Fraud in any organization or company isn’t a problem that should be ignored. In addition to being costly, it can decrease employee morale and create an unstable business environment as well as undermine business and consumer relationships.

According to a study by the Association of Certified Fraud Examiners, the typical organization loses five percent of revenues to fraud each year.

Unfortunately, fraud in a business can go undetected for a long time and is often hard to uncover.

Blockchain can be used to fight and prevent fraud in a business network.

Blockchain is a technology where Bitcoin is the only first mainstream manifestation.

One of the major components that determines the value of blockchain is its ability to share data in a fast and very secured way without any one entity having to take responsibility for safeguarding the data.

Enhanced security is a leading benefit of blockchain technology.

The enhanced security offered by blockchain stems from how the technology actually works: Blockchain creates an unalterable record of transactions with end-to-end encryption, which shuts out fraud and unauthorized activities. Additionally, data on the blockchain is stored across a network of computers, making it nearly impossible to hack (unlike conventional computer systems that stores data together in servers). Furthermore, blockchain can address private concerns better than traditional computer systems by anonymizing data and requiring permissions to limit access.

Transactions recorded on blockchain are immutable because they cannot be deleted or changed. Before a “block” of transactions can be appended to the blockchain, network participants must agree the transaction is valid through a process called consensus.

According to Casey Evans, blockchain expert and professor of finance and accounting at American University’s Kogod School of Business, blockchain technology can help fraud detection because it enables the sharing of information in real-time and all participants in a blockchain have visibility over transactions.

There are several methods fraudsters use to conceal their criminal activities, including altering or deleting information in a company’s accounting systems, changing electronic or paper documents and creating fraudulent files. Using a shared digital ledger can help reduce fraud because it increases the visibility and transparency of the transactions made throughout a supply chain and between members of a business network. Participants can see the history and transfer of assets, so fraudulent transactions are easier to identify. Plus, to tamper with the transaction records on a blockchain, an individual or group of individuals in collusion would have to control a majority of the system.

Another beautiful attribute of blockchain technology that aid it in preventing fraud is the fact that blockchain can be permissioned.

Although, not all blockchain can be permissioned. However, permissioned networks can be great for fraud prevention because they restrict who is allowed to participate and in what capacity. Members of a permissioned network must be invited and validated before they can contribute.

Controlling access and identity management are key in a permissioned network. With Hyperledger Fabric, a blockchain implementation framework hosted by the Linux Foundation, participants are issued cryptographic membership cards to represent their identity. This makes it extremely hard for fraudulent activities to take place.

Application of blockchain technology can help make business networks less susceptible to fraud.

Blockchain is a digital and distributed ledger for all records and protected from revision, tampering on P2P network. Blockchain is build with 3 technologies like Private keycryptography, P2P Network and the blockchain protocol

Before going into deep with Hyderledger, we will go with DLT(Distributed ledger Technology).

A distributed ledger technology distributes data across multiple computers. There are several types of DLT’s like Blockchain, tempo, DAG etc. All Blockchain are DLT’s but All DLT’s are not Blockchain. DLT is a database it spread across all sites.

DLT have the potential to speed up to transaction as they remove central authority on middlemen, reduce the cost, most secure and have transparency.

DLT provides permanent, global, decentralized and trustless ledge of records also it is accessible everywhere. Blockchain is built on top of previous block by creating a hash key to form the chain. All blocks will be added in chronological order and time-stamps

DLT follows distributed architecture. Public DLT’s have permissioned operations, Built in Integrity and verification of data which have control and trust by users.

Which are the Blockchain’s Jobs?

If you are looking to start your career in blockchain, you must review the job options you will get while working on blockchain technology. With the extreme popularity of technology, job opportunities are skyrocketing, and individuals with blockchain certification and skills are earning well.

Blockchain Developer

Software developers are one of the most popular job roles in blockchain technology. Many companies hire Blockchain developers to perform the best solutions and create new technologies using their advanced skills. You can be a core blockchain developer or software blockchain developer. Skills required for the Blockchain developer are in-depth knowledge of blockchain architecture, cryptography, data structure, web development, and proficiency in programming languages like Java, C++, Solidity, Python, Smart Contracts, RUST etc. Any added skills be an added advantage. 

Blockchain Architect

Blockchain Architects are responsible for managing, designing, and connecting the various parts of the blockchain system. They have to create a suitable architecture for the required system.

Blockchain Security engineer is another highest paying blockchain job, and it has also gained popularity in the IT industry. The Blockchain security engineer’s responsibility is to work directly with the developers and audit their code in terms of security. They make sure that the products like smart contracts, Dapps, and protocols are secured. 

Blockchain Product Manager

A blockchain project manager is responsible for managing the particular project and keeping the link between the organization and blockchain experts. The project manager must have management skills, leadership quality, best communication skills, and expertise in technology.  

This is one of the demanding jobs in the field of blockchain. 

Blockchain UX Designer

For developing a unique and user-friendly interface, UX designers are needed. Every organization dealing with blockchain technology prefers a UX designer to establish the designs for navigating with the users. If you are keen to be a Blockchain UX designer, you must have creative and technical skills which will benefit the organization. 

Blockchain Engineer

Blockchain Engineers are specialized in creating decentralized applications (DApps). They must have in-depth knowledge of new technology and programming skills. Blockchain engineers are in high demand in MNC like General Electrical (GE) and Robert Bosch.

Blockchain Quality Engineer

The Blockchain Quality Engineers manages to check all the applications that are to be executed by testing. Also, they make sure to check the quality of every system related to blockchain. Companies prefer someone who can handle the responsibility of delivering the end product for the company free from bugs and glitches. For this role, you must have profound knowledge of blockchain platforms, frameworks, manual testing techniques. Also, additionals skills like communication, quick thinking, problem-solving, etc., will be an add-on. 

Blockchain Consultant 

A blockchain consultant is one of the highest-paying blockchain jobs. Companies like IBM and Microsoft hire individuals who have the technical knowledge and offer the strategies that help solve the problems. Also, risk management skills are required when working with such disruptive technology.

Blockchain Legal Consultant 

To handle all the legal complications for the blockchain-based companies, Blockchain Legal consultants are hired. It is the highest-paying blockchain job. The responsibilities of such individuals are to offer advice and structure for cryptocurrency or other coin offerings. Also, to look over the smart contracts whether they are meeting the regulatory requirements. Blockchain consultants must have a basic understanding of blockchain technology and cryptocurrency trading. Also, the legal implications of the particular country are taken into consideration.

Blockchain Analyst

Blockchain Analyst is also one of the blockchain jobs which has a high pay scale. Blockchain Analyst can be recruited as a Risk Analyst and the Business Analyst. Blockchain Risk analyst analyses the risk factors existing on a particular application or system. Also, they figure out the potential threats. As a result, they offer some solutions to overcome that particular risk. 

The business analyst tends to provide the best business strategies which will eventually or instantly benefit the organization. Also, they have the skills to provide improvements and solutions that will positively impact its growth. Blockchain Analysts must have in-depth blockchain technical skills. 


So far, we have discussed the, Importance of Blockchain, DLT’s of Blockchain and the highest paying Blockchain jobs, including blockchain developer, blockchain analyst, Blockchain engineer, and many more as blockchain technology is rapidly taking over every industry. Blockchain technology creates a permanent and immutable record of every transaction. This digital ledger makes fraud, hacking, data theft, and information loss impossible.