employees and candidates that you not only value them as a person but are willing to show them a way up, helping them grow both personally and professionally.

The future of blockchain

The future of blockchain technology is here. Now’s the perfect time for your business to get prepared.

If your company is looking for the Developers and Engineers needed to integrate blockchain technology successfully, contact Mondo today.

Our network is filled with both active and passive Tech talent who have the blockchain knowledge to help you successfully integrate and invest in this disruptive technology.

Looking to hire top-tier Tech, Digital Marketing, or Creative Talent? We can help.

Every year, Mondo helps to fill over 2,000 open positions nationwide.

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