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Blockchain Career Opportunities Are Booming

Blockchain Career Opportunities Are Booming

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.

Graph indicating the involvement of people in the crypto and blockchain industry
Image source – Indeed

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.

 

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Blockchain Among Top 10 Skills in LinkedIn Report for Asia Pacific

Blockchain Among Top 10 Skills in LinkedIn Report for Asia Pacific

A fresh study by professional social networking site LinkedIn has confirmed what many have been suspecting for a while — that blockchain skills are one of the most important skills employers in the Asia Pacific are looking for.

The Asia Pacific (APAC) localized version of “The Future of Skills” 2019 report is a regular business feature from the social network and it has identified a trend for blockchain skills demand for the next few years. The specific skill set is in fact the ability of “setting up and managing a distributed and decentralised public ledger” — which is one of the capabilities blockchain is known for. This is closely followed by artificial intelligence (AI) and compliance, two buzzwords that commonly follow any white paper in a blockchain project or startup.

Singapore, Hong Kong and South Korea lead the countries seeking out these new skill sets. The disruptive nature of all these technologies, it seems, also comes with a close need for compliance with the eyes of legislators and market regulators now trained on emerging tech sectors.

LinkedIn commented in the report:

“Rising skills can be used to forecast where industries are going… Examining what rising skills certain industries are hiring for shows what changes they are anticipating.”

And if that is true, then the jobs industry is expecting blockchain in commerce and enterprise to be around for many more years to come.

 

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China Could Become a Factor in Bitcoin’s Success in 2019, but Knowledge Is Key

The latest survey released in China illustrates just how much cryptocurrencies such as Bitcoin are gaining interest there, despite the country’s prohibitive stance on digital currency.

Given China’s huge impact on cryptocurrency mining despite Bitmain’s recent staff layoff announcements, to some this may come as no surprise. However, the Chinese government has attacked Bitcoin at every opportunity whilst casting its net around numerous blockchain opportunities, favoring the tech behind Bitcoin above adopting the currency.

Suggestions that Bitmain layoffs may be a possibility early this year first appeared on Maimai — China’s version of LinkedIn — before Christmas, where one verified Bitmain employee wrote, “It’s affirmative. The layoff will start next week and involves more than 50 percent of the entire Bitmain’s headcount.” The Beijing-based company now mines more than half the world’s bitcoins, according to some reports.

The survey conducted by blockchain PANews cited 40% of their 4,200 respondents as willing to take up Bitcoin or other cryptocurrencies in the future and at least were familiar with popular terms related to cryptocurrency. Despite the government’s blockchain push, only 22% of respondents said they were aware that tokens are powered by blockchain, clearly not making the connection between cryptocurrency and its driving force.

The 8BTC article which covered the PANews survey suggests that Bitcoin is not necessarily the way forward; unsurprising given the Chinese governments’ stance on cryptocurrencies.

“As everyone knows, Nakamoto has defined it as a peer-to-peer electronic cash payment system in the Bitcoin white paper. “Payment” is regarded as the original intention of cryptocurrency, but in China where mobile payment is very convenient, up to 63.43% of the choices ignore encryption. Money as a means of payment suggests that the road to promoting cryptocurrency in China may not work.”

Although cryptocurrencies were little understood by a majority of those surveyed it is clear that those who claimed to have a good understanding of blockchain were from the millennials group, with the majority being born after 1995.

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Bitmain Under Pressure to Cut 50% of Staff in 2019

mining, cryptocurrency

Bitmain, the world’s largest maker of cryptocurrency mining chips is reported to be laying off up to 50 percent of its staff in 2019.

Suggestions that layoffs may be a possibility in the new year first appeared on Maimai — China’s version of LinkedIn — before Christmas where one verified Bitmain employee wrote, “It’s affirmative. The layoff will start next week and involves more than 50 percent of the entire Bitmain’s headcount.”

The mining chip giant as of 2018 had 11 mining farms operating in China but was forced to lay off 3000 of its staff in December having grown from 1000 employees. A spokesman for the company has not confirmed the exact number of layoffs suggested, but commented:

“There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.”

Any layoffs are thought to be aimed at new projects such as AI and blockchain, but there is a suggestion that all areas of the company will be impacted. Earlier this month Bitmain closes its Israeli operation which included a lay off of 23 employees there. This was reported to have been a direct response to a downturn in the cryptocurrency markets.

Bitmain’s proposed IPO float on the Hong Kong Stock Exchange with an $18 billion valuation is now in question according to some observers.

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LinkedIn Reports Blockchain Developer #1 Emerging Job in USA

Blockchain Developers #1 Emerging Job in USA

The demand for blockchain developer talent in the United States has dominated the newly-published 2018 US Emerging Job Report from LinkedIn.

Blockchain No.1

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”.

Growing demand

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.

 

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Blockchain Businesses Feature in LinkedIn’s Top 50 US Startups

Blockchain and cryptocurrency businesses performed consistently well in LinkedIn’s Top 50 US Startups, landing spots across the board.

LinkedIn’s list identifies the country’s most dominant startups looking at a variety of factors; 1) employee growth, 2) member, company and employee engagement, 3) interest from job seekers, and 4) to what degree the companies managed to pull talent from LinkedIn’s Top Companies list. To qualify, each company was required to have been established no more than seven years ago, and employ a minimum of 50 people.

Coinbase, Robinhood, Ripple in top 10

US-based cryptocurrency exchange Coinbase grabbed the number three spot, with LinkedIn noting the company managed to double the number of accounts than that held by brokerage firm Charles Schwab, with numbers now standing at around 20 million. Coinbase currently has 500 employees and says it is looking to double that number this year. A spokesman for the company told LinkedIn that despite its rapid expansion, it is “absolutely not a run-fast-and-break-things culture”.

Investment app Robinhood landed in sixth, with LinkedIn partly attributing its success over competitors to the commission-free stock trades. The Stanford roommates that founded the platform four years ago have ambitions of ”[mimicking] every service found in a traditional bank, at lower costs”.

Blockchain-based international money transfer app Ripple found its place at number seven, as LinkedIn praised its ability to transform the antiquated process of cross-border financial transfers into one that can be completed in seconds. Ripple boasts over a hundred customers that include the major financial entities Santander and Standard Chartered.

Still appearing down the list

The Winklevosses’ Gemini trading platform ranked 25, Ethereum incubator ConsenSys at 26, and blockchain firm Axoni reached number 47.

The prevalence of the industry in the full list indicates the success and growth it experienced this year; recognition from LinkedIn in this way will only benefit it further.

 

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