You must be living under the rock if you are not yet acquainted with the term ‘Blockchain’- which has already disrupted several industries and is all prepped to bring in new developments in the tech world. Dates back to 2008, the history of Blockchain mark the release of whitepaper Bitcoin by Satoshi Nakamoto – whose identity is not yet known. Considered to fulfill the quest for the digital trust for one and all, Blockchain Technology is a democratized system that enables distribute digital information that too maintaining complete reliability and transparency.
If you are looking for a summary related to the careers, demand, and growth of Blockchain Developer and Blockchain Technology in general, this article will guide you.
Global Blockchain Market
- Understanding the potential of Blockchain, multiple enterprises and governments around the world, in over 50 countries have commenced initiatives to incorporate Blockchain in their economies.
- Given the potentiality and impact, Blockchain Technology is expected to outpace $3 trillion in the next decade.
- The global Blockchain market size is projected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during 2018–2023.
- According to research published by IBM, Businesses across the globe will consider spending around $119.9 billion on Blockchain by 2024.
- The major players associated with Blockchain include IBM Corporation, Linux Foundation, Post-Trade Distributed Ledger, R3, Ripple, Intel Corporation, Accenture PLC, just to name a few.
- Apparently, around half of the Indian states have initiated Blockchain projects-while most of the projects are in the pilot stage, it is been ensured by the state government that start-ups and niche providers are equipped with a holistic framework to participate in these initiatives.
Are Blockchain Developers in demand?
As Blockchain continues to grow strength to strength, the career horizon for potential candidates is also broadening.
- Reportedly, Blockchain presently is the rapidly thriving skill set requested on job sites, with job growth rates at 2,000-6,000% and salaries for Blockchain Developers 50-100% higher than regular developer jobs.
- There is a rise of 517% demand for Blockchain engineers globally.
- The Service providers in India are taking the plunge to conduct 4-6 weeks of in-house training programs targeting to train on Blockchain capabilities.
- There is a definite shortage for a skilled workforce which expertise in Blockchain, considering there are only 45,000 to 60,000 skilled resources that are industry-ready globally.
- As per Glassdoor– an online recruitment organization, there has been a 300 percent increase in job openings for professionals with Blockchain skills in its site.
- Bloomberg stated that Blockchain-related job postings on LinkedIn increased four-fold in 2017.
These above-mentioned facts depict the present and future demand of the Blockchain Developers. With Blockchain Developer jobs in such high demand, it is quite right to say that, professionals of the IT industry should gear up to witness immense growth in their careers by taking up a proper Blockchain Developer Training.
Blockchain Developer as a Career
In order to reap the huge benefits that have been waiting for a skilled Blockchain Developer, one has to first fulfill the criteria which are mandatory to be fit in the role. And this can be earned only through enrolling into a worthy Blockchain Developer course, that promises to take you through a journey of overall understanding of Blockchain, along with allowing you to obtain all the necessary skills required to be developed as a proficient Blockchain Developer.
- Blockchain Developer skills-To become a Blockchain Developer, first you need to comprehend that how Blockchain works in real-time followed by researching the varied ICOs in the market, getting knowledge on the Blockchain security frameworks, understanding different Blockchain platforms and so on.
- Types of Blockchain Developers – When we say Blockchain Developer, it is not confined only into one kind. There are two types of Blockchain Developers to be precise- Core Blockchain Developers and Blockchain Software Developers.
- Get started with the right institute- Not all the centres are reliable and obtaining your certificate from a decent training provider puts a substantial impact on the opportunities you are aspiring to get a hand in. Hence, think wisely before selecting one.
Number of Jobs Created
- In 2018, Burning Glass Technologies, a job data analytics firm, claimed that over 12 months, the total job openings for Blockchain skills have grown to 12,006.
- The final report by Janco Associates’ 2019 IT Salary Survey, affirmed that the median salary for a Blockchain Developer is currently $127,000 and the experienced Blockchain engineers are earning $172,000.
- Indeed- a leading global job site asserted that Bangalore with 36% Blockchain job postings in India, is the top city for those aiming to get job opportunities in the Blockchain arena, followed by Mumbai, Hyderabad, Pune and Chennai.
On holding the right skills and knowledge, a Blockchain Developer becomes eligible to get attractive remuneration, which is quite unimaginable with just possessing an engineering degree. The market is growing at a considerable rate and is willing to welcome a pool of Blockchain Developers with handsome salary packages, who can serve their set objectives towards the open position.
- With a wholesome 3 years of experience in the field of Blockchain, you can expect a remuneration of around 45 lakh or more.
- According to Glassdoor, the average salary for a Blockchain Developer in India is 7, 01,941 per annum.
- In the global context, the annual salary of Blockchain Engineers ranges between $150,000 and $175,000 in annual salaries on average- as per a report submitted by HIRED.
Concluding here, it can be affirmed that, besides the salary part, there are many features that make the Blockchain Developer a rewarding career route. With the industry foreseeing colossal gains in the field of Blockchain Technology, it goes without saying that, there will be no dearth of opportunities and possibilities for professionals who are planning to dwell in the Blockchain Technology space.