Why is Blockchain Job Market Booming?

Blockchain

In recent times, blockchain has become a magic word for organizations, who are using the technology to resolve advanced issues. Some of that magic looks to be rubbing off on career prospects for those operating within the Industry.

There are various statistics which are a testament to the growing demand and salaries for blockchain developers. Glassdoor, a jobs review website, found that demand for blockchain-related jobs this year increased by 200%  as compared to last year. New York accounted for the most blockchain Job openings followed by San Francisco and San Jose. Chicago and Seattle rounded out the top five.

Upwork, a website for freelancers, noted that demand for freelancers with a “blockchain” tag grew by 3400%  this year as compared to last year. The skyrocketing demand for blockchain-related jobs has additionally translated into improved Salaries for those in that Field. online jobs website Employed, told CNBC that the average Salary payment for blockchain developers is between $150,000 and $175,000 – which is $15,000 to $40,000 more than what Software engineers take home. That salary range puts blockchain developers at par with another in-demand field –engineers dealing with AI(Artificial Intelligence ).

What’s The Reason Behind The High Salaries For Blockchain Developers?  

The high Salaries for those working in the Blockchain space is primarily a  function of supply and demand. Tireless media coverage has ensured that the Blockchain technology is on everyone’s mind. Big and Established firms such as Microsoft, IBM, Samsung, have embraced blockchain and announced initiatives specifically related to the technology.

Microsoft has started a Blockchain-as-a-service (BAAS) within its cloud Division, Azure.Facebook has Tasked a team to explore blockchain uses in its business.

There are  Few programmers with the relevant skill set on Blockchain Technology which has helped inflate the salaries for those with the technical Expertise.In order to fill the gap that has been created with the shortage of Blockchain developers, several Initiatives have been Launched to motivate budding developers.

This includes :

  • Bounty Programs – These programs allow the developers to discover and resolve bugs before the general public is aware of them, preventing incidents of widespread abuse.
  • Boot camps- Held a few times in a year, Boot camps bring together developers who share ideas and challenges facing the Field.
  • Universities have also not been left behind. They have started Online courses focused on Blockchain Technology. University of Nicosia is offering MSc in Digital Currency.The program seeks to fill an important gap that exists today between the supply and demand for academic and practical knowledge in the area of digital currency and blockchain Technology.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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