In recent months, Blockchain has been the talk of town within the sphere of Finance and Technology in Malta - with the Fintech industry showing promising growth, all eyes turn to the technology which is pledging to further shape the way Fintech companies operate. With Malta opening its doors to Blockchain distributed ledger technologies, the island seems to be giving itself greater opportunity to become a haven for online banking and payment financial institutions within a cryptocurrency framework, as the country has become the first world jurisdiction to provide legal certainty in this technology.
Further to this, Malta will this year host the Malta Blockchain Summit which expects around 4000 delegates and hundreds of investors from around the world to discuss the development and application of Blockchain technology in the Health, Government, Entertainment, Banking and Fintech industries. Therefore, with Malta now attracting more well-established foreign tech companies as well as innovative tech start-ups, economic growth is destined to accelerate while creating numerous career opportunities in technology in Malta.
The profession of software development is seeing rapid new areas of expertise, with Artificial Intelligence and Big Data technologies forming a major part of a company’s strategies and decision-making processes. Now, Blockchain technology becomes more widespread, companies will have no choice but to implement this technology in their payment processes. Whether in a B2B or B2C environment, financial transactions will continue to be completed online, meaning that companies will have to invest in online platforms to complete such tasks, both on desktop and mobile. This will in turn create a demand for software developers which specialise in blockchain development.
How will Blockchain Development continue to grow?
Blockchain technology is favoured for its speed and simplicity, working within a decentralised database where transactions are verified within a peer-to-peer (P2P) network, acting as a public ledger system which structures, records and stores transactional data online. This means that all financial transactions are transparent and can be processed within a secure digital environment. Fintech companies making use of this evolving technology will certainly benefit by providing their customers a more efficient and intelligent way to carry out their online banking and payments. Companies in the iGaming industry will surely be following suit, optimising their payment options to operate within blockchain ledger technology. It is therefore no surprise that there is a growing demand for professionals in tech with an expertise in blockchain technology and interest in the new software development trends such technology is witnessing.
Applications of Blockchain Technology
The uses of Blockchain technology will continue to spread across various industries, meaning that software developer roles in Malta related to Blockchain are expected to emerge, generating additional opportunities in tech careers. This technology brings various benefits, at the moment particularly in the Financial Services industry. With smart contracts adding speed, security and transparency whilst also cutting out intermediaries in the process, reducing fees. Further to this, record-keeping is now becoming far more efficient, as finance departments with blockchain records in their system can access and view all transactions from manufactures down to the end consumer, enhancing reliability and compliance through automation. Blockchain technology is also destined to be introduced in trade finance, as importers and exporters will be provided with quick verification processes, giving all parties involved access to official records and documents once they have been agreed and processed, allowing traders to go ahead with their trade more efficiently. In relation to this, P2P (Peer-to-Peer) systems can be optimised to complete transfer of payment for loans and insurance too.
Skills Sought After in Blockchain Development
Software developers with an avid desire to learn about Blockchain technologies and have an understanding of decentralised architecture and DLT (Distributed Ledger Technology) can begin to apply their knowledge to Blockchain projects. Having a good working knowledge of the necessary computing languages, cryptography, cryptocurrency mining, DApp Architecture and Smart Contracts will help a software developer move into the development of Blockchain technologies.
The computing language of Solidity is the foundation upon which Blockchain technology runs, and is therefore a required skill for all blockchain developers. This high-level programming language is a statically-typed language, meaning that all stages are verified - this language was first implemented for smart contracts, where contracts where settled online in a way where once complete, where available to be viewed by all parties involved, and could not be reversed. This system contributes to blockchain technology, where once a transaction or process is complete, that data is stored on the blockchain network. The skill of the programming language of Solidity provides the software developer the ability to branch out into the world of Blockchain technology and assist companies in developing software to generate successful online banking and payment solutions, as well as digital services related to smart contracts, electronic signatures and ICO in Fintech.
Furthermore, DApp (Decentralised Applications) Architecture is an open source code within a decentralised framework which is fuelled through cryptocurrency tokens and generates tokens itself using different algorithms. This technology is what generates the transparent and resilient trading platforms on a blockchain system.
Another favourable skill for this field is that of cryptography - the ability to develop algorithms to enable strong cybersecurity methods and forms of user authentication within the blockchain environment is very important to keep the customer’s mind at ease. In addition, knowledge in machine learning is also very beneficial - insight on this AI technology will give developers a completive edge, since this practice overlaps with the areas of Big Data and cloud computing, two technologies which are changing the way companies collect and implement data.
Blockchain technology systems require skilled individuals with a strong technical background of software development to design, develop, test and execute algorithmic strategies for trading, payment and banking solutions within multiple industries. With Blockchain technology to become more utilised throughout the years, many job opportunities are projected to provide talented tech professionals with the chance to help established companies in their blockchain technology efforts. This technology is becoming more and more relevant as it is expected to connect multiple industries and revolutionise payment methods and financial data automation, meaning that blockchain development will become a new field in software development in the near future.
Now, with Malta being at the forefront in Blockchain and DLT, there is plenty potential for career opportunities in technology which will empower the software developer in providing further room for growth and career success within this new and evolving field of technology.
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