We continue to talk about the use of Java in the hottest and trending niches of the IT market. We have already published articles on the Internet of Things , cloud services and big data . Next up is a niche that arose relatively recently, is very quickly gaining popularity, and a simply grandiose future is predicted for it - blockchain. In this article, we will conduct a general educational program on the topic of “blockchain for dummies” and find out what the role of Java programming is in this niche.
Blockchain Prospects for Java Developers
Currently, blockchain is still a very new, relatively little-known (at least at the layman level), but at the same time rapidly developing industry. It must be said that the blockchain technology itself is still at an early stage of development, despite the fact that it has already managed to make noise in the world and experienced an unexpected boom, the suddenness of which cannot be compared with other popular IT trends. And now, with the emergence of many projects over the past couple of years to build blockchain networks and develop decentralized applications based on them, there is a clear shortage of capable and competent developers in the industry. Thanks to this, the blockchain field looks very, very attractive to both young programmers and experienced coders who are seeking professional development and looking for niches of specialization. Thanks to the rapid influx of funding for blockchain projects around the world, the demand for developers in this area is growing rapidly, as is the competition of companies for promising personnel, and this, in turn, provides a sometimes simply obscene increase in the salaries of blockchain specialists. It is not surprising that more and more programmers are seeking to work in this industry. Fortunately, almost all major programming languages are used in blockchain projects, and the most popular of them - we are, of course, talking about Java - is not left out either. “Blockchain is a breakthrough whose consequences cannot be overestimated.” Marc Andreessen, renowned IT entrepreneur and venture capitalist.
How does blockchain work?
To begin with, we will have to briefly go through the blockchain in general, just to make sure that we are all on the same page, and readers have a more or less clear understanding of the essence of this technology. Blockchain is a continuous sequential chain of blocks containing information, built according to certain rules. How does blockchain work? Let's do a little blockchain training. The connection between blocks is ensured not only by numbering, but also by the fact that each block contains its own hash sum and the hash sum of the previous block. To change information in a block, you will have to edit all subsequent blocks. And given that copies of blockchains are typically stored on many different computers independently of each other, it is not possible to change or delete these records, unlike conventional databases. In the world of cryptocurrencies, with which blockchain technology is now primarily associated, records represent information about transactions, but the same system can be used for other purposes. Blockchain is now finding application in many different areas, from government activities and processes to charity and art, and the prospects for this technology in the near future seem very bright. Perhaps now is the time to start working on your skills in this area, since Java is already actively used in blockchain projects. But more on that below, but for now let’s see in which industries and types of activities this technology can be widely used very soon. “While most new technologies automate workers on the edge doing menial work, blockchain automates functions at the core. Instead of taking the job away from the taxi driver, blockchain takes it away from Uber, allowing taxi drivers to work directly with customers.” Vitalik Buterin, co-founder of the Ethereum cryptocurrency and Bitcoin Magazine.
Blockchain programming in finance and banking
When it comes to Bitcoin, banking and the financial industry in general are mentioned most often. Many experts believe that this technology has everything to revolutionize this industry. “Blockchain will do for the financial system what the Internet did for media,” states Harvard Business Review. First of all, blockchain (and cryptocurrencies based on this technology) may be very popular in developing countries among millions of people who still do not have access to banking services. But not only. The introduction of blockchain programming to conduct financial transactions directly between consumers is a serious threat to banks, which may simply not be needed in the near future. And large banks are well aware of this, trying to seize the initiative and make the blockchain work for themselves. For example, Bank of America has already registered more than fifty patents related to blockchain and cryptocurrencies, despite the fact that the official position of the largest American bank regarding Bitcoin and other decentralized currencies remains critical. Since 2016, the Japanese Internet giant GMO has been working on a new Internet banking system that will use blockchain for payments. The project also includes the use of artificial intelligence and the Internet of things.
Agriculture
But not financial services alone. The use of blockchain can also revolutionize agriculture, solving a number of key problems in this area, such as lack of information, limited access to financing and shadow operations. According to the analytical study “Blockchain: Agricultural Market Forecast until 2023”, the use of blockchain in agriculture is growing by almost 50% annually, and by 2023 the total value of the sector will reach $430 million. In Africa, blockchain is being used to give local farmers an outlet to the world food market. Block Commodities is developing a new agricultural blockchain ecosystem, Farmer 3.0, which should ensure the development of smart agriculture in the region. “When this technology becomes widespread, blockchain will change the world. Whatever field we are talking about, blockchain can significantly improve its efficiency.” Ginni Rometty, CEO of IBM.
