Many consumers may have heard of blockchain technology, especially in relation to cryptocurrency. Recently, the word "blockchain" is rising in frequency in corporate boardrooms and has become impossible to ignore. In fact, it is being noted by multiple media and research companies that the investment in the technology is going to be multifold. Worldwide spending on blockchain solutions is expected to grow from 1.5 billion in 2018 to an estimated 15.9 billion by 2023. Companies in nearly every industry are speeding up their efforts to create value for their business.
In 2019, the worldwide spending on blockchain technology stood at $ 2.7 billion. It has already disrupted the finance sector and continues to grow in the right direction.
Another great statistic is the valuation of blockchain in the food and agriculture market which is valued at $ 41.9 million.
According to the results of Deloitte’s 2020 Global Blockchain Survey conducted from Feb. 6 to March 3, 2020, 39 percent of 1,488 senior executives and practitioners in 14 countries said they have already incorporated blockchain into production at their companies — a 16 percent increase on last year’s figures. The number rises to 41 percent when considering companies with over $100 million in revenue.
Blockchain as an emerging skill for 2020 and beyond
According to a recent study by LinkedIn, it is found that Blockchain tops the list of most in-demand hard skills for 2020.
The promise of blockchain which is essentially a shared digital ledger is huge. Advocates see it as a secure, decentralized, and cost- and time-efficient way to transparently track shipments and transactions of all kinds.
Skeptics, and there are many, raise concerns about the lack of standardized protocols, scalability, and excessive energy use (Bitcoin alone consumes as much energy as the nation of Switzerland).
Irrespective of that, the business world is optimistic about this technology. Blockchain has become a line of business for corporate biggies like IBM, Oracle, JPMorgan Chase, Microsoft, Amazon, and American Express, to name just a few. Blockchain is now being used in industries ranging from shipping to healthcare, from farming and food safety to entertainment and gaming.
Salary trends in Blockchain
With a limited talent pool, blockchain techies are in huge demand. Blockchain developer salaries are taking off worldwide as the demand for blockchain engineers and developers continues to soar. Blockchain developers can pull in a salary that is comparable with Artificial Intelligence (AI) developers. According to the data curated by Simplilearn, an online learning company, from different sources like Glassdoor, ZipRecruiters, The Blockchain Council, Business Insider, and Blockchain101, here is what a Blockchain developer can earn:
According to recent data by Blochchain101, here is a comparative analysis of the annual salary earned by a blockchain developer:
The Blockchain job market
With the refocus on profitability and bringing products to market, there has been an increase in blockchain design, marketing, and sales roles. Compliance, legal, and regulatory-related roles have also seen an increase in demand, which reflects the changing regulatory environment for cryptocurrency companies.
The major employers continue to be cryptocurrency exchanges. Research by The Block found that 42 percent of blockchain industry employees work for cryptocurrency exchanges, with another 10 percent for mining hardware manufacturers.
Most crypto job opportunities were found to be in San Francisco and New York. In Europe, the main hubs identified were London and Berlin, and in Asia, it’s Singapore and Hong Kong. In Latin America, it’s Buenos Aires.