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The Rise of Careers in Blockchain and What You Should Know

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22nd Jan, 2019
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The Rise of Careers in Blockchain and What You Should Know

Time is changing fast! The onset of technologies such as blockchain has tremendously changed the very face of the technology industry forever. While the tech space is no stranger to rapidly changing skills demanded from professionals, the rise of blockchain has uniquely affected the industry in terms of the explosive growth in opportunities it is currently experiencing.
How has blockchain necessitated new skills and learning goals? What does the future look like in terms of blockchain jobs and careers? This article discusses the career dynamics in the blockchain space and how those with a profound understanding of the technology will be valuable assets for cutting-edge projects of the future.

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Demand surges for blockchain roles

The rise of blockchain resulted in more and more companies and start-ups raising the requisite capital to grow and scale, necessitating the need to hire experienced professionals with the desired skill set for the venture to eventually scale. The demand soon catapulted over the supply.
According to Glassdoor, the average starting salary in the blockchain space is $32,000 higher than the median US salary. The writing on the wall is clear.
What’s more? ‘Blockchain developer’ topped LinkedIn’s recently published list of the top 5 emerging careers in 2018. This comes despite the fact that these last few months have seen fluctuations in cryptocurrency trends. In fact, recent data from Hired has revealed that blockchain developers command salaries of the order of $175,000. This is, in fact, quite expected considering the scarcity of talent in this booming niche.

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Some of the companies hiring blockchain experts include leading enterprises such as IBM, ConsenSys, and Chainyard. The two former companies are responsible for posting 12% of the open jobs each according to Glassdoor reports.
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Blockchain developer

This boom in Blockchain has led to the most in-demand role of ‘Blockchain Developer’. This technical role necessitates skills in languages like Solidity and Go Language which is used to create automatically executing agreements called smart contracts or chain codes on blockchain platforms. In addition, proficiency in C++, Java, Javascript, NODE.JS, and HTML can prove valuable. A blockchain developer will greatly benefit from having a deep understanding of data structure and possessing algorithm skills.

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Other Job Roles in Blockchain

Like other firms, blockchain companies and start-ups will need project managers to help steer the company’s efforts in the desired direction. Enterprises have also been seeking talented blockchain architects with expertise in designing and leveraging blockchain platforms such as the Hyperledger fabric, Ethereum, and Corda to name a few. Blockchain quality engineers are tasked with ensuring the maintenance of quality in all aspects of blockchain implementation.
Blockchain technology has created some roles which are not all technical in nature and function. It is increasingly common to come across openings for roles in blockchain operations,  business, and design as data reveals. Blockchain attorneys and legal consultants are highly sought after professionals who advise companies over regulatory compliance— a space that has seen a lot of activity in recent months.
Blockchain jobs and roles will only continue to increase with time if experts are to be believed and this will usher in an era where blockchain administrators, blockchain architects, blockchain sales professionals, and blockchain security experts will help make Distributed Ledger Technology (DLT) products, services, and projects a part and parcel of the real world.

The rise of the freelance economy

In recent years, the freelance economy has grown by leaps and bounds. More and more professionals are now opting to work remotely, ditching offices in favour of flexible workspaces. When it comes to freelancing, blockchain development has grown by a rate of more than 6000% since the previous year.
According to Upwork, the well-known freelancing portal, blockchain freelancers earn anywhere between $65/hour and $250/hour.
The company has also revealed that blockchain is the fastest growing of the 5000+ skills listed on the website.
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India and Blockchain Jobs

As per latest reports released by LinkedIn, 1 out of 10 jobs announced in the blockchain niches posted from India. Blockchain developers, smart contract developers, and blockchain generalists are in high demand.
Several conglomerates and leading players across sectors in India have announced large blockchain projects to tackle different use cases. Even the country’s Government think tank, NITI Aayog has announced IndiaChain –  an indicator of the immense opportunities for growth in this sector in the nation.

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Ever Increasing Demand

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Distributed Ledger Technology (DLT) has been disrupting businesses and industries with the promise of greater trust, security, and transparency. Blockchain, the immutable ledger that stores data in a redundant and cryptographically secure manner needs a new generation of experts who understand the nuances of the technology to help enterprises and start-ups build chains that are efficient, secure, and scalable.
From supply chain to healthcare and education to real estate, the blockchain has found uses in multiple spheres. The true potential of the technology will be further amplified when skilled minds join forces to create powerful solutions to bring blockchain applications to the real world. Given the fast-paced transformation, the demand for blockchain developers and other roles is ever increasing and immediate.
The success of these endeavours though depends on effective instructional learning and courses that could help bright minds harness their talents. Arming them with all essential tools and knowledge resources, such programs will form the pillars of strength on which will rest the success of the blockchain revolution. Only a great foundation, after all, bears the weight of a colossal edifice.

If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.

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Drish Mahnot

Blog Author
Drish is a Consultant working with the Program team at UpGrad. He is currently pursuing his B.Tech from IIT Bombay and enjoys writing technical blogs in his free time.
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Frequently Asked Questions (FAQs)

1What are the skills required to become a Blockchain developer?

A wide range of skills is expected when it comes to blockchain developers. A blockchain developer must have a deep understanding of the technology, how it functions, and how it is constructed. They should be conversant with cryptographic hash functions, consensus, and distributed ledger technology. Second, striving to be a blockchain developer demands a solid comprehension of data structures, both theoretically and practically. Blockchain developers are tinkering with existing data structures like Merkle trees and Patricia trees. Smart contract generation is a must-have skill for developers hoping to enter into the blockchain business. Web development is the primary competence of a blockchain developer. Blockchain developers are in charge of the basic design of decentralized programs.

2What are the two types of Blockchain developers?

The jobs that blockchain developers must do varies. Hence they are separated into two categories. These two types of blockchain developers are core blockchain developers and blockchain software developers. A core Blockchain developer works with Blockchain at the most fundamental level. They are directly responsible for the design and development of the Blockchain architecture, including deciding on the system protocol, consensus technique, and other features. Blockchain software developers have a high level of interaction with the Blockchain. Their mission is to incorporate core Blockchain developers' algorithms into their programs, resulting in decentralized Blockchain applications.

3What is the average salary of Blockchain developers in India?

Developers who work on constructing and upgrading blockchain protocols, developing the structure of blockchain systems, and developing smart contracts and web apps that utilize blockchain technology are examples of blockchain developers. A blockchain developer is a programmer who works on blockchain technology development. The average salary for a Blockchain Developer in India is ₹6,77,282. In India, the maximum yearly salary for a Blockchain Developer is ₹15,82,638 per year, while the lowest is ₹3,46,669 per year. A Blockchain developer may make money in a number of different ways. Salaried jobs, running your own Blockchain company, freelancing, bounty hunting programs, consulting services, and so on are all possibilities.

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