Blockchain technology Trends in the labor market and salaries up to now

There have been nearly 2,000 job openings related to blockchain technology during the month of August in the United States alone. This is a 300% increase compared to data published last year.

The blockchain industry has grown tremendously in the last two years to the detriment of the cryptocurrency industry. Right now, corporate adoption is driving its application in other areas. Cases of using blockchain technology outside cryptocurrency platforms are primarily in global supply chain networks, financial services markets, government protocol systems and healthcare sectors.

As an emerging destroyer in the technology industry, blockchain has the potential to challenge traditional delivery models. Its integration with existing systems can give companies a huge advantage over the competition, from which the current race to its adoption.

The exponential increase in blockchain has also caused an increase in the demand for qualified professionals, with over 1,520 companies currently looking for decentralized led accounting technology professionals. At the start of this year, Techcrunch reported a serious shortage of talent in the sector. According to the statistics, there were about 14 job vacancies available for each blockchain engineer.

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The number of job offers related to the blockchain has more than quadrupled since 2016. According to statistics compiled by Burning Glass Technologies, in 2016 there were about 1,838 jobs related to blockchain. By the end of 2017, this number had risen to 3,958. The 2018 figures have diminished these statistics with over 5,000 vacancies published so far.

According to a recent study conducted by Glass door, there were 1,775 job advertisements related to the blockchain advertised during the month of August, and this is only in the United States. This is a 300% increase over the same period last year.

The freelance market is also experiencing an overwhelming demand for blockchain professionals. According to an Upwork report published in November 2017, robotics, bitcoins and blockchains have brought the list of the best freelance job skills to the job site.

At the time, Stephane Kasriel, managing director of the network, spoke about changing trends, emphasizing that the sharp increase in demand for the best skills was probably an indicator of their role in the "future of work".

The volume of platform research related to blockchain and bitcoin skills has pushed the two skill sets to second and third place in the top ten, respectively.

By July 2018, blockchain skills were at the top of the rankings, with year-on-year growth figures reaching 2000%. The competences of the Google Cloud Platform and Volusion software obtained the second and third place respectively. It is worth noting that many of the Google Cloud Platform positions that are currently required are also related to decentralized general led technology.

Google Cloud supports blockchain and integrates with a number of decentralized technology apps. For example, large companies like Bank of America regularly look for developers with extensive experience in cloud technologies, blockchain and finance.

Salaries for Blockchain technology

On average, freelance blockchain professionals not employed in the United States command up to $ 250 an hour. On the other hand, full-time blockchain engineers earn an average income of around $ 130,000 a year, which is substantially more than $ 105,000 that generic software developers get paid.

This is what emerges from a study report published by the CEO of Burning Glass, Matt Siegelman. These figures, however, fluctuate according to the region. For example, developers in New York City can earn an average annual salary of $ 158,000. In some European countries, such as Switzerland, many earn between $ 120,000 and $ 180,000.

So, why did the blockchain workers pay such substantial figures? Firstly, their professional skills are technical in nature and this area is generally characterized by high market rates. Secondly, companies that require this set of skills tend to find themselves in cities with a high cost of living, an aspect that tends to increase average wages. Thirdly, and above all, the demand for skilled workers of blockchain still exceeds supply, and therefore the competition for the best in this sector raises the salaries.

The top five US cities that have the highest demand for decentralized accounting technology specialists include New York, San Francisco, San Jose, Chicago and Seattle, according to Glass door. Outside the United States, London, Singapore, Toronto, Hong Kong and Berlin are at the top of the list of cities with the largest number of checkpoints.

The current five major employers according to Siegelman's report include ConsenSys, IBM, Coinbase, Figure and Oracle. The financial advisory companies, KPMG and Accenture, also employ staff in this area to advise customers who wish to apply the technology.

Which companies are looking for

Technology companies involved in blockchain projects usually hire project managers, developers, designers and blockchain legal experts.

Most companies that advertise these positions usually look for people with meaningful insights and experience in big data management, platform security, cross-platform connectivity and decentralized systems. For developers, the skills required usually include advanced knowledge of MS SQL Server, .NET, MYSQL, Javascript, Visual Studio, C and C ++, JQuery, XCOD, XML, XSLT, HTML, neural networks, FTP and experience in methodologies Agile Scrum.

How it started

Invented by Satoshi Nakamoto in 2008 as a transaction log for bitcoins, blockchain has brought immense possibilities to the technology industry. The rapid increase in value of Bitcoin in 2017 has catalyzed its robust growth and use in the technology sector.

The high profitability of the companies in the sector has inspired technology companies and enthusiasts in the sector to launch projects based on the platform and invest more in its development. Combined with the rapid increase in initial coin offerings (ICOs), market trends subsequently triggered increased demand for blockchain development professionals, hence the current market situation.

Market growth

The sectors that require blockchain developers are increasingly aware of the fact that blockchain can bring substantial benefits. It can reduce operating costs, accelerate transactions and allow them to get rid of intermediaries and rely on third parties for verification.

The growth of the blockchain sector should first intensify in the contract space before expanding into the payments industry according to analysts. This is mainly due to the complexities involved.

Payment networks face more obstacles because the partner institutions must first analyze the systems before signing. Financial institutions must also go through the mandatory approval processes imposed by the relevant government regulatory bodies. These bureaucracies eventually slow implementation times.

(Featured Image: Pixabay)

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