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Salaries for Blockchain developers decrease by 50% due to Crypto Market Crash

/ Ultima / 2018/11 / salaries-for-blockchain-developers-drop-by-50-two-a-crypto-market-crash /

During 2017 and early 2018, there were many companies that expressed interest in exploring the potential benefits of using blockchain technology to streamline their business processes.

Because several organizations around the world have begun to examine how distributed ledger technology (DLP) could be used to save operating costs and make transactions more transparent, the demand for blockchain developers has increased significantly.

Decline in the prices of cryptocurrency that also affect the Blockchain labor market

However, the sharp decline in blockchain-based cryptoassets prices also affected the labor market in the digital goods sector.

According to a research report published at the beginning of this year, the demand for jobs linked to the blockchain had increased by 636.83%. During the second quarter of 2018, there were many companies in the IT services industry, in the fund and securities industries and in the computer software industry that had tried to recruit professionals with experience in the field of related projects at the blockchain.

Last month, however, Tsinghua University and BlockData released a report that revealed that demand for jobs focused on blockchain had fallen to as much as 50%. An excerpt from the report says:

It is worth noting that [there have been significantly fewer] initial coin offerings (ICO) [that have been launched] since March, and the whole market has gradually become more [critical of new projects]. The [crypto] the industry is paying more attention to [real] developments. The … demand for developers of basic technologies now exceeds the offer. However, the demand for market and operational talent has decreased.

Baidu, Tencent, Alibaba interested in hiring Blockchain professionals

Although blockchain work wages may have declined over the past three months, Chinese giants, including Baidu, Alibaba and Tencent, have all tried to recruit blockchain developers.

According to job listings on large recruiting websites in China, there are many fintech companies that want to hire people who can help them develop blockchain-based solutions.

As reported by CryptoGlobe at the beginning of September, both the supply and demand for cryptocurrency and blockchain jobs in Asia had increased.

The dramatic rise in prices of digital currencies in 2017 and the excessive uproar created by the media have meant that many companies in the health, logistics and finance sector began to explore cases of use of blockchain technology. Due to the increase in the number of DLT projects, the recruitment company, Robert Walters, had seen a 50% increase in the number of blockchain and encrypted jobs.

More companies looking for blockchain developers, less research work

The makers of Indeed.com, a US-based job search related to jobs for job listings, reported in mid-November 2018 that there were significantly fewer people interested in blockchain and encrypted jobs.

Indeed.com's management revealed that online job searches for blockchain, bitcoin (BTC) and encrypted roles were down 3.06% during the period from October 2017 to October 2018.

Although there may not be as many jobseekers, there seem to be many more companies needing DLT (distributed ledger technology) developers. In fact, the number of job advertisements for cryptography and blockchain specialists increased by 25.49% between October 2017 and October 2018.

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