Careers in Blockchain: Fact, Scope and Salary in 2024

Blockchain is usually affiliated with cryptocurrencies, but it is much more. Blockchain is an essential technology like the internet, while cryptocurrencies are just one use-case, like how emails are an application developed upon the primary internet backbone. This means that the future for careers in the blockchain is enormous, and already you can notice heavy development in blockchain tech by massive corporations and start-ups alike.

 

The attention to the blockchain by BigTech giants, large Banks and small startups means that blockchain professionals have their choice of career options. Besides, they have the necessary expertise. Eventually, the demand for a career in Blockchain boils down to the listed points:

Future Prospects – Blockchain is the latest and in-demand technology with widescale implementation in finance, governance, medicine, law, retail, and almost every organisation one can think of. The potential is immense, and you can still acquire it on the ground floor.

 

Compensation – Salaries are based on the weight of jobs and talent supply. Proficient Blockchain developers are still deficient in supply, and you can expect $100,000 or more as a blockchain engineer. This grows with experience.

 

Work-Life Balance – This field focuses a lot on finance careers, and the work-life balance of tech careers is far elevated. You will get enormous opportunities to work from home, the workforce is usually youth, and the situation is more entrepreneurial.

What is Blockchain, and How Does it Work?

Developed in 2008, blockchain technology was first used by Bitcoin, the first acentric cryptocurrency. Bitcoin used it as an approach to storing data in a way in which it is unendurable to hack or alter it. 

Blockchain is a digital record of transactions replicated and distributed across the complete network of computer systems. A block stores data so it cannot be destroyed once it is created. 

It builds a blockchain when it is connected with other blocks. Many big organisations are incorporating blockchain technology as a secure way to preserve confidential information and data. 

Future of Blockchain in the Finance Industry

When it comes to the matter of recording financial properties, Blockchain technology has fulfilled its promise as well as shown consistency. Several financial firms have invested in this technology after recognising its strength and beneficial impacts.

Because of its transparent ledger system, Blockchain can control the flow and dealings of black money flow. Governments appraise it as an option to have more approach regulations over the countries’ economies.

Future of Blockchain in Cybersecurity

Undoubtedly, Blockchain technology’s future scope majorly lies in the field of Cybersecurity. However, the Blockchain ledger is vast and distributed. Moreover, the data is secure and verified. The encryption is performed through cryptography to remove vulnerabilities such as unauthorised data tampering.

Blockchain in Cloud Storage

Centralised caters to pose a high risk of data hacking, misplacement, or human errors. Cloud storage can help builts more security and robustness against hacking with the implementation of Blockchain technology, just like its appliances in cybersecurity.

Blockchain in Iot and Networking

Companies like IBM and Samsung are adopting Blockchain technology to expand a distributed network of IoT devices. The concept is called ADEPT, which causes to eliminate the centralised location for supervising communication between devices for activities such as software upgrades, error handling, watching energy practices, etc.

Use of Blockchain in Digital Advertising

Owing to the difficulties faced by digital advertising, including bot traffic, shortage of transparency, domain fraud, faulty payment models, etc. So promoters and publishers have a tough time due to the wrong players. Blockchain has settled such problems in the supply chain through its clarity and reliability. Advertisement-related transactions can be improved and dealt with by utilizing this technology.

Supply Chain Management

The use of blockchain can limit time delays and human errors and supervise employees. Additionally, it also controls costs and also releases at each step of the supply chain. Blockchain can also ensure products’ fair trade status and legitimacy through trackability. Blockchain can strengthen to prevent revenue loss from black- or grey-market items and evade reputational damage.

National Digital Currencies by Governments

In 2017, the demand for Bitcoin Blockchain increased tremendously, unlike any single service or money. Cryptocurrency is measured as one of the most recognised properties available in the market. The value of Bitcoin is not defined by the fundamental concept of demand and supply. The value of Bitcoin will again go up even with the fixed limit of 21 million units of Bitcoin. Due to this reason, governments are predicted to create their digital currencies and participate in an open market. This national digital currency can also be the future room of Blockchain technology.

Blockchain Integration into Government Agencies

Blockchain can further aid in administering vast quantities of data, which can be very purposeful for government agencies. The implementation of Blockchain will create a robust data management system with the power to drive reformation in the functioning of these agencies.

High Demand for Blockchain Professionals in the Future

Despite Blockchain being at the prime of its popularity, the job market lacks Blockchain engineers and experts. If you start your career in Blockchain technology now, it will help you in the future. It is the best time to learn Blockchain technology.

Skills Required to Become a Blockchain Developer

To become an established blockchain developer, one must gain knowledge or specialised in various other computer sciences and mathematical domains, such as :

1. Design of the Blockchain/ Blockchain Architecture

To train yourself to become an accomplished blockchain developer, comprehending the basic concepts and terminologies related to the blockchain is crucial. Learn the key concepts of blockchain and real-time blockchain applications and the working application of various consensus protocols. 

2. Data Structures

Learning Data Structures enrich your understanding of the problems at a broader level and help nurture an optimised solution within the constraints. They are also used to preserve data in an organised and efficient manner. Acknowledge different data structures like arrays, trees, and linked lists.

3. Cryptography

It is a method of obtaining sensitive data from unauthorised users, risks, and attacks. Computer science and mathematics fundamentals deliver the foundation for constructing cryptography protocols. Data is usually encrypted at the sender and decrypted at the receiver by applying various cryptographic methods.

4. Smart Contract Development

This modern technology permits Ethereum blockchain developers to code and creates a particular transaction protocol called Smart Contracts. An intelligent contract aims to clarify the transaction process between parties, limiting a third party’s participation and cutting off the extra cost involved.

5. Web-Development

It is a brilliant idea to learn some of the fundamentals of web development will be an added advantage because, with blockchain, one can create DApps. 

Roles and responsibilities of a blockchain developer

The job duties of a blockchain developer hold setting up security measures to help safeguard the industry from cyber-attacks. They also work on developing infrastructure, training sales personnel about the technology, and setting up the best procedures. Moreover, collaborating with other IT personnel during the design process is also the task of the job. 

 Above are the responsibilities of a core blockchain developer and how they work on the blockchain architecture and the entire system’s security. Some of the other responsibilities include the following- 

• Designing blockchain protocol
• Approaching the consensus protocols and a security pattern for the network
• Design the network architecture
• Supervising the entire network 

Let us now look at the roles and duties of a blockchain software developer. The responsibilities are entirely different from that of a core developer. 

• Built Smart contracts
• Supervising the whole stack running their Dapps
• Nurturing after the backend development related to blockchain
• Create interactive front-end designs for Dapps 

Blockchain Developer Salary According to Experience Level

The industry often reports that a developer’s salary depends upon their experience level. Employees are classified into various categories depending on the domain’s experience level. Let us have a look at the salary offered to different categories. 

Blockchain Developer Salary: Freshers

An employee is said to be a complete beginner if the person has zero years of software experience. Also, zero to one year of blockchain technology experience. The salary, in this case, maybe around ~$110,000 per year.

Blockchain Developer Salary: New Developer

A worker is considered a new developer if the person has one to two years of software experience and one to two years of blockchain technology experience. In this case, The salary may be around ~$120,000 per year.

Blockchain Salary: Experienced Developer

A professional is considered an experienced developer if the person has two-four years of software experience and two to three years of blockchain technology experience. The salary will be around ~$124,000 per year.

Blockchain Developer Salary: Advanced Developer

A professional is considered an expert developer if the person has four to six years of software experience and three to four years of blockchain technology experience. The salary, in this case, could be around ~$143,000 per year.

Blockchain Developer Salary: Blockchain Master

An employee is considered an experienced developer if the person has six to ten years of software experience and four to five years of blockchain technology experience. The salary, in this case, could be around ~$153,000 per year.

Blockchain Developer Salary in Other Countries

In the above salary structure, you saw the salary in India, and you can look at blockchain developers’ salaries in other countries worldwide. 

Blockchain developer in the US makes about $96K per year.

A blockchain developer in Singapore makes about S$95,865 per year in salary.

A blockchain developer earns more than £68,000 a year in the UK.

Blockchain developer’s yearly salary in Germany ranges from $60K to $150K.

A blockchain developer in Canada makes about CAD 95,000 per year in salary.

Again blockchain developer in Switzerland makes USD 180,000 per year in salary.

A blockchain developer’s annual salary in China ranges from Standard $45k to $60,000,

How to Become a Blockchain Developer?

More Indian businesses have dropped on the blockchain bandwagon. Delivering the great difference between the number of jobs available and the years of experienced professionals in this industry is a perfect moment to upskill. 

Step 1: Learn Basics 

The first step is to learn blockchain development’s fundamental skills and tools. This includes the fundamental concepts, design, and architecture of the blockchain. Further, understanding decentralization covers public and private applications. So using consensus in network decision-making and more. It is simple to progress in the field if you acknowledge the fundamental concept. Educates how technology works and technics to program in languages like C, C++, Python, and others. 

Step 2: Start Coding

Now that you have a good command of the fundamentals and applications of cryptocurrencies, it’s time to start learning to code.

Henry Harvin is a reputed institution to start for beginners. They will assist you in creating and developing Ethereum-based dApps and smart contracts.

Step 3: Understanding Smart Contracts 

One of the essential blockchain concepts to understand is smart contracts. It’s a computer protocol that’s similar to a real-life legal contract.

One can use it to automate or improve their app’s functionality. A smart contract must have three key characteristics: deterministic, terminable, and isolated.

Step 4: Keep yourself Updated

Regularly read blockchain-related material to update their latest knowledge. Numerous websites offer high-quality blockchain content. This will keep you streamlined with the new technologies being implemented in the blockchain.

Wrapping up

However, since Blockchain knowledge is mainly being developed and empowered in-house by employers, hopefully, there’ll be more talented Blockchain professionals in the upcoming years. 

If you are passionate about learning blockchain and taking your career to the next level, check out the course from Henry Harvin.

Recommended Reads

• An Easy Guide to the Revolutionary Blockchain Technology
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• Best Blockchain Technology Course in India, with Fees & Duration: 2023