The blockchain and cryptocurrency industry has seen a steep rise in expansion over the last few years, grabbing the attention of various users across the globe. With many companies investing billions in blockchain technology, career opportunities have been increasing by leaps and bounds.
According to a report by Tech Jury, the blockchain market is expected to surge to USD 20 billion by 2024. Several companies and banks are leveraging blockchain for the potential it holds to revolutionize business and real-world applications.
It is estimated that in ten years, about 80% of the population will be engaged with blockchain in some form. In fact, as reported by BitcoinNews.com earlier, engineers left their highly paid “dream jobs” to pursue a career in the blockchain industry thanks to its decentralized ideology.
The popularity of cryptocurrencies has gained ground among enthusiasts, venture capitalists and major corporations. Amid the curiosity surrounding the crypto space, the underlying technology of crypto has led to a boom in the financial market. It has been estimated that investment banks and companies can save an estimated USD 12 billion by using blockchain tech to cut down on the radical costs for data transfer and storage.
Insight on career opportunities
In August 2018, according to a Glass Door economic research report, blockchain career listings saw a whopping 300% increase over a span of one year with 1,775 job openings in the United States alone. The median blockchain-based job salary was found to be about USD 85,000, about 61.8% more than the average US median salary, with New York being the top US metro for job openings. LinkedIn produces over 3,000 job results in the US alone for blockchain-related work ads.
Blockchain-based careers have become a lucrative option for tech-savvy personnel. The most popular line of blockchain job, according to Glass Door research, was found to be Software Engineer and about 45% of blockchain-related jobs are for software engineers. Needless to say, apt coding skills are an essential qualification for this job. These engineers develop the software apps, infrastructure for Bitcoin and Ethereum use, which serves as the basic premise for the working of blockchain technology.
Next, are the blockchain web designers, who perform marketing activities and build the interface and design blockchain websites. They have to ensure that information about the digital currency industry is correctly and minimalistically presented. Next in demand is the role for Operations which requires a skill-set of operation management and IT. There has also been an increase in demand for the financial personnel considering the fact that the industries are deeply-rooted with finance.
Perhaps an important aspect in which blockchain-based jobs facilitate employment is through the recruitment of non-technology jobs. The increase in technology-related jobs and the general expansion of a blockchain company gives rise to the need of non-tech jobs such as risk manager, marketing manager, public relations officer, product manager, among others.
Oracle, one of the largest technological companies globally, has been expanding its blockchain team, while Chinese industrial and commercial banks have recorded sales of USD 165 billion. This expansion gives rise to the need for real-world experts who keep a check on the security and accountability of the transactions that take place. Even last year, according to a LinkedIn report, blockchain developers took the topmost position in terms of hot demands. Blockchain, therefore, has the potential to serve as a career opportunity for talented candidates, along with them receiving handsome salaries.
Companies like Circle, Fourkites, and Pixelplex are making long-term investments in blockchain by hiring candidates and many other companies are encouraging skilled personnel by providing them job opportunities to excel in blockchain career. For example, ITExpertsIndya has created its one-size-fits-all job application wherein anyone who is interested can fill up a their name, phone number and other details and submit their resume in a click. They are looking for highly-motivated, organized individuals who give attention to detail and who are results-oriented. It is required for the job applicant to have knowledge of requirement analysis, functional design, software design, database design and testing.
The consultancy companies putting out the most job postings for crypto and blockchain roles are Deloitte, IBM and KPMG. It is highly anticipated that Facebook is going to join this list with the ongoing related hiring spree of the company.
Facebook’s crypto team expansion
It is no secret that Facebook is entering the crypto space with the plan of launching its own crypto dubbed Libra. The project will be open to about 12 countries and is planned to debut in the first quarter of 2020. The company has been attracting a large audience with the support of major payment gateways including Visa, Mastercard and Paypal. Backed by a consortium of 100 corporate investors, Facebook has stirred a storm in the job market. A lot of aspirants have their bag full of hopes to grab the job opportunities in the dream company.
There is an increased pressure on Facebook to protect user safety and privacy given its involvement in data breach scandals in the past. Needless to say, the management of such a wide database is no piece of cake. This will only open gateways to the expansion of the crypto team. Therefore, with the success of the Libra project, there will be a direct increase in the career opportunities such as compliance, legal, regulatory, privacy and audit jobs to contain the venture.
At the time of writing, Facebook has listed 38 new job opportunities in the blockchain industry which includes Business Development Manager, Lead International Blockchain Counsel, Financial Accountant, Data Scientist, Growth Product Manager, Threat Investigator, Quantitative UX Researcher, Mixed Methods UX Researcher, Head of Data Science, Director in Payments Partnerships, Vice President, Technical Sourcer and Head of Customer Services.
As reported recently, a prominent professor from MIT was recruited by the social media giant to work on the crypto project. The increase in hiring by blockchain firms shows the long-term interests that firms have in mind. Monetary investment may be volatile in the short run, but investment in human resources sends a strong message of the long term trends.
Blockchain can have a rapid growth in the near future if the employers and the companies promise to believe in the potential of this technology and put in all their efforts and skill in blockchain technology. The primary requisite of the blockchain-related jobs is that it revolves around good coding skills and engineering experience.
Fortunately, these openings are centered in places where there is no shortage of technical and financial expertise. Blockchain is a dynamic and fast moving industry and these trends have created a large scope for people to have developed trust in it, paving the way for long-term interests.
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