While blockchain is conquering more and more spheres, it may be rather sensible to consider it as a new option for your career development and professional growth.
Blockchain is now an essential field for tech professionals to explore and invest time in. Considering the overwhelming impact cryptocurrencies have had on the world, and how disruptive this technology is, we may as well be confident that it’s not going anywhere anytime soon.
More importantly, blockchain is now gradually injected into a broad spectrum of fields, niches, and sectors, which infers that there are now many promising job opportunities for the professionals versed in this technology.
Considering that many large businesses and corporations are actively trying to enter the blockchain app field, it’s safe to assume that studying it can be a considerable advantage for aspiring professionals. In this article, we’ll take a look at why you should take your time to study blockchain and the impact it can have on your career. Let’s dive right in.
The Employer Spectrum
There is impressive diversity when it comes to businesses that are actively scouting tech-oriented blockchain professionals or specialists in adjacent fields that are initiated in the technology.
It’s safe to say that the vast majority of players in the crypto world are startups. These are highly mobile and flat organizations that execute a wide array of functions, from trading platforms and wallet providers to educational sites that aim to provide their audience with valuable content in the field. While these businesses often can’t afford to pay large salaries, they are generally a great starting point for people willing to learn and work in a flatter organization, which implies taking on more responsibilities and creative decision-making.
An important section of the blockchain employer market is populated by tech companies. These are generally established organizations that are trying to integrate their product into the blockchain framework, in order to maintain their relevance in the future markets, given how disruptive this technology is.
Blockchain isn’t accepted only by techno-optimists and futurists, it’s something financial institutions like JP Morgan Chase, Visa, and NASDAQ are well-aware of. Many banks and accountancy companies have started tapping into this market, and are trying to adopt the technology as early as possible, rather than speculating that it’s just a temporary trend. Blockchain and banks are a very promising collab. Based on a report recently published by Accenture, approximately 90% of the banks they’ve surveyed have been exploring blockchain and are already in the early stages of formulating their strategies.
Other prominent representatives among blockchain adopters are states and governments. While there aren’t many countries that have outrightly considered accepting a cryptocurrency as their national currency, there is a solid foundation for it. However, Venezuela seems to be the first government to have launched its first cryptocurrency, and other governments like Estonia are using it to eliminate discrimination from the way government agencies serve the population.
Demand and Supply
The critical aspect regarding blockchain is the impressive job prospects that it offers. A good understanding of the field is now considered a very relevant skill in the modern business ecosystem and will remain highly relevant in the years to come. According to a report released by Upwork, the demand for blockchain specialists has grown nearly sixtyfold from 2017 to 2018, and this impressive growth is not going to stop anytime soon.
Furthermore, according to some publications, the lack of blockchain specialists has become a primary issue in the industry and sourcing professionals of all fields with an adequate understanding of the technology is very complicated. As put by Brian Behlendorf, the exec at the Linux Foundation-led Hyperledger project: “The tech recruiting is very thin. So, recruiting is hard.”
It’s Worth Your While
The good news is that the booming demand for specialists in the field has determined an impressive growth in the salary department for the much-coveted blockchain developers and adjacent specialists.
It is estimated that their salaries are approximately $15,000 to $40,000 higher than the salaries of other software engineers in the United States. The same can be said about specialists in other departments that are initiated in the technology.
When it comes to Europe, the situation isn’t really that different. Blockchain devs make an estimated $120,000 to $180,000 per annum. While the same professionals in the United Kingdom make an equivalent of around $100,000 to $140,000 per annum.
The Russian IT market is no different. The salary of an experienced blockchain developer can amount to a whopping 400,000 Rubles that translates to around $6,000 per month. More importantly, according to HeadHunter, a famous Russian recruiting website, merely indicating “Blockchain” in your CV is bound to increase your salary by around a quarter, compared to what you’d be offered otherwise.
Blockchain Complements Your Skillset
If you’re considering to start learning blockchain, in order to make your resume more relevant on the job market, but you’re not quite ready to apply for jobs in the field — you still have time!
It’s important to stress that a technical background is by no means imperative. Being familiar with the underlying principles of blockchain is a good start, and reading a few books that will initiate you in the topic will give you a solid start.