The future of blockchain technology is extremely promising and it will be used in many industries shortly. However, before we understand how blockchain will change the world around us, let’s first ask: what exactly is this new technology?
Blockchain technology was invented back in 2008 by an anonymous person (or group of people) to describe an online ledger system. In this system, transactions could be recorded without third parties or central authority which prevented issues like tampering and fraud.
It means that any transaction made on a blockchain network cannot be altered or modified by anyone else but those involved with that particular transaction. As you may already know, there are many advantages associated with blockchains. Such as transparency (you can see all transactions), security (no one can hack into your account without permission), efficiency (you don’t need intermediaries), and interoperability (multiple systems can work together)
Why Is Blockchain Technology So Important?
Blockchain technology is a revolutionary technology that has the potential to change the world as we know it. It’s all about peer-to-peer transactions. Let’s say you want to send money to your friend, you can do so instantly and directly using blockchain technology.
This is true for cryptocurrency markets, smart contracts, and supply chain management processes as well! Blockchain technology is gaining popularity in different industries such as finance, healthcare, etc. Its real potential lies in data management and security solutions. The question “Why Blockchain Technology?” seems like an obvious one now!
The Market for Blockchain Skills Is Rising
As the demand for blockchain skills continues to grow, it’s important to note that the supply is much more limited than other technology skills. According to our data on LinkedIn, there were only about 30,000 job openings for blockchain developers in 2018 compared to more than 4 million computer science jobs in general.
The demand is also higher than its equivalent across all technology fields. A total of 3 million people on LinkedIn say they have a skill related specifically to blockchains and cryptocurrency. While there’s plenty of room for growth, new talent will need time before this industry can fully expand.
Blockchain Hiring Trends
A blockchain developer is someone who can write the code for a blockchain application. This role requires an understanding of the underlying technology and its applications as well as how to best implement it.
Blockchain consultants are professionals who understand the intricacies of blockchain technology. They can help companies implement it into their business practices.
Blockchain engineers are similar to developers in that they code applications for blockchains, but there’s more emphasis on building new systems rather than improving existing ones.
Blockchain architects work closely with other members of a team on implementing solutions based on blockchain tech. They’re responsible for designing networks and developing security measures to ensure their integrity against attacks by hackers or other malicious actors attempting to compromise them (or even shut them down entirely).
As you might expect, there’s no shortage of job titles relating directly back to “blockchain” itself. Network engineers deal with setting up internet connectivity between clients/servers. Security engineers focus on preventing unauthorized access through various means.
Project managers make sure everything runs smoothly during the implementation phases. Business analysts look into how different technologies could fit together within an organization before choosing one over another option. Solutions architects serve as liaisons between clientele needs/wants versus technical feasibility when planning new projects—and many more!
Most In-Demand Blockchain Roles
You can find blockchain jobs across the spectrum, from entry-level positions to C-suite roles. Here are some of the most in-demand positions:
- Blockchain developers and architects develop and oversee the implementation of blockchain technology. They’re typically charged with building applications that run on a public or private blockchain network.
- Blockchain engineers perform hands-on coding tasks related to implementing blockchains into existing systems or networks. They may also work on building new proof of concept models for clients, according to Glassdoor’s salary report for this job title as of November 2018 (the most recent data available).
- Blockchain consultants advise organizations on how best to utilize blockchain technology in their business models. It emphasizes optimizing workflow processes using smart contracts and other types of code functions within distributed ledger frameworks such as Ethereum.
Salary Projections for International Markets
The average salary for blockchain developers in the USA is around $92,000 per year. In India, the average salary is around $88,000 per year.
Salaries for Blockchain Developers are on a steady rise. The reason behind this development is that demand for these professionals has increased significantly. That too over the past few years because of their expertise and knowledge in this field. You can get a job as a blockchain developer at any large organization or you can even start your start-up if you have enough funding to do so.
Most Sought-After Fields in Technology
In the simplest of terms, a blockchain is a digital ledger that keeps track of transactions in chronological order. It consists of blocks that contain information about the transaction. They are placed on top of each other to form a chain. Blockchain technology solves the issue of trust between two parties by making use of cryptography (a process where information is converted into codes that can be deciphered) to validate or verify transactions.
Bitcoin was one of the first cryptocurrencies to use blockchain technology. It provides decentralized consensus for all transactions made on its network. This ensures that no one person can take control of this system and manipulate data or perform fraudulent activities without being caught.
Blockchains can be used for more than just cryptocurrencies. They also have potential applications in healthcare, government, finance, and many other areas where transactional transparency is necessary or desirable.
In conclusion, blockchain technology is an exciting and promising field. It has the potential to change how we interact with each other, how we create value in our society, and how we store data.
It can be used as a tool for governments to track everything from land sales to voting records. The possibilities are endless. It makes it even more important that you get up-to-date on this emerging field before 2022 arrives!