Years ago, many dismissed cryptocurrencies and the underlying blockchain technology as a passing fad; a bubble that would soon burst. They couldn’t have been more wrong, with blockchain finding its way to a variety of industries. Blockchain jobs have shot up, but as new reports have revealed, the supply isn’t matching the demand.
That blockchain jobs are on the rise doesn’t come as news. More companies globally have been researching and applying blockchain into their operations as they seek to be positioned for success in the age of decentralization. Initially, it was the large conglomerates such as IBM, Deloitte and SