Blockchain engineers are disrupting the world’s economy

(Photo: Shutterstock)

(Photo: Shutterstock)

Ever since Bitcoin gatecrashed into the financial market scenes in late 2009, the technology underlying the virtual currency has had people talking. Blockchain, a ledger of records arranged in data blocks, uses cryptographic validation to link themselves together, resembling an unending chain.

Since blockchain has the ability to sweep away intermediary banks and facilitate direct peer-to-peer transactions between users, the technology is disrupting the way FinTech market works.

With the technology looking to be a mainstay in the future of finance, the number of jobs related to blockchain has surged in recent times. Data derived from LinkedIn shows that over a thousand jobs are being posted every week in the field of blockchain, which is more than triple the number last year. There has been a steady growth of jobs in the blockchain industry, having a 40% increase every four months.

The idea of blockchain has struck a chord in different domains as Initial Coin Offerings (ICOs) are being offered across various niches, which has accounted for $2.3 billion funding overall, with a sizeable chunk happening this year.

With so much activity in the field of cryptocurrency, it is why large investment banks have started investing in blockchain. JPMorgan Chase, Citigroup, Barclays, Credit Suisse, and Royal Bank of Scotland are some of the major companies investing heavily in the technology, in the hope of it creating use cases around securities settlement and safer payment possibilities.

Blockchain jobs have spiked over the last year, as explained by Financial Times, which reports that experienced blockchain engineers could command a salary of over $250,000. “It is on the high side of what a really talented consultant or software engineer can earn,” says Jerry Cuomo, IBM vice-president of blockchain technologies. “Demand is exceeding supply, so we are seeing shortages. It is up there with the cloud and artificial intelligence as a really hot area.”

Since blockchain’s core competency lies in cryptography and machine learning, AI experts could also be brought into the fray. The demand for blockchain is growing, as technology startups, finance companies, and insurance giants look to hire engineers with relevant experience.

The Fear of Missing Out (FoMO) is another reason for companies to rush into creating teams working exclusively on blockchain. With a technology that is being touted as the new Gold Rush and having an obscure but promising future in the cards, major technology giants are competing against each other on hiring the best talent in the market.

A McKinsey report suggests that blockchain technology is here to stay, with it predicting steady growth in the technology over the next few years, leading to the emergence of new service providers and business models. By 2025, it envisions a world which would have adopted blockchain into mainstream transactions with blockchain developers being the frontrunners of the new-world banking system.

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