Blockchain has become popular in the last few decades, with many people investing in cryptocurrency globally. The Blockchain sector is progressing at a tremendous speed, so much that it has become difficult for people to catch up with the new trends. You will be surprised to know that the worldwide spending on blockchain was $1.5 billion in 2018, which is expected to reach $15.9 billion by 2023. The growth is more than ten times. Also, research has anticipated that the blockchain sector will reach $3 trillion by 2030. The massive increase in market size and growing demand have created incredible career opportunities in blockchain. This blog explains blockchain technology and how you can build a career in blockchain.
What is Blockchain?
Blockchain is a digital technology that saves data or digital assets in the form of structures. It is primarily a ledger that records all transactions across a computer network. Blockchain technology facilitates a secured system of storing and managing confidential information. The information is stored in several blocks or data structures that come together to form a chain, hence the name blockchain. The technology works on Distributed Ledger Technology (DLT) and has a decentralized database managed by several participants. All the transactions taking place in the blockchain are stored with the help of a cryptographic key called a hash. Since the technology involves the collaboration of several participants without giving control to a single person, it is difficult to tamper with the data. Thus, blockchain allows transparency and prevents data theft. It is beneficial for industries like fintech, cybersecurity, and healthcare.
Why should you pursue a career in blockchain?
Blockchain is one of the most popular technologies today, optimizing processes, enhancing transparency, increasing speed, and reducing costs to facilitate data integrity and streamline operations. Many companies in the US have or will resort to blockchain-based systems, which is bound to create several career opportunities in blockchain. If you are still confused, here is why a blockchain career will be beneficial for you:
- Increase in job opportunities:- One of the most significant reasons to pursue a career in blockchain is the rapid increase in the jobs in this sector. According to the Blockchain Employment Report 2021, the US is the top country with the maximum number of blockchain jobs. Also, there is a 300-500% yearly increase in global blockchain developer jobs. It was the most emerging job in 2020, with an increase of 33 times. Moreover, a lot of companies offer remote blockchain jobs. So, you can work in any part of the world.
- Become future-ready:- Since technology is rapidly changing the world, most jobs are automated by machines and artificial intelligence. Therefore, it is essential to choose a current career path that is relevant for the future. Blockchain, the future of the Internet, is one of the most promising career options in the 21st century.
- Non-technical background:- Another remarkable advantage of pursuing a blockchain career is you do not necessarily need a technical background. More than 40% of the jobs in the blockchain sector are non-technical. So, even if you don’t have a purely technical background, you can still enjoy the perks of employment opportunities in blockchain. You can apply for operations, marketing, design, sales, or customer support roles in the blockchain sector.
- Salary:- Blockchain is rising as one of the most promising career paths. The average salary of blockchain developers in the US is $136,000 annually. New York City offers the most paying blockchain jobs with an annual average salary of $180,380. Apart from New York, you can find well-paying blockchain jobs in Boston, Berkeley, Santa Monica, and San Mateo.
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Step-by-step Guide to Building a Blockchain Career
Here is your step-by-step guide to becoming a blockchain expert.
Step 1 – The first step to building a blockchain career is learning relevant skills.
Blockchain Skills to Learn
Even though there are several career opportunities in blockchain, including creative, business, and technical roles, employers prefer professionals with knowledge of database architecture and token economics and who possess coding skills. Here are some essential technical blockchain skills that will boost your job and help you get well-paying jobs in the blockchain.
- Web Development
- Smart Contracts
- Data Structures
- Blockchain Architecture
- Interoperability Skills
You can gain these skills by working on projects, internships, attending boot camps, or pursuing online training courses on blockchain.
Step 2 – The next step is to shortlist the field according to your interests.
Blockchain technology was primarily developed to enable secured transactions in the fintech sector. However, as the technology evolved, its application spread across various sectors. Currently, the top sectors that use blockchain technology are the following:
- Financial services
- Food and agriculture
- Information Technology
- Arts and Culture
- Real Estate
- Aerospace and Defence
You can apply for various blockchain roles in any sector that interest you. Look for top companies that hire blockchain developers/engineers/consultants/managers in these sectors and mail your application to them. Since blockchain is modern technology, many start-ups have emerged in this field in the last few years. You can also work in a blockchain start-up.
