According to a new Seen By Indeed study, crypto and blockchain job postings have risen 26% since 2018, with four-year growth in job postings at 1,457%. This is despite a drop in job searches for crypto and blockchain jobs, which peaked around the major Bitcoin rally in late 2017 and has been steadily dropping since then.
Apparently the top 5 jobs in the crypto and blockchain sector are software engineer, senior software engineer, software architect, full stack developer, and front end developer. Essentially, the top jobs in the crypto and blockchain field involve programming according to this study, rather than trading or investing.
This study also found that the top 15 companies which are hiring in the crypto and blockchain sector are Deloitte, IBM, Accenture, Cisco, Collins Aerospace, Ernst & Young, Coinbase, Overstock, Ripple, Verizon, Circle, Kraken, ConsenSys, JPMorgan Chase, and Signature Bank. It is notable how the top 15 employers in the field are a mix of well-known crypto and blockchain companies as well as major corporations and banks that are not typically associated with crypto.
Overall, this study reveals that the crypto and blockchain sector continues to be a flourishing field, and it is impressive that job opportunities rose throughout 2018 despite the bear market.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
The blockchain and cryptocurrency industry has seen a steep rise in expansion over the last few years, grabbing the attention of various users across the globe. With many companies investing billions in blockchain technology, career opportunities have been increasing by leaps and bounds.
According to a report by Tech Jury, the blockchain market is expected to surge to USD 20 billion by 2024. Several companies and banks are leveraging blockchain for the potential it holds to revolutionize business and real-world applications.
It is estimated that in ten years, about 80% of the population will be engaged with blockchain in some form. In fact, as reported by BitcoinNews.com earlier, engineers left their highly paid “dream jobs” to pursue a career in the blockchain industry thanks to its decentralized ideology.
The popularity of cryptocurrencies has gained ground among enthusiasts, venture capitalists and major corporations. Amid the curiosity surrounding the crypto space, the underlying technology of crypto has led to a boom in the financial market. It has been estimated that investment banks and companies can save an estimated USD 12 billion by using blockchain tech to cut down on the radical costs for data transfer and storage.
Insight on career opportunities
In August 2018, according to a Glass Door economic research report, blockchain career listings saw a whopping 300% increase over a span of one year with 1,775 job openings in the United States alone. The median blockchain-based job salary was found to be about USD 85,000, about 61.8% more than the average US median salary, with New York being the top US metro for job openings. LinkedIn produces over 3,000 job results in the US alone for blockchain-related work ads.
Blockchain-based careers have become a lucrative option for tech-savvy personnel. The most popular line of blockchain job, according to Glass Door research, was found to be Software Engineer and about 45% of blockchain-related jobs are for software engineers. Needless to say, apt coding skills are an essential qualification for this job. These engineers develop the software apps, infrastructure for Bitcoin and Ethereum use, which serves as the basic premise for the working of blockchain technology.
Next, are the blockchain web designers, who perform marketing activities and build the interface and design blockchain websites. They have to ensure that information about the digital currency industry is correctly and minimalistically presented. Next in demand is the role for Operations which requires a skill-set of operation management and IT. There has also been an increase in demand for the financial personnel considering the fact that the industries are deeply-rooted with finance.
Perhaps an important aspect in which blockchain-based jobs facilitate employment is through the recruitment of non-technology jobs. The increase in technology-related jobs and the general expansion of a blockchain company gives rise to the need of non-tech jobs such as risk manager, marketing manager, public relations officer, product manager, among others.
Oracle, one of the largest technological companies globally, has been expanding its blockchain team, while Chinese industrial and commercial banks have recorded sales of USD 165 billion. This expansion gives rise to the need for real-world experts who keep a check on the security and accountability of the transactions that take place. Even last year, according to a LinkedIn report, blockchain developers took the topmost position in terms of hot demands. Blockchain, therefore, has the potential to serve as a career opportunity for talented candidates, along with them receiving handsome salaries.
Companies like Circle, Fourkites, and Pixelplex are making long-term investments in blockchain by hiring candidates and many other companies are encouraging skilled personnel by providing them job opportunities to excel in blockchain career. For example, ITExpertsIndya has created its one-size-fits-all job application wherein anyone who is interested can fill up a their name, phone number and other details and submit their resume in a click. They are looking for highly-motivated, organized individuals who give attention to detail and who are results-oriented. It is required for the job applicant to have knowledge of requirement analysis, functional design, software design, database design and testing.