Charity
The introduction of blockchain can change the sphere of charity thanks to the transparency inherent in this technology. One of the main problems with philanthropy is the fact that these types of organizations must provide full and detailed reporting on how the funds they receive are spent, and a lack of transparency has a negative impact on the amount of donations they receive. The use of blockchain will make the charity industry much more transparent, because all transactions, including donations and expenses, will be visible, and this should have a huge impact on this area. Thus, the charity UNICEF (United Nations Children's Fund) has its own blockchain strategy, within which it invests in six different blockchain startups around the world.
Healthcare
Blockchain is also making waves in healthcare, where the technology is already being used in many different ways. It helps you manage medical records and clinical trial data, check for regulatory compliance, track hospital expenses, insurance coverage, and more. For example, in Estonia, all healthcare bills are processed using blockchain. In Nigeria, a startup called Cura Network is launching a new decentralized system that will allow patients, doctors and healthcare organizations to quickly share information and allow companies to create their own applications.
Art
In the world of art, blockchain is also capable of solving a number of critical problems. In particular, the new technology allows us to solve two key problems in art: insufficiently high payment for the work of the creators of art directly (when numerous intermediaries take a significant share of the proceeds) and the difficulty of verifying the authenticity of an object of art and detecting fakes. Blockchain is already being actively implemented to solve these problems. So, in 2018, Christies auction began selling art objects, the authenticity and origin of which are stored in the blockchain system. And a group called Blockchain Art Collective helps artists monetize their work using a special chip that is embedded in the piece of art and contains all the information about it, including the name of the artist, title, date and a unique identification number. “Blockchain is the biggest opportunity imaginable. At least for the next decade.” Bob Greifeld, Nasdaq CEO In addition to the above, blockchain is already finding interesting and important applications in many other industries, including insurance, food processing, e-commerce, logistics, copyright protection, etc. Now let’s talk about which blockchain projects are already actively using Java.
Blockchain & Java
NEM
NEM is a popular P2P cryptocurrency and blockchain platform that is written entirely in Java.
One of the main features of NEM is the formation of a blockchain using the Proof-of-Importance algorithm, which is determined based on three indicators: wallet balance, the number of transactions made by the account and the time spent on the Internet. In addition, NEM implements an encrypted messaging system, multi-signature accounts are possible, there is a reputation system, etc.
IOTA
IOTA is an open-source cryptocurrency and blockchain platform that is primarily designed for the secure and efficient transfer of data and fees without fees between devices in the Internet of Things. IOTA aims to become the core platform for the operation of the Internet of Things, enabling instant, seamless transactions between people, computers and programs.
IBM Blockchain is a public cloud service that allows customers to create their own secure blockchain networks. Offered as a blockchain-as-a-service (BaaS), the IBM Blockchain platform provides the ability to deploy blockchain components in a variety of environments of the customer's choosing. Since IBM Blockchain is a cloud service, and Java, as we know , is in great demand in clouds, and it is used quite widely in this platform.
Ethereum
Ethereum is an open and public blockchain platform for creating decentralized online services powered by smart contracts. Implemented as a single decentralized virtual machine. Ether is a cryptocurrency generated by the Ethereum platform as a reward to mining nodes for performing calculations.
In the Ethereum platform, Java is widely used to create applications based on it.
BitcoinJ
BitcoinJ is a library for working with the Bitcoin protocol. Supports creating wallets, sending and receiving transactions without a local copy of Bitcoin Core, and has many other advanced features. Implemented in Java, but can be used in any JVM-compatible language, including Python and JavaScript.
“I've been writing about digital technology for over 35 years, but I've never seen a technology with more potential for humanity than blockchain.” Don Tapscott, writer, co-author of Blockchain Revolution. As you can see, the prospects for this technology are enormous, and now, in 2020, this industry is just beginning to take shape. At the same time, Java is already actively used in many projects related to blockchain in one way or another. In the future, as this technology spreads around the world and is implemented in different areas, the demand for Java development in projects should only grow.
Blockchain for dummies: a couple of articles for further reading
As you can see, the prospects for this technology are enormous, and now, in 2020, this industry is just beginning to take shape. At the same time, Java is already actively used in many projects related to blockchain in one way or another. In the future, as this technology spreads around the world and is implemented in different areas, the demand for Java development in projects should only grow.
GO TO FULL VERSION