Blockchain development is a far better technical career than you might think
A decentralized, distributed ledger that verifiably tracks and stores every transaction, the blockchain records transactions across multiple nodes (or computers) in such a way that the recorded transaction cannot be retroactively changed. There is a big difference between a traditional database where information is kept centrally and that makes it impossible for a single person or entity to control all the nodes.
For a technology that is so relatively new – it was first invented in 2008 by one or more unknown people using the pseudonym Satoshi Nakamoto (the word “Satoshi” means “clear thinking, nimble” in Japanese), who used it as the core technology behind bitcoin — the blockchain has been revolutionary.
The original bitcoin blockchain was designed as an immutable public ledger that records all bitcoin transactions. Because it is impossible to change historical records on this ledger, anyone can see how many bitcoins were transferred from one account to another at any given time – making it impossible for people to lie about how much money they have or where the money is their came. from.
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You might be thinking, isn’t the crypto scene in crisis now?
But almost 15 years later, the use cases for blockchain technology have grown far beyond crypto, providing new answers to challenges in various industries.
A growth sector
An obvious initial sector for adoption was banking and finance. The industry was wise to the opportunity, with blockchain technology helping the traditional pillar banks move into the fintech and neo-banking space.
As far back as 2017, IBM had engaged in a project to build blockchain technology for a consortium of seven of Europe’s largest banks, including HSBC and Rabobank. The aim was to facilitate international trade for small and medium-sized companies.
These days, the technology is also used in the day-to-day operations of many large and well-known name companies, including Microsoft, Oracle, JP Morgan, Amazon and Facebook.
But blockchain technology is not without drawbacks. Bitcoin mining has been heavily criticized for its huge energy consumption. In 2020, bitcoin mining used 75.4 terawatt-hours of electricity (TWh), which was more electricity than Austria (69.9 TWh) or Portugal (48.4 TWh) that year, according to a study by Scientific Reports.
Despite that, blockchain’s cheerleaders have long been vocal about the technology’s potential to benefit all sorts of sectors. Beyond digital currencies and banking services, the field is still wide open. Cloud storage and cyber security are obvious areas as blockchain’s decentralized nature helps keep data safe and secure.
There are also use cases for health and medical records, logistics, advertising, retail, NFTs, music rights and royalties, and much more. That means the career potential is also huge: Gartner predicts that the business value generated by blockchain will increase, reaching $176 billion by 2025 and $3.1 trillion by 2030, and VCs continue to invest billions of dollars in the sector’s startups.
While there are any number of bitcoin and crypto wallet startups in the blockchain space, there are also many more companies doing interesting things with blockchain technology. Below we take a look at four companies that are developing exciting businesses across pharma, digital identity, energy and commerce.
BlockPharma
Based in France, BlockPharma is developing a blockchain-based solution for traceability and anti-counterfeiting, with the BlockPharma app allowing users to instantly check the authenticity of medicines they purchase. The company uses the latest machine learning technologies to improve the detection of counterfeit drugs.
Energy network
Energy Web is a global non-profit organization that develops open source technology to help decarbonize the global economy. The world’s largest energy blockchain ecosystem has emerged that includes utilities, grid operators, renewable energy developers, corporate energy buyers and others. While it operates globally, it has an extensive footprint in Europe, including 27 projects in 15 countries.
Authent
To provide the future of digital identity, Authenteq has created the world’s first fully automated digital identification and eKYC system to enable businesses to trust their customers instantly, while allowing users to retain control of their identity. Born in the Icelandic startup scene, the company is now based in Berlin.
Spryker
Composable commerce is a development approach to select the best commerce components and combine or “compose” them into a custom application built for your needs, and the Berlin-based Spryker, is a modular and customizable commerce stack with next-generation cloud capabilities that scales with users’ businesses .
Right now, there are many companies hiring for blockchain roles. In Dublin, Mastercard is looking for a Frontend Engineer, Crypto & Blockchain. In this role, you will be able to build next-generation cryptocurrency tools, law enforcement tools and DeFi platforms and build middleware services to connect the user interface to the backend infrastructure.
Boston Consulting Group is looking for a Blockchain Consultant and Sr Consultant in Amsterdam. The role requires you to create blockchain strategy and use-case identification, as well as blockchain solution validation from both business and technical aspects. You will also define the blockchain solution’s roadmap and business models.
In Bordeaux, Abbeal, a web and mobile application development company, is looking for a Blockchain developer. You will use your web, mobile or DevOps skills to contribute to our clients’ projects and to Abbeal’s projects.