The consultancy companies putting out the most job postings for crypto and blockchain roles are Deloitte, IBM and KPMG. It is highly anticipated that Facebook is going to join this list with the ongoing related hiring spree of the company.
Facebook’s crypto team expansion
It is no secret that Facebook is entering the crypto space with the plan of launching its own crypto dubbed Libra. The project will be open to about 12 countries and is planned to debut in the first quarter of 2020. The company has been attracting a large audience with the support of major payment gateways including Visa, Mastercard and Paypal. Backed by a consortium of 100 corporate investors, Facebook has stirred a storm in the job market. A lot of aspirants have their bag full of hopes to grab the job opportunities in the dream company.
There is an increased pressure on Facebook to protect user safety and privacy given its involvement in data breach scandals in the past. Needless to say, the management of such a wide database is no piece of cake. This will only open gateways to the expansion of the crypto team. Therefore, with the success of the Libra project, there will be a direct increase in the career opportunities such as compliance, legal, regulatory, privacy and audit jobs to contain the venture.
At the time of writing, Facebook has listed 38 new job opportunities in the blockchain industry which includes Business Development Manager, Lead International Blockchain Counsel, Financial Accountant, Data Scientist, Growth Product Manager, Threat Investigator, Quantitative UX Researcher, Mixed Methods UX Researcher, Head of Data Science, Director in Payments Partnerships, Vice President, Technical Sourcer and Head of Customer Services.
As reported recently, a prominent professor from MIT was recruited by the social media giant to work on the crypto project. The increase in hiring by blockchain firms shows the long-term interests that firms have in mind. Monetary investment may be volatile in the short run, but investment in human resources sends a strong message of the long term trends.
Blockchain can have a rapid growth in the near future if the employers and the companies promise to believe in the potential of this technology and put in all their efforts and skill in blockchain technology. The primary requisite of the blockchain-related jobs is that it revolves around good coding skills and engineering experience.
Fortunately, these openings are centered in places where there is no shortage of technical and financial expertise. Blockchain is a dynamic and fast moving industry and these trends have created a large scope for people to have developed trust in it, paving the way for long-term interests.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
Several hours after the original postings were made, however, they were delisted or made unavailable, although details of the post can still be seen on Indeed. It remains unclear as to why they were taken down.
The role is listed as “Lead, Blockchain Exploration” and requires candidates to have a diverse skill set in at least three of the following areas: journalism, product, design, software development, hardware engineering, user research. Professional experience with ”real-world application” of blockchain or other emerging technologies is also a must.
The listing notes that the expected term of the position is just 12 months, in which time they are expected to recruit stakeholders for the project as well as advisors from academia, other news agencies and social media corporates.
LinkedIn Chief Economist Guy Berger opens the report describing it as an opportunity for professionals to make informed career decisions, utilizing data gathered from LinkedIn’s Economic Graph, which is a portal to job market data.
According to the report from the professional social network, blockchain developers are in hot demand as data gathered by LinkedIn reveals a growth of 33 times. Geographically, San Francisco, New York City and Atlanta are the three cities clamoring for blockchain developer talent. In addition, the top skills listed were Solidity, Blockchain, Ethereum, Cryptocurrency, and Node.js.
Blockchain developers beat out Machine Learning Engineers, Application Sales Executives, and Machine Learning Specialists by a significant margin. The report says that this news may not come as a surprise given “this year’s surge” of blockchain and cryptocurrency fascination, though it does go on to add that “only time will tell if blockchain will be a long-standing trend in the job market”.
This isn’t the first time that blockchain technologies have topped the job charts in the United States. In June, freelance website Upwork posted its Q1 2018 Skills Index which ranked the 20 fastest-growing skills in the freelancing world with blockchain topping the US charts.
Aside from the value of cryptocurrency markets, it appears as though blockchain is a lucrative option for tech-savvy workers. So much so in fact, that even Silicon Valley engineers are abandoning their “dream jobs” and entering this new and rapidly evolving industry.
In October, job search website Glassdoor reported a staggering increase of blockchain and cryptocurrency industry job vacancies which contained keywords such as blockchain, bitcoin, and other related terms. The research found that as of August 2018, there were 1,775 “unique blockchain-related job openings” in the US which, compared to August 2017 (466 jobs), was a 300% increase. Interestingly, Glassdoor Economic Research found that “Bitcoin job growth” was “outpacing cryptocurrency prices” as per this graph.
