Blockchain Jobs Continue To Soar In Demand
2017 brought an incessant amount of hype towards the blockchain space. Projects and ICOs were spawning left, right and centre, and the total market cap for cryptocurrencies grew to over half a trillion. While the cryptocurrency market has since subsided (for now), 2017 was arguably the year of ‘acceptance’ for a future that could embrace the full potential of blockchain technology.
Acceptance, adoption and a wider understanding of blockchain has led to some astronomical statistics for job growth in the blockchain sector. The freelancer site, Upwork – has cited a 6,000% increase in demand for blockchain jobs this quarter, compared to the same period last year.
Blockchain developers have become highly sought after as of late, and according to Upwork’s report, blockchain technologists were in second place, just behind those with skills in robotics.
CoinDesk, the leading source of cryptocurrency news and organiser of major blockchain events has even launched their own “Career Center” which houses job listings. Many other independent sites that cater specifically for blockchain jobs and blockchain career services have also begun to pop up, like Crypto.Jobs and Crypto Jobs List — with each listing well over 500-700+ cryptocurrency and blockchain jobs.
“Blockchain appears to be the next uncharted, highly talked about technology similar to what the ‘cloud’ was back in the mid-2000’s… its growth exceeded 2,000% for three quarters in a row on Upwork.com, and in Q1 it experienced more than 6,000% year-over-year growth, making it the fastest-growing skill out of more than 5,000 skills on the site.” – Upwork
So why have blockchain jobs become the hottest commodity as of late? I explore 4 possible reasons…
1) Initial Coin Offerings Showing No Signs Of Rest
Despite the ‘cool off’ that the cryptocurrency market is experiencing this year, many new and innovative blockchain projects continue to pop up. ICOs raised more money in the first quarter of 2018 than the entire of 2017, according to CoinDesk’s stats.
At $6.3 billion, ICO funding in the first quarter is now 118 percent of the total for 2017, a figure that might go a long way toward undermining a common perception that the controversial fundraising method will soon be extinct. (Coindesk, 2018)
With ICO funding showing no signs of slowing down, more companies are entering the market and this is catalysing the spike the demand for blockchain jobs.
2) Mainstream Adoption
Large corporations and tech giants like IBM, Microsoft, Google, AMEX, and Facebook have begun looking at blockchain as a means to better facilitate their services. This is no small feat, as these major players have a much wider scope for hiring due to their notoriety and large industry presence.
“A closer look at this year’s Forbes Global 2000 list of the largest public companies in the world reveals that not only are all ten of the largest public companies in the world exploring blockchain, but at least 50 of the biggest names on the list have all made their own mark on technology first inspired by bitcoin” – Forbes, 2018
3) Expansion Of Operations
The companies who successfully raised millions (even billions in some circumstances) in ICO funding from previous years are also hard at work, with each of them bringing their unique visions of a decentralised future to fruition. Many of these older, more ‘established’ companies are ready to expand operations (if they haven’t already).
The (formerly) China-based Crypto exchange, Binance for example, has expanded operations across the globe into Malta, Japan, Taipei.
And they’re definitely not the only ones.
You’d just need to spend a few minutes on AngelList to discover how many of the bigger blockchain and cryptocurrency players are aggressively hiring for blockchain jobs.
4) Government Initiatives
Government sectors are also keen on hiring blockchain developers and experts who could aid them in research and development projects.
The NYC Blockchain Resource Centre has recently been funded with $200 million to build public awareness and support for entrepreneurs and businesses who are utilising blockchain technology. Blockchain educators, mentors and advisory services are also entitled to the funding, which could make up a significant proportion of blockchain jobs.
In 2017, Joseph Muscat, prime minister of Malta, released the first draft of a national strategy to promote Bitcoin and blockchain technology. Muscat has expressed that he intends for Malta to become one of the first countries in the world to embrace Bitcoin and distributed ledger technology (DLT).
“I understand that regulators are wary of this technology but the fact is that it’s coming” — Joseph Muscat (Prime Minister, Malta)
Joseph Muscat is actively pushing Malta to spearhead the shift towards a decentralized national economy and become a front runner in attracting blockchain companies to the island.
World-Class Blockchain Education In Southeast Asia
Southeast Asia’s thirst for blockchain continues to grow, but educational opportunities in the sector are not keeping pace. Through courses offered in tandem with leading global institutions, some for the first time in Asia, Blockchain Asia Campus allows regional blockchain enthusiasts, developers and entrepreneurs to further their knowledge in this exciting and fast-moving field, fostering the industry’s growth from the grassroots up.
If you’re looking to become ‘blockchain job-ready’, why not check out our range of industry accredited courses?
With a raft of respected blockchain thought-leaders from Malaysia and around the world set to feature, Blocfest’s focus will be on blockchain’s immense potential in the Southeast Asian region, where the technology has already made great headway.
Blocfest is set to launch 26-27 September, and guests are invited to also join us for KL Blockchain Week.
Find out more about our speakers by clicking here.
Sean’s unequivocal passion for all things blockchain blossomed in late 2016. Starting off his journey as a daytrader, he found himself quickly immersed in the projects and their visions of a decentralised future economy. He is Blocfest’s chief writer/editor, and publisher of Channel 3.0, a blog focusing on blockchain-powered digital media, content and advertising platforms.