Step 3 – You can apply for various jobs in blockchain depending on your skills, experience, and interest. If you have a technical background and want to go into programming and coding, you can become a software developer or engineer.
Popular Career Opportunities in Blockchain
Now that you know the sectors where you can apply for blockchain jobs, here are the most popular opportunities that you can go for.
- Blockchain Developer:- This is the most popular blockchain career opportunity. It is further categorized into two roles, blockchain software developer and core blockchain developer. The roles require working on various applications using blockchain technology, with essential database architecture and programming languages knowledge.
- Blockchain Architect:- A blockchain architect connects with the design team, developers, and other stakeholders. Their primary responsibility is to design and arrange the various blockchain solution parts.
- Blockchain UX Designer:- They create simple and user-friendly blockchain interfaces.
- Blockchain Legal Consultant:- A blockchain legal consultant oversees the legality of contracts and advises companies on various blockchain transactions and compliances.
- Blockchain Quality Engineer:- The job of a blockchain quality manager is to run automated or manual tests and provide troubleshooting solutions.
- Blockchain Project Manager:- A blockchain project manager facilitates coordination between team members and blockchain experts to ensure smooth delivery of projects.
- Blockchain Administrator:- A blockchain administrator is responsible for developing and maintaining a blockchain infrastructure to streamline operations. They are skilled in infrastructure languages and visualization.
- Blockchain Consultant:- Consultants are blockchain experts with years of experience in this domain. They advise companies on using blockchain technology effectively and help prepare strategies.
- Blockchain Engineer:- The role of a blockchain engineer is similar to the developer. They build blockchain applications according to the needs of an organization.
- Blockchain Analyst:- They perform two roles – business and risk analysis. Their job is to assess risk areas, provide solutions and suggest areas with scope for improvement.
- Blockchain Security Manager:- Security managers build a secured framework and monitoring systems for blockchain infrastructure.
- Blockchain Writer:- Blockchain experts can also work as blockchain freelance writers for companies or start their own blogs to write on various aspects of the technology.
- Crypto Journalist:- Crypto journalists write news and informative news pieces on blockchain technology updates.
Some of the top companies in the US that hire blockchain experts include IBM, Cisco, Accenture, Oracle, EY, PwC, Coinbase, Amazon, Deloitte, KPMG, and Meta. These companies pay between $70k – $150k for blockchain roles. You can look for blockchain jobs at these companies or other start-ups on their websites or platforms like LinkedIn, AngelList, Upwork, Blockchainjobz, Block-tribe, and Indeed.
There is a huge demand for human resources in the blockchain sector. However, there is a lack of skilled resources to manage complex blockchain roles. Blockchain was ranked among the top 10 hard skills to learn in 2020. One of the best ways to learn the fundamentals of blockchain and acquire essential skills is to do certificate courses in blockchain technology that teach several aspects. You can consider upGrad’s Blockchain Certification Program offered by IIIT Bangalore. The course teaches you the fundamental concepts of blockchain development. Also, it enables you to work on practical blockchain projects that will help you gain relevant experience and enhance your CV.
What is the difference between blockchain and cryptocurrency?
Blockchain is a technology that records data transactions, whereas cryptocurrency is a digital asset or a digital currency. Blockchain is the technology on which cryptocurrency works. Since blockchains are decentralized and protected by a key, they facilitate secure cryptocurrency transactions and mitigate risks.
What are the most significant barriers to blockchain?
Even though the blockchain industry is booming, a few significant risks pose an entry barrier. These barriers include regulatory uncertainty, non-scalability, apprehension or lack of trust among users, and compliance concerns.
Are government jobs available in the blockchain sector?
Yes, government jobs in the blockchain sector are available in the US. Since blockchain benefits fintech, healthcare, and other sectors, government agencies frame policies to regulate the blockchain sector and use the technology for several purposes like data protection and optimizing processes to reduce cost. Government agencies need blockchain experts to perform various tasks.