Seemingly, the waxing and waning of the cryptocurrency markets are doing little to stifle the growth of the blockchain job market, which may be indicative of a maturing industry. With demand so high, efforts to educate the new work-force are underway in places like Russia, as well as numerous academic institutions in the United States including New York University.
The Asian blockchain jobs and employment market is booming with a 50% increase in industry roles since 2017.
UK-based specialist professional recruitment consultancy Robert Walters reports that startups and established corporations in Asia are on a recruitment drive, with many crypto industry positions now becoming more appealing to those from more conventional sectors.
“We hardly ever hire from inside of crypto because most people inside of crypto are very inexperienced. You have very, very few people who are experienced who get into the crypto industry.”
John Mullaly, director of financial services at Robert Walters in Hong Kong agrees, suggesting that many blockchain enthusiasts lack the skills necessary to join the industry. Hosp suggests that employment interest comes in waves according to the ebb and flow of crypto prices:
“If crypto is doing well, if people are making money in crypto, we get huge inbound from people because they feel like, “I need to jump on this wave…”And then when you see crypto going down — then we see that immediately the demand of people, they’re like, “Oh no, this is a dying industry, I shouldn’t go in there.” So it’s completely emotional.”
As well as potential employees jumping from more conventional sectors, employers are often facilitating this, says Justin Chow, Asia head of business development at Cumberland — the cryptocurrency division of trader DRW. Chow suggests that his company viewed hiring at its cryptocurrency division no different from hiring across all asset classes.
Indeed, Upwork, an American worldwide employment-related search engine states that:
“The situation in Asia seems to mirror the US in that Bitcoin [job search] trends are much more volatile (and related to price volatility) and resulting media coverage while blockchain and cryptocurrency searches have seen a more consistent upwards trajectory.”
China-based cryptocurrency mining hardware company Bitmain has confirmed Rockdale, Texas as its next location to spearhead the way for its takeover of the US.
Rockdale will benefit from Bitmain’s investments totaling over USD 500 million in the following seven years, with plans to launch mining operations in early 2019. The location will employ 400 individuals for the new Texas blockchain data center, offering educational services and training programs for aspiring employees.
Despite the positive local press acknowledging the benefits of such an investment in a town recently hit by difficult economic times due to the closure of the coal mines, Bitmain and public officials declined to comment until this week. The article hinted however, it was an open secret shared among Rockdale residents.
The cheap electricity tariffs have attracted many mining operations to the area, with locals reportedly concerned about the amount of energy being consumed. Some have suggested that an increase in the use of renewable energy resources in the mining process would stem the complaints.
International Business Machines (IBM) recently announced initiatives and investments which will create 1,800 jobs in France.
News of IBM’s intentions broke after the Tech for Good summit in Paris hosted by the president of France. Over 50 tech CEOs were present, including Mark Zuckerberg, Satya Nadella, and Biran Krzanich.
The openings require “new collar” skills, a term coined by president and CEO Ginni Rometty. New collar skills involve knowledge in data science, cloud computing, internet of things (IoT), artificial intelligence (AI), and blockchain. New graduates and experienced technical professionals alike will be hired to fill these opportunities.
The new positions will be created within the next two years. They include 400 IBM hired in March for research at the French AI for Humanity summit. IBM has been steadily reducing its presence in France since 2012, but new hirings will help IBM return to previous numbers.
IBM has also announced a partnership with the French government regarding its Pathways to Technology Early College High School (P-TECH) education system. P-TECH gives disadvantaged people the ability to obtain skilled labor.
It is to no surprise that Rometty spearheaded discussions about education during the summit, and will use insight gathered to better French education. The company is also introducing IBM France Academy supplemented with online courses. This will train IBM France employees, partners, and clients in skills that will prepare them for the AI-era.
Most of IBM’s clients within France utilize Watson, IBM’s supercomputer, to accelerate their business operations. Introduction of blockchain technology could potentially make Watson more potent.
IBM has won deals in multi-line insurance, bank guarantees, the automobile industry, and global food-supplying industry, among others, thanks to its strides in blockchain technology.
According to a report by MarketandMarkets, blockchain tech is expected to be worth USD 2.3 billion by 2021, growing at a CAGR of 61.5%. IBM has been slowly gaining ground within the blockchain space and its investments in France are just their latest efforts.