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Empowering yourself with the knowledge of the blockchain can work wonders in every sense
6 minutes of reading
Opinions expressed by Entrepreneurs contributed.
You are reading Entrepreneur India, an international franchise of Entrepreneur Media.
The world of technological innovation is one that inevitably follows the cycle of hype, implementation, consolidation and maturity. Each technology progresses from unbridled excitement around its various potential use cases and to the extent of the disruption to ground deployment, before moving on to becoming the new normality for businesses around the world.
In this sense, blockchain seems to be the leading trend. Since it exploded on the world stage with the rise of cryptocurrencies, blockchain has been one of the most discussed new-age technologies. It is hailed as the "new cloud" in terms of long-term impact and interruption, even if it triggers widespread transformations across the global business landscape. The most interesting thing, however, is the unparalleled opportunity that technology has unlocked for new age professionals to significantly advance their career trajectories. According to TechCrunch, the demand for blockchain developers is growing at incredible rates, with current demand far exceeding the available talent. This means an open opportunity for anyone who wants to enter this field. Also, blockchain is still an emerging technology, so blockchain developers have the ability to start making an immediate impact.
The current and future scope: the adoption of Blockchain on multiple industries
The blockchain is actively implemented on a host of applications in several sectors to ensure unprecedented efficiency at the moment. IBM technology giant recently partnered with Maersk, a leading company in the transportation and logistics industry, to develop an electronic delivery system based on the distributed blockchain accounting approach. Designed to fully digitize international freight supply chains and ensure real-time tracking of shipments, the platform should replace the current electronic data interchange system (EDI) and paper systems with secure self-executed contracts.
This blockchain-enabled digitization could end up saving billions of dollars for the global shipping industry, minimizing shipping delays and ensuring a smoother movement of goods between destinations. It will also enable greater confidence and transparency within the industry by giving all interested parties – be they government agencies and port authorities or producers, logistics providers and final recipients – a holistic view of all goods and information related to shipment. The World Economic Forum estimates that such a development could potentially increase global trade by around 15% and give a much needed boost to economic activity and job opportunities.
Something similar was done by Samsung SDS, the Samsung Group's IT solution unit, with its cloud computing platform focused on the Nexledger company. The platform leverages blockchain technology to help organizations manage digital finance transactions and exchange data. The company has also introduced blockchain-based digital identification and payment services to enable extremely secure, efficient and transparent monitoring of large-scale resource movements across multiple entities.
And all this is just the tip of the iceberg: potential blockchain use cases are constantly being explored and developed in different areas. Technology is already finding wide acceptance in banking and financial transactions, while other sectors such as health care, data analysis and regulatory and regulatory compliance are also advertised among the most fashionable destinations for potential applications. blockchain. The World Bank is also trying to exploit technology to combat poverty, improve governance and generate positive socio-economic results in developing economies.
Will India soon become a blockchain-driven economy?
With the country rapidly becoming an early digital economy, the demand for blockchain experts is also quite high in India. According to a recent report by Indeed, job profiles such as the blockchain developer, the blockchain system architect and the blockchain software engineer are in demand at the moment. The Indian IT capital Bengaluru leads the group with 36% of all blockchain job opportunities, while other metropolitan markets such as Mumbai, Chennai, Pune, Delhi / NCR and Hyderabad are emerging as lucrative destinations for blockchain professionals.
the growing demand is driven by the government's goal to explore and understand how blockchain technology can be applied within the country. NITI Aayog is currently engaged in the development of an Indian chain based on blockchain. Connected to IndiaStack and other government digital identification databases, IndiaChain will initially be used to provide proof of the concepts related to agriculture, real estate and electricity. They will also be used to securely digitize information on these and other domains in order to reduce fraud, ensure faster application of contracts, facilitate greater transactional transparency and ensure greater efficiency.
The growing demand for skills oriented to the blockchain labor market
The growing global adoption of blockchain and the number of rapidly growing use cases have fueled an exponential demand for blockchain experts. A recent quarterly report of the freelance platform Upwork revealed that the demand for freelance professionals with blockchain skills recorded over 6,000% year-on-year growth in the first quarter of 2018. This, for the good people at Upwork, was not a surprise ; quarterly growth for the same skill set exceeded 2000% for three consecutive quarters before this.
This growth in the demand for skills related to the blockchain is not limited only to freelance jobs. Burning Glass Technologies, which operates in the field of labor data analysis, has identified more than 5,700 job openings (mostly full-time) for the blockchain technologists of the previous year. This marks a growth of over 300% of the demand only in the last 12 months.
As with any in-demand technology, blockchain professionals are handsomely rewarded for their services. Market experts set the average annual salary for full-time blockchain experts in India of about 10-15 million Lakh for entry level. This is 30-50% higher than the average annual salary of general software developers, and much more than the current average family income in India of ~ INR 42,000.
Driving the growth of one's career with blockchain skills
The The above arguments illustrate quite vividly the various short and long-term benefits that can be offered by blockchain technology. But acquiring skills in this nascent and rapidly evolving field requires adequate infrastructural and learning support, as well as a considerable investment of time and effort. Very few traditional institutes currently offer blockchain-based learning as part of their curriculum and those requiring full-time enrollment from potential students.
This is what makes online learning a viable alternative for professionals looking to capitalize quickly – to create career opportunities in blockchain technology. The main lifelong learning platforms offer a highly supportive learning environment, together with an expert guide and well-designed teaching materials. Armed with world-class faculties, industry-oriented programs and extensive resources, these platforms can help you familiarize yourself with blockchain technology and renew you to be ready for the future work landscape.
The blockchain is rapidly emerging as the most in-demand technology at the moment. With its enormous processing potential and wide range of applications, it will be an integral part of creating a new, more efficient and digital-first new order. With the world that is expected to recreate in the wake of the blockchain, it is a good time to prepare for the imminent metamorphosis – reinforcing yourself with the relevant knowledge and skills.
