The fastest growing job industry of 2018 was the blockchain industry.
Source: LinkedIn Report
The cryptocurrency market has had a bearish run for almost a year and most major cryptocurrencies have lost over 80% of their value when compared to their all-time highs. Despite the massive drop, interest in blockchain-based careers are growing fast.
According to a recent report released by Linkedin, the fastest growing job industry of 2018 was the blockchain industry. Let’s see how this is possible, even though most digital assets are still deep in crypto winter.
Current Blockchain Job Market
The cryptocurrency market has been around for just over a decade, and employer interest in this field is beginning to rise. The number of job vacancies on Linkedin for blockchain related jobs increased from roughly 600 in 2016, to more than 13,236 in 2018 which is a rise of 2,200% in only 2 years.
According to a Computerworld study, an average blockchain developer earns over $140,000 per year, making them some of the most well paid software engineers on the market. It’s no wonder why there has been a mad rush to learn more about this new technology.
While we saw an increase in Bitcoin awareness at the end of 2017, blockchain is yet to go mainstream. The number of people who know about this technology is still a relatively small amount, and to be fair, it may never rise significantly compared to Bitcoin.
Source: Google Trends
However, many businesses and employers see blockchain as a new frontier in business technology and are racing to adopt it within their organization. This acute shortage of blockchain experts is the reason why even a junior blockchain developer is being paid a high-grade salary. The demand has outpaced the supply.
More and more developers have identified this demand, and are focusing their efforts to become blockchain developers (most of whom are self taught). If you fall into this group, here are the skills that you would need to master in order to become a blockchain developer.
Skills/Knowledge Required to Become a Blockchain Developer:
Programming: Deciding to pursue a career in blockchain development means you’ll need to have comprehensive knowledge about computer programming. Programming is the core part of all blockchain-based platforms.
Becoming a programmer is hard work, but it’s something you can learn to do for free (or very cheap) using the internet, making the return on your time investment massive — if you’re successful.
Web Development: Since the blockchain is run completely on the web, having knowledge about how various web protocols work is of great importance.
Blockchain platforms: When you apply for any blockchain based jobs, one of the first questions you’d be asked is ‘Which blockchain platforms do you know about?’. So, you should have either worked on a particular platform such as Bitcoin or Ethereum, or be able to demonstrate your knowledge.
There are countless free resources online to learn more about the basics of blockchain, as well as what differentiates one project from another. You can also look for one of the many open-source projects on Github, allowing you to build up your portfolio.
Security: Security plays a major role in any organization. The blockchain, by default, is centered around the need for a secure, distributed ledger. Therefore, keeping your blockchain code secure from attacks is also very important, so you’ll want at least a baseline understanding of security protocols under your belt.
Having total command over these skills should be sufficient enough for you to land a blockchain developer job.
But but… The Market is Tanking! How is there Demand?
As is expected, the current bear market has resulted in loss of interest in cryptocurrencies. Nobody wants to be on a sinking ship, unfortunately leading to (predictable) panic selling and a certain fear for the industry altogether.
Even though the crypto market is going through a rough patch, the crypto-based job market is on the rise. Does this mean that cryptocurrencies are going to rise again? This is a question only time can answer.
However, the reason why there’s an increased demand for blockchain developers is that cryptocurrencies form just the surface of the blockchain industry. The perks of implementing a blockchain ledger for an organization is much more advantageous than mere speculation implies.
The true potential of blockchain will be revealed when it is implemented within organizations. This is why well-established companies such as IBM, Accenture, and others are ramping up their hiring efforts in this field. While the price activity is heading downward, the fundamentals in this space have never been stronger than they are right now.
As the cryptocurrency craze cools off for now, the capabilities of blockchain technology are only beginning to surface, and the increase in blockchain-based jobs are a fairly strong indicator of this idea.
Who you’re reading:
Matt Laxen is a full-time cryptocurrency writer and traveler, excited to see what decentralized technology holds for our future. When he’s not writing in his favorite workspace, he’s doing research, building businesses, lifting weights, or headed to the beach.
For questions or story ideas, you can contact Matt.
Disclaimer: Any and all opinions expressed here are those of Matt Laxen alone. The article is for educational and/or entertainment purposes only, so please use it at your own risk.