Everything you need to know about Blockchain Enabled Business

Be part of the field that’s exploding in job demand.

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The Bachelor of Business (Blockchain Enabled Business) at RMIT University is the first degree of its kind in Australia that will prepare you to work in an international context in range of in-demand roles and sectors across the globe. 

Blockchain technology started out as a platform for digital currencies like Bitcoin, but is now revolutionising the way many businesses, governments and social enterprises operate. In fact, industry watcher Burning Glass reported that “Blockchain” is the most sought-after skill listed in job advertisements over the last year.

But what exactly does blockchain involve?

Here’s a snapshot of how the technology works and what you can expect to learn about when you choose to study the groundbreaking undergraduate degree at RMIT.

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What is blockchain and how does it work?

Blockchain is a transformative, infrastructure technology that makes all sorts of transactions more secure, traceable and reliable. 

In banking and financial services, it’s used to speed up payments, improve trust and financial inclusion, to make stock exchanges more efficient and to combat money laundering. In healthcare it’s used to keep medical records accurate and ensure the safety of medications. In agriculture it’s used to combat food fraud and ensure safety of food products. In supply chain and logistics, it’s used to ensure goods get to where they need to be, faster and at a lower cost. In the creative industries it’s used to expedite payments and prevent copyright infringement. In government, social services and education it’s used in identity and credentials, voting, and preventing fraud.

Blockchain technology records every step of a transaction or a contract in chronological order, from when a purchase agreement is made to when delivery occurs. Transactions are grouped together in blocks, and each block is irreversibly connected (or ‘chained’) to the next by a unique fingerprint-like code. 

But what really makes blockchain so groundbreaking? Blockchain is a new way of creating trusted information.

  • It’s secure and distributed. Transactions in a blockchain are kept on a network that is widely distributed, and transactions must be validated by multiple members of the network. Once recorded, transactions are encrypted to ensure they cannot easily be changed. No single person or organisation controls the network or the data, keeping it secure and immutable.
  • It’s transparent. Each person involved in the process keeps a copy of every transaction made along the way. This could include photographs of a product at various touchpoints, or authorised quality assurance checks. Transparency also means traceability, reducing the risk of fraud.
  • It’s more efficient. Blockchain offers a verified, trusted source of information about transactions that can be referred to at any point in time. It can also integrate with other technologies like sensors and smart packages to streamline the process of trade by eliminating the time and money typically spent on checking information.

What career could I pursue with skills in blockchain?

Blockchain adoption is growing fast and demand for blockchain skills is expanding with it. The blockchain market is expected to grow to more than US$23bn by 2023. A 2020 survey by Deloitte found that 55% of senior executives and practitioners in global organisations viewed blockchain as “critical” and in the “top five strategic priorities” in the next 24 months alone.

Australia’s CSIRO/Data61 group reports greater than 200% job growth year-on-year in blockchain skills since 2015, with more than half of those jobs in “business enabling” roles – roles that require an understanding of the economic, financial, accounting, strategy, IT, legal and regulatory dimensions of how blockchain integrates into all sorts of enterprises. 

The Bachelor of Business (Blockchain Enabled Business) at RMIT will equip you for a career at the forefront of the new global digital economy. It will prepare you to work in a globalised, international environment as a business analyst, consultant, policy advisor or manager in the many and varied business sectors that adopt blockchain technology, including finance, banking, health, trade, supply chain and logistics, and a range of government and social service agencies requiring expertise in the field.

Some examples of your future job title in blockchain include:

  • Blockchain project manager
  • Blockchain developer 
  • Blockchain web designer
  • Blockchain engineer
  • Blockchain legal consultant
  • Marketing specialist
Blockchain network The blockchain market is expected to grow to more than US$23bn by 2023.

How do I know if I should study blockchain?

If you’re inspired to improve the way businesses work, and to work at the forefront of the new digital economy, then blockchain is a skill to invest in. Blockchain is booming, and blockchain skills are predicted to be in hot demand across all sectors – even in creative industries.

What is RMIT’s blockchain course like?

RMIT’s blockchain degree is truly multi-disciplinary, equipping you with knowledge and skills in economics, finance, accounting, business IT, strategy and law and ethics that are industry-focused and relevant to the needs of business, government and social enterprises.

The Bachelor of Business (Blockchain Enabled Business) covers core blockchain and business subjects, which have been designed with leading industry partners. You will also have the added flexibility to choose electives that suit your interests and career goals, such as entrepreneurship. 

Your major specialisation will include industry-led case studies and projects and a capstone project in Blockchain Applications, where you will develop a solution to a real industry problem. You’ll also have the opportunity to dive into internships, go on global study exchanges, and take part in business competitions and industry-connected student forums, including the RMIT Blockchain Association. 

And after your degree? You’ll graduate with the skills to adopt and apply blockchain across commercial, public and social enterprises, and help shape what’s next for global business.


Story: Pallavi Daniel

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