The internet is undoubtedly one of the most vital aspects of the life of almost every individual on this planet. Moreover, the COVID-19 pandemic has further established how significant the internet can be in times of crisis. Web 3.0 is supposed to be the future of the internet. With the increasing popularity of decentralized systems, blockchain technology is gaining more traction. In this post, we will talk about blockchain careers and jobs.
Careers and Jobs in Blockchain
Co-authored by Sampurna Panigrahi
The world today is continuously progressing towards hi-tech technology and smarter ways of doing things. In the conquest where technologies get introduced every day, what has made a significant difference is Blockchain Technology.
There would hardly be anyone today who hasn’t heard about Blockchain. It is a huge driver in the IT industry and is predicted to be one of the most used technologies in the future. While it might first sound like rocket science, it isn’t that hard. In this article, we will explore careers and jobs in Blockchain. But, let’s decode what it actually means.
What is Blockchain Technology?
Blockchain, in simple words, is a sequence of blocks that contain data. This data can be and is usually related to the monetary transactions between the sender and the receiver. In a business network, it is also employed for asset tracking. An asset might be tangible (a house, car, money, or piece of land) or intangible (intellectual property, patents, copyrights, branding).
Blockchain is useful for the protected transfer of items like property, money, contracts, and so on without any third-party intermediary, such as a bank or government agency. Once the information is recorded inside a blockchain, it is impossible to change it, thanks to its stable features.
According to Mr. Alex of the Blockchain Research Institute and author of the 2016 book ‘Blockchain Revolution‘, “Blockchain is a trustworthy digital ledger or a distributed database that keeps track of transactions and can be programmed to record not only financial transactions but also everything else that has worth.”
How does Blockchain Work?
The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. Thus, a blockchain is a foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed.
A blockchain is a type of shared database that differs from a typical database in the way that it stores information; blockchains store data in blocks that are then linked together via cryptography.
As new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order.
The blockchain concept predated its first widespread application in use: Bitcoin, in 2009. In the years since, the use of blockchains has exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.
Blockchain and Crypto
Blockchain technology gained significant limelight with the introduction of Bitcoins. It was the first ever successful execution of blockchain. Cryptocurrencies operate on the integrated technology of blockchain.
In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
One of the key benefits of Blockchain is that it is an automated record that is accessible on many PCs. This indicates that Blockchain is not restricted to a particular location and may be accessed using a variety of computer systems.
Blockchains preserve all data chronologically, and often no data is handled by centrally approved institutions. Due to users’ direct access and ability to complete transactions without the aid of a third party, blockchain technology becomes a beneficial instrument in the economic sector. By encrypting user information, these transactions can be completed safely. Blockchain technology’s main advantage is that data leak issues are rarely a problem.
Required Skills to Make a Career in Blockchain
With the rising popularity of Blockchain technology and more and more companies adopting this technology, it holds great prospects for professionals. Like any career path, to build a career in blockchain one needs to have a specific skill set.
One of the most demanded skills in the fields today is the knowledge of Hyperledger, Ripple, R3 Conda, Fabric, and Ethereum. You also must have a basic knowledge of mathematics and algorithms. Other skills include Merkle proof, elliptic curve digital signatures, cryptographic hashing, etc.
Additionally, you must also have working knowledge of Solidity, Go, and Simplicity.
Cryptography forms the foundation of blockchain technology. Blockchain Developers must adapt to technologies such as Geth, Remix, List, Solium, and BaaS to name a few.
Some other necessary skills and qualifications for a career in Blockchain would be:
- Acquaintance with DevOps tools (Jenkins, Selenium, TravisCI, etc.)
- Experience in cloud creation using Node.js, REST tools, and web apps
- Interacting with stakeholders having different backgrounds and perspectives
Blockchain Career Roadmap
- Firstly, you will need to be highly skilled in computer programming.
- Second, you will also need to have strong mathematical skills.
- Finally, it is also beneficial to have experience in economics and finance. Earning the relevant certification is also the key to a successful career in blockchain technology.
- Apart from these, a knowledge of Data Structures and architecture, and Cybersecurity is a necessity when we talk about a career in Blockchain technology.
- With these qualifications, you will be able to pursue a career in blockchain technology and develop the necessary skills to become a successful blockchain developer.
Job Scopes in the Blockchain Domain
Blockchain is a highly growing industry across the globe. Blockchain has expanded far beyond its origins in cryptocurrencies, making inroads into a variety of businesses. As a result, there is a huge demand for developers with experience creating blockchain networks and applications, which has encouraged many people to think about a career in blockchain development.
There are numerous jobs and responsibilities for blockchain developers. They may be in charge of the blockchain network, the software that runs on it, or a combination of the two. Additionally, they might take part in developing blockchain networks and apps, assessing current systems, and testing out new technology. Read Trending Blockchain and Cryptocurrency Jobs in India.
Roles and Responsibilities
Depending on the individual’s circumstances, a blockchain developer may have one or more of the following tasks and responsibilities:
- Planning security and compliance over the entire blockchain network and implementing cryptographic methods like hash functions and digital signatures; studying, evaluating, and developing blockchain networks, consensus protocols, and decentralized applications;
- Investigating, analyzing, and incorporating fresh tools and technology into a blockchain network or its applications;
- Building a blockchain network, testing it, keeping track of it, and maintaining it, with an emphasis on performance, distributed computing, consensus protocols, cryptography, and other security measures;
- Building, testing, overseeing, and managing back-end systems, client-side applications, decentralized applications, smart contracts, and any other components that make up the application stack;
- Creating documentation for blockchain applications and systems as well as development procedures, artifacts, and best practices; and utilizing a variety of soft skills, such as teamwork, collaboration, communication, problem-solving, and problem-multitasking.
Typical Job Roles / Career Opportunities
- Blockchain Interns
- Blockchain Quality Engineers
- Blockchain Developer
- Blockchain Project Manager
- Blockchain UX Designer
- Blockchain Solution Architect
- Blockchain Legal Consultant
How to Make a Career in Blockchain
While it might seem like a very difficult task to start a career in Blockchain, a few tips can help simplify the process. People often after reading about Blockchain get intimated about starting a career in the field and end up getting confused. Listed below is a roadmap on how you can start your Blockchain journey.
- Do a course in Blockchain technology (free / paid)
- Master the basic skills required for starting a career in Blockchain
- Learn Blockchain techniques from YouTube videos
- Attending Blockchain conferences would help boost a lot of knowledge and understanding opportunities in the field.
- Improving skills in Cryptography
- Constant practice of Programming, mathematics, and algorithms.
- Practice Distributed Computing
- Get certifications in the course.
A lot of companies have started hiring people for people in roles that are directly or indirectly related to Blockchain technology. A few examples of such roles would be:
- Public Relations
- Crypto journalists
- Crypto brokers
- ICO advisors
Top Recruiting Industries for Blockchain Professionals
Some of the common industries providing better chances to make a career in blockchain are–
- Banking & Finance – Perhaps, this industry segment is the biggest beneficiary of the blockchain.
- Cryptocurrency – Bitcoin has proved usability with success.
- Supply chain – Blockchain is useful in tracking, tracing, and recording of material transactions.
- Healthcare – Personal Health Information is regulated in many countries and blockchain can bring the benefits of digital use and secure storage.
- Real Estate – Today, many transactions in the retail industry are being recorded manually. This is one industry sector in which there is huge potential for the use of blockchain for record-keeping and online transactions.
Blockchain Salary in India and Abroad
The leading employers of blockchain specialists for mid to senior-level positions include IBM, Visa, Microsoft, and Deloitte Consulting LLP. The location of the employment has a big impact on compensation. For instance, the salary of a blockchain developer or expert differs significantly depending on whether they work in Asia, Europe, the UK, or another region.
The average salary for a Blockchain developer in India ranges from Rs. 5,00,000 ($6279.04) to Rs. 30,00,000 ($37674.24) LPA based on the skills, expertise, and experience of the individual. For a senior-level Blockchain developer, the annual remuneration can also go up to Rs. 45,00,000 ($56511.36).
A blockchain developer’s base income in the US ranges from $70,000 to $200,000 annually, with the average base compensation being $136,000 per year.
In the UK, salaries for Blockchain Engineer positions typically range from £80,000 ($91,134) to £120,000 ($145,701), and they have been increasing quickly recently. Starting pay for entry-level positions is about £40,000 ($48,567).
Talking about Canada, the national average salary of a Blockchain Developer in the country is $103,709.
Sampurna is currently pursuing PG Diploma in Journalism from Xavier Institute of Communications, Mumbai. She did her graduation in Journalism and Mass Communication from Amity University, Kolkata. Sampurna has got a great knack for reading, writing, PR, and business development. You can connect with her on LinkedIn.
Featured Image Source: EDUCBA