Why is there an Explosion in Blockchain Jobs

Cryptocurrencies and blockchain are becoming a hot trend in the job market. Listings of “blockchain” skills skyrocketed more than 6,000 percent in the first quarter comparing to one year ago. Recently, Upwork, the popular freelancing job portal published a report that states that blockchain is indeed the fastest growing job category on its site. There were over 2200 blockchain-related jobs in the last quarter of 2017 compared to just 96 jobs in the same period of 2016. The same is true for LinkedIn and Indeed.

Blockchain and digital asset skills have never been more in-demand. Experts able to focus in this space are still quite rare so for those skilled enough to add a lot of value into blockchain development the benefits are very lucrative. Although the roles in highest demand are on the more technical end of the spectrum there are also a growing number of opportunities in other professional work areas. Other opportunities include positions such as business analysts, strategy and technology consultants, and tax and accounting experts.

Why the demand of Blockchain skills is so high

Some facts and background

  • Bitcoin grabbed public attention last year when the price of one coin shot up more than 2,000 percent in 12 months to above $19,000. The cryptocurrency was the first application of blockchain technology, which eliminates the need for a third-party intermediary, such as a bank, by quickly creating a permanent, secure record of transactions between two parties.
  • 2017 has been a year of explosive growth and a year of landmark breakthroughs in blockchain technology applications across many sectors — particularly finance.

All the above have brought further attention to blockchain technology and its many benefits — such as its high accuracy, security and verification features in handling data and monetary transactions.

Now, startups and corporations are testing ways to use blockchain in a host of areas such as energy distribution and supply chain management. Estimates show that the size of the blockchain industry could grow into the tens of billions.

The largest developments in 2017 have come from major financial institutions that are looking to invest in blockchain technology in the pursuit of increasing transaction security. Major banks and tech giants such as IBM and Microsoft have completed trials and implemented applications using the technology in the push to improve online security. In addition, government bodies across the globe, such as the Estonia government, are using blockchain to a greater extent to secure healthcare and personal records. All of these factors are driving job growth in blockchain.

Growing Opportunities

As cryptocurrencies become more and more popular and businesses embracing blockchain, the hunt for candidates who are proficient in blockchain technology grows at a rapid pace. Companies of all sizes and across all industries are seeking experts in this new and innovative space and this has been driving demand upwards.

As the technology matures, blockchain engineers will see absolutely high demand. Some analysts say taking the risk in a cryptocurrency role could position someone for a key role in a major corporation down the road.

A Career in Blockchain Technology

An entrant, who is looking to make a career in blockchain technology, must start by focusing on the three primary underlying fields.

Cryptography

With more and more of our assets getting digitized, there’s going to be a sharp need for robust technology to keep it secure. This is where cryptography and encryption algorithms come into the picture.

Distributed Computing

Bitcoin introduced the world’s first distributed and trusted network that spanned the entire globe and worked with little to not centralization. Before Bitcoin, the closest thing to a global peer-to-peer network was torrent websites. While they worked sufficiently, they missed the incentive for peers to remain active members of the network. With economic incentives in the blockchains, distributed computing systems have realized their potential. As more and more nodes join the network and place their trust on these systems, there’s a tremendous demand for distributed computing engineers.

Mechanism Design

Initially, bitcoin miners were able to mine coins using regular personal computer CPUs. But, it all got changed with the entry of ASIC miners. These miners had the capital to build large mining farms, and the concentration of mining power got skewed. This is where the role of mechanism designers becomes crucial. With robust and secure algorithms, they are looking for new ways to build a global trust network that is decentralized in the real sense.

Conclusions

Companies of all sizes and across all industries are investing in blockchain technology. At the same time, there are thousands of startups that are creating new products and services based on this disruptive industry. All of them are seeking experts in this new and innovative space and this has been driving demand upwards at a rapid pace.

If you’re looking to establish a lucrative career, then Blockchain Technology provides you with many opportunities. Whether you are interested in cryptography, distributed computing, mechanism design or see yourself more in the consulting profession the demand is high and the supply still low.

Instead, of looking at short-term gains by speculative trade, you can build a profitable career by honing your skills.

Blockchain

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