Blockchain creates new career opportunities

Blockchain, the technology behind cryptocurrencies, creates many opportunities for job seekers. Both students and experienced technicians have opportunities to acquire a career in this ever-growing technology. For tech professionals who lost their jobs during this pandemic, technology offers a respite from a large number of vacancies around the world.

In India, Naukri.com, an online job portal, currently reveals 20,500 blockchain-related jobs by looking up the keyword blockchain. Similarly, LinkedIn India shows 900 blockchain jobs when searched. A LinkedIn report reveals blockchain as a hard skill in high demand, beating out cloud computing skills, artificial intelligence and cybersecurity, which were the most in-demand skills in 2019.

Also, job opportunities are expected to grow further now, after the Supreme Court lifted the ban on cryptocurrencies in India this year. Several prominent blockchain start-ups have emerged and many more are flourishing in the space.

What is blockchain technology?

Blockchain is a distributed ledger technology (DLT) that allows companies to create a tamper-proof decentralized data network. Supply chain, fin-tech, banking, retail and many other industries use technology to create more transparency in business operations. Perr increases the efficiency of business processes.

The adoption of technology across financial institutions has grown significantly, accelerating the pace of banking. Cross-border payments are cheaper and faster due to the elimination of intermediary services. All food that would previously take a week’s time can now take place in less than a minute, giving supply chain companies more control.

Growth in the blockchain industry

Both blockchain-based applications (Dapps) and cryptocurrencies are growing around the world. According to Statista, spending on blockchain technology solutions could reach up to $15.9 billion by 2023.

Cryptocurrency exchanges are growing phenomenally. WazirX, CoinDCX and CoinSwitch are a few exchanges leading the cryptocurrency market’s growth. As the cryptocurrency market matures, so does the demand for new roles such as blockchain engineers, crypto community managers, etc. This is a good time for students or anyone looking to start a tech career. The supply of blockchain talent is short in the Indian market.

After the Supreme Court lifted the ban on cryptocurrency, cryptocurrency exchanges have grown in the industry. Hiring across blockchain-based products and cryptocurrencies is witnessing a spurt. Blockchain technology is relatively new in the industry, which makes it challenging for employers to find skilled talent. Companies struggle to find talent that meets their needs. Nischal Shetty, founder of WazirX, a Mumbai-based cryptocurrency exchange, says “We are actively hiring in India to drive our growth. Although demand is high, blockchain and cryptocurrency skills are non-existent in India.”

Demand for blockchain professionals

The lifting of the ban on cryptocurrency will accelerate the growth of the industry and will give rise to new job roles. Blockchain engineers, community managers and cryptoeconomists are a few roles that will see a spurt in demand, adds Sumit Gupta, co-founder and CEO, CoinDCX, a Mumbai-based cryptocurrency exchange.

Start-ups collaborate with ed-tech start-ups to convey the necessary expertise and develop the talent required by the company. Blockchain certifications, training and courses have grown to meet the demand for upskilling. Wazir X, for example, has partnered with five ed-tech companies, including the Indian Blockchain Institute, Corum8, Zubi, Qualki Academy and Inbox Academy, to offer training to meet the demand for blockchain professionals. Many startups train students at universities and colleges to spread knowledge about blockchain technology via webinars and workshops, to spread awareness and spark interest among students.

Worldwide, CBCA (Central Blockchain Council of America), Blockchain Council and others blockchain professional certification institutes have emerged to offer skill development programs to excel in a blockchain career.