November 22nd, 2018 | Updated on June 17th, 2020
- The business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030, according to Gartner.
- A recent survey by SAP found that 92% of business leaders view blockchain as an opportunity.
- Glassdoor found that blockchain-related job openings in the US have increased 300% compared to last year and that the salaries are growing too
Blockchain is the next-generation technology solution for many major problems of tech sector, and this is endorsed by government and business.
Blockchain potential is seen beyond finances, and it’s believed that its technology’s prowess can show promising results in various industries from healthcare to insurance to manufacturing and more.
So, we can say that Blockchain, which was first developed to account for the popular cryptocurrency, Bitcoin, is now one of the most dynamic technologies today. All of this enthusiasm for the technology offers tremendous professional opportunity and has created a surging demand for blockchain-related jobs.
Blockchain was first developed in 2008. The purpose was to use it for cryptocurrency bitcoin.
Blockchain is a distributed database to store record of any kind. It is highly secure because the users can only edit that part of the blockchain they own. It is also highly transparent because anyone with blockchain can see it.
As already mentioned, it is described as the “internet of value”. Anyone can send the value anywhere. Just as anyone can access the information sent by anyone anywhere in the world on internet, the blockchain file can also be accessed by anyone.
Blockchain has now moved beyond the financial industry. The companies representing diverse industries are already exploring the ways they can use this technology to their advantage.
Where Is The Demand For Blockchain Skills?
According to Upwork, blockchain skill has captured the No. 1 position on the latest skills index and is the fastest-growing skill out of more than 5,000 on the site. Currently, demand is far outpacing supply.
This technology may still be in its infancy as a skill-set, yet the established as well as start-up companies including Samsung and IBM have a high demand for this skill set.
As a skill-set, blockchain technology is in demand from startups as well as enterprises, willing to leverage the distributed ledgers, the backbone of the technology, in many industries from healthcare to insurance to supply chains to manufacturing and more.
Here are a few of the hottest blockchain skill-set positions:
- Blockchain Developer: As a blockchain developer you help your company create blockchain platforms. This is a technical post. You must have an eye for details to do well.
- Blockchain Designer: A designer is expected to develop user experience. There is no middleman involved and so the user experience counts here. The design should be able to appeal to a regular user.
- Blockchain Quality Engineer: The job of a quality engineer is to test and ensure the top quality in the blockchain development.
- Blockchain Legal Consultant: Legal expertise may be needed for the companies using blockchain technologies. They need to understand the management and implications of business and finance. They need to track and conform transactions.
Of course, understanding blockchain concepts will matter the most for finding a job in the industry. Several certificate programs that teach blockchain skills will really be helpful.
Also, there are free online resources such as IBM’s “Blockchain for Dummies” guidebook and a compilation of articles published by venture capital firm Andreessen Horowitz are also helpful to enrich your understanding of blockchain technology.
Career Prospects In Blockchain Technology
The biggest advantage of this technology is that it has opened the doors for everyone to contribute to the shared economy without the involvement of the third party.
Let us take the example of Uber or Ola. The role of a company is minimized or eliminated here because the blockchain has opened a new world for those who want to hire rides and those who want to offer rides.
In addition, an altogether new technology emerges if you add blockchain to machine learning. It is expected that a new knowledge set may likely emerge pretty soon with Big Data analytics and Artificial Intelligence in combination with blockchain.
For individuals with skills, blockchain should be welcomed as a boon. It can help them monetize their skills and talents. They would be able to sell their music or art pieces directly to the buyer without the involvement of the middlemen.
The goal of blockchain is to create a large number of people who can trust this system. The decentralized feature of blockchain or cryptocurrency would ensure elimination of the concentration of power in few hands.
In the U.S. job market, blockchain is already at the hottest no.1 position, according to skill index by Upwork. Evidently then, there is a high demand for blockchain skilled people.
In the finance sector, the blockchain is already supporting cryptocurrencies, while the other industries like insurance, healthcare, and manufacturing apart from many more are already exploring this option. So, blockchain workers will certainly be needed in large numbers.
Although much of the blockchain hype has focused on startups and their cryptocurrencies, there is plenty of action at large, well-established companies, too, some of which have built private blockchain systems to boost efficiency and reduce fraudulent activity. Microsoft and IBM are among the big-name corporations that have embraced this technology.
As blockchain technology continues to evolve, so will the professional opportunities it makes possible. Although it’s impossible to predict how it will all shake out, those with blockchain expertise will likely be in high demand for many years to come.
Blockchain technology has set off a gold rush. With Blockchain technology, possibilities are endless and indeed very exciting. Things are certainly looking up for Computer Science and Information Technology graduates. This is certainly the next big thing from a careers point of view.
How Can You Build a Career in Blockchain?
If you want to establish a career in Blockchain, you don’t have necessarily to sign up to a traditional university prorgram.
As aspiring blockchain developer, you don’t have to enroll at a University program, as online education platforms offer many comprehensive blockchain courses. Check out how a professional has built a unique career path that has led to an exciting role in the blockchain field.
The blockchain job market is thriving, research shows that employers are working to find more talent in the blockchain space. Though the regulatory status of cryptocurrencies remains unclear in the US, the growth in the industry related to the blockchain technology is not. So, those looking to get involved can follow their own path to success.
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