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The Blockchain labor market is booming

In recent times, blockchain has become a magic word for organizations, which are applying technology to solve complex problems. Some of these spells seem to go unnoticed on career prospects for those working in the industry.

There are numerous data points that testify to the growing demand and salaries for blockchain developers. Glassdoor, a job review site, found that demand for blockchain-related jobs this year has increased by 300% over last year. New York represented the maximum number of openings in technology followed by San Francisco and San Jose. Chicago and Seattle have completed the top five. Upwork, a freelance site, said that the demand for freelance with an active "blockchain" has grown by 3,500 percent this year compared to last year.

The staggering increase in demand for jobs linked to the blockchain also resulted in a significant salary. Online job site Hired told CNBC that the average salary for blockchain developers is between $ 150,000 and $ 175,000, a range that is about $ 15,000 to $ 40,000 higher than the standard salary for software engineers. This wage range puts blockchain developers on par with another in-demand group – engineers with experience in artificial intelligence.

As a skill set, blockchain is a combination of existing technologies and programming concepts, such as object-oriented programming and the economics of the ledger, with an understanding of cryptography. As such, the demand for other roles, such as product managers and requisite specialists, is also growing in the sector.

What's behind the high paychecks for Blockchain developers?

The high salaries for blockchain workers are a function of increasing demand and supply scarcity.

Although the benefits of the blockchain are not yet proven, the blown media coverage has ensured that the technology is on everyone's radar. The established companies have adopted blockchain and announced initiatives specifically related to technology. For example, Microsoft Corp. (MSFT) has launched a blockchain-as-a-service (BAAS) platform in Azure, its cloud division. IBM Corp. (IBM) has also launched a blockchain division based on an open source Hyperledger fabric. Even the social media behemoth Facebook Inc. (FB) has formed a group to explore the uses of the blockchain in its business. A lack of skills supply has contributed to further inflating the wages of blockchain experts. Several new initiatives have been launched to bridge the supply gap, from bounty programs to encourage developers to training camps by introducing technology to developers. Universities are also at stake and have launched online courses to educate professionals.

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