Is Blockchain development a good career? | Future of Blockchain Developers [2023]

Blockchain is something we all have heard of, even if not in the tech domain. The technology has been in hype after cryptocurrency came into picture. Blockchain developer jobs have been one of the hottest jobs in the market in 2022, it has also been one of the most rewarding ones.

The demand for individuals with blockchain skills will be increasing in the years to come because it is one of the technologies capable of bringing revolution. It is a new technology, and so many doubt, if it is here to stay, and if it is safe to choose as a career.

Wondering if a career in blockchain is something you can consider? Then the answer to that is Yes, blockchain is one of the highly rewarded skills in the job market in 2023. The average junior blockchain developer’s salary is $123,817/year. The technology will get applicable across different domains in the future. But you will still have to have skills that set you apart and make you a desirable candidate to the companies hiring. All aspects of a promising career in blockchain development are covered here.

Why is Blockchain in so much demand?

Blockchain is a type of distributed ledger technology (DLT) that consists of a growing list of records called blocks that are securely linked together using cryptography. It was created by a person/ group of people named (or pseudonym) Satoshi Nakamoto in 2008 for Bitcoin transactions.

Blockchain came in demand because

• It introduced a system that did not require the need of a trusted authority or central server.
• It solved the problem of double spending when it was used within Bitcoin.
• It also introduced a more secure way for transactions to take place.
• Experts at KPMG say the main reason for the growth in the demand for blockchain developers is that many major enterprise projects reached a maturity stage by 2020.

However, because it was first introduced officially with the introduction to Bitcoin, many doubt,

Is there still a demand for blockchain developers, After a crypto crash?

• The crypto market crash has significantly impacted big crypto companies like Coinbase, Conflex, etc.
• According to experts, with the collapse of FTX(cryptocurrency exchange company), the industry will struggle to regain the trust of investors.
• Many link blockchain directly to crypto and draw a conclusion, which is not incorrect.
• Blockchain is a lot more associated with cryptocurrencies because it is heavily used in it, but blockchain has many other use cases beyond cryptocurrency.
• When it comes to hiring a blockchain developer, crypto companies may come at the top of the list, but many other organizations hire blockchain developers.
• Many applications use blockchain technology and are not related to cryptocurrencies.

Does a crypto crash impact blockchain jobs?

Well, yes the number of jobs available in the market can decrease, as compared to before the crypto market crash. The number of blockchain jobs may decrease and may remain so for a while. In case of poor economic conditions, many companies will hire fewer and may also lay off employees. But this is the case with many industries during a market crash or recession. (layoff link)

Where is blockchain technology in use today?

Apart from its use in cryptocurrencies, there are many use cases of blockchain, some of which are given below. Blockchain can be used in healthcare, education, logistics, IoT, etc.

1. Smart contracts - These are simple programs that are stored on a blockchain and automatically execute when certain predetermined conditions are met. Examples where smart contracts are implemented: are BurstIQ(healthcare), and Propy(real estate).
2. IoT - Integrating blockchain into IoT will reduce the possibility of a data breach. For Example, Xage(Blockchain based cybersecurity platform)
3. Money Transfer - Blockchain is widely used in the safe processing of transactions. It allows fast transactions in no time. For Example, Circle.
4. Logistics - Blockchain will allow data transparency in logistics. It will allow all entities involved in transactions. For example, Maersk(supply chain management)
5. Education - Blockchain can be used in the field of education. For example, Smart contracts for courses and Assignments, fee payments, provide digital degrees, etc.
6. Medical - To maintain data security, medical records, etc. For example, Medicalchain, and Guardtime.
7. Entertainment - Beyond the Void is a game that permits players to purchase and sell in-game items via NFT transactions.

Apart from these, there are many more industries where blockchain can be implemented.

Will Blockchain Jobs Stay in the Future? | Future of Blockchain technology.

The future demand for blockchain is only growing as it is still to be implemented in many industries. Blockchain has the potential to change existing systems to make them more secure and efficient. As more companies adopt blockchain technology, the demand for blockchain developers will increase.

1) Blockchain developers in demand (2023) and future:

• According to statistics, global blockchain technology revenues will experience growth and are expected to climb to over 39 billion U.S. dollars by 2025.
• Gartner predicts blockchain business value worldwide will grow to more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030.
• According to a Linkedin post blockchain, developers are the most sought-after professionals in the programming world.
• On Glassdoor, the worldwide job posting of blockchain was around 300% in 2021.
• PwC’s “Time for trust” report predicts that blockchain technology could enhance around 40 million jobs worldwide. Blockchain has the potential to add $1.76 trillion to the global economy by 2030
• Blockchains implementation is beneficial for many industries, including healthcare, government, public services, manufacturing, finance, logistics, and retail.

2) Blockchain Jobs and Salary

One of the reasons why blockchain developers get paid well is because it is new in the market, and there is less supply than demand. Also, very few institutions provide formal degrees or courses on it.

• The average salary of a blockchain developer in the US in 2021 was around $175,000 which is comparatively greater than that of a software developer.
• The salaries of blockchain developers are projected to be 50-70% higher than conventional developer jobs.
• According to CNBC, blockchain developers can earn as much as AI developers.

Jobs in the field of blockchain include the following:

1) Solidity developer

Develop smart contracts using the Solidity programming language. The annual average salary is between $60,000 and $180,000(source).

2) Blockchain developer

Responsible for implementing blockchain network. The annual average salary is between $105,180 and $108,560 (glassdoor).

3) Blockchain Security Engineer

Ensure the security of systems.

The average salary is $105,928 a year(source). The salary ranges between $75,732 and $144,874.

4) Crypto Trading Bot Developer

Crypto trading bot developers create programs that communicate with cryptocurrency exchanges. These bots are used to execute trades automatically based on certain criteria set by the user.

A crypto trading bot developer is responsible for developing these programs. The average salary is $114,422(source).

Other Blockchain Jobs roles include:

• Blockchain Architect
• Blockchain Product Manager
• Blockchain Quality Engineers
• JavaScript developers
• Distributed systems developer
• Blockchain engineers

Blockchain is not only for programmers, there's also room for sales, design, marketers and customer support, etc.

What companies are hiring Blockchain developers?

Some companies that hire blockchain developers

• Opensea
• Numerai
• Luno
• Ripple
• Campus Metaverse
• IBM
• JP Morgan Chase
• Deloitte
• KPMG
• EY
• Cisco
• Accenture
• Microsoft

And there are many more.

What you need to get started with Blockchain?

1) Familiarity with a programming language

To get started with Blockchain, it is essential to have a strong understanding of at least one programming language. Some popular choices include C++, C#, C, Scala, Java, and Python. Additionally, knowledge of data structures is also necessary.

2) Data structures

Since blockchain is mostly about dealing with data, a blockchain developer should be aware of the different data structures, for instance, linked lists, trees, graphs, hash maps, etc.

3) Learning the fundamentals of blockchain.

The fundamentals of blockchain will include the following:

• How blockchain operates.
• Cryptography
• Smart contracts
• Decentralized Applications
• Blockchain Security

4)Get into a certification program

A dedicated blockchain certification program can help you get started on your path to becoming a blockchain developer. You will give a step-by-step guide to follow. If you are an absolute beginner any kind of certification program(free or paid) is recommended.

Summary:

Is learning Blockchain worth it?

As Blockchain technology has a wide range of use cases, the demand for professionals with expertise in this field is likely to rise. Learning blockchain could open up new job opportunities. Because of these reasons, learning blockchain remains a good option. (Note: The salaries mentioned above can vary depending on domain and company.)