There is an increase in students and professionals opting to study online MBA programmes in top universities across India. After graduation, they enter various workplaces across industries. One of the biggest areas where professionals with online MBA degrees make a mark is in blockchain management.
Read on to know more about blockchain, its features and how an online MBA can provide the skills professionals need to scale up the career ladder.
What is Blockchain Management?
Blockchain management refers to the administration, maintenance, and oversight of blockchain networks and systems. Blockchain technology is a decentralised digital ledger that records transactions across multiple computers in a way that is secure, transparent, and resistant to tampering or threats. Blockchain management involves ensuring the integrity and security of the blockchain network, as well as implementing protocols for consensus, validation, and governance.
What are the Features of Blockchain?
- Decentralisation: The most prominent feature of blockchain is the fact that it does not need a central authority to function. It operates on a decentralised network of computers, thereby enhancing security and resilience by distributing control across the network.
- Immutability: A transaction is permanent once it is recorded on the blockchain. This way, it cannot be altered or tampered with. Each transaction is cryptographically linked to the previous one, creating a chain of blocks that is resistant to tampering or fraud. This ensures fair and transparent actions.
- Transparency: Apart from the fact that data cannot be altered or deleted, it also can be viewed by all participants in the network. This ensures trust and accountability because it allows users to verify transactions and track the flow of assets in real time.
- Security: Blockchain management ensures the use of cryptographic techniques to protect data from unauthorised access. Each block in the blockchain is cryptographically linked to the previous one, making it impossible to tamper with data. This increases security.
- Consensus Mechanisms: Blockchain networks use consensus mechanisms to maintain the integrity of transactions within their systems.
- Smart Contracts: Smart contracts are directly written into the code and consist of self-executing terms. These contracts automatically execute and enforce the terms of the agreement when predefined conditions are met, reducing the need for intermediaries and streamlining business processes.
- Tokenization: This feature of blockchain enables the creation and transfer of digital assets that mirror the ownership of real-world assets or rights. Tokenization allows for the fractional ownership of assets, increased liquidity, and new models of asset management.
Blockchain management involves leveraging these features to create and maintain secure, transparent, and efficient blockchain networks for various applications, including finance, supply chain management, healthcare, and more.
How do Online MBA Graduates Contribute to Blockchain Management Roles?
Online MBA graduates bring a diverse set of skills and expertise to blockchain management roles, contributing in various ways to the development, implementation, and optimisation of blockchain systems. Here are several ways in which Online MBA graduates can make valuable contributions to blockchain management roles.
1.Business Strategy and Planning:
Online MBA programs equip professionals with strategic thinking and analytical skills that are essential in blockchain management and implementation. They can assess the potential applications of blockchain technology within an organisation, identify opportunities for innovation, and develop strategic plans for integrating blockchain into existing business processes.
2.Project Management:
Once the strategy and plans are in place, project management is essential for the successful implementation of blockchain initiatives. Online MBA graduates have the necessary training in project management methods and can effectively execute scalable projects. They can coordinate cross-functional teams, manage timelines and budgets, and ensure that projects are delivered on time and within scope.
3.Risk Management and Compliance:
Blockchain technology introduces unique risks and regulatory challenges that organisations must navigate. Online MBA graduates are well-versed in risk management principles and compliance frameworks, enabling them to identify potential risks associated with blockchain implementation and develop strategies to mitigate them. They can also ensure that blockchain systems comply with relevant regulations and industry standards.
4.Financial Analysis:
Online MBA graduates can significantly contribute to blockchain management because they possess strong financial analysis skills which are essential for evaluating the financial viability of blockchain projects and assessing their potential return on investment (ROI). They can conduct cost-benefit analyses, develop financial models, and make data-driven decisions regarding blockchain investments.
5.Business Development Initiatives:
Effective marketing and business development are critical for driving the adoption of blockchain solutions. Online MBA graduates are equipped with marketing and sales skills that enable them to communicate the value proposition of blockchain technology to stakeholders, build strategic partnerships, and drive user engagement.
6.Leadership capabilities:
A feature of blockchain management is the involvement of teams across verticals, working together to achieve a common goal. MBA graduates are usually allowed to lead teams in this case, which requires them to have in-depth knowledge of management principles, leadership strategies and risk management. They also fuel innovation within the teams.
7.Ethical and Social Decision-Making:
Blockchain technology raises important ethical and social considerations that organisations must address. Online MBA graduates are trained to analyse ethical dilemmas and social impact, enabling them to navigate complex ethical issues related to blockchain implementation and ensure that projects align with organisational values and societal expectations.
These skills are acquired over time by professionals who choose the right online courses and ensure the right training and development to enter the field of blockchain management. The Online MBA Degree Programme by Dr D.Y. Patil Vidyapeeth, Pune (Deemed to be University) provides professionals with all the required skills like strategising, planning, execution, communication, leadership and ethical decision-making to ensure innovation and transformation within organisations. The rise of online MBA degrees has proved to give increased opportunities for professionals to work and learn at the same time, implementing theory into practicality simultaneously. This has shown to be immensely helpful in the blockchain space, where trends are ever-evolving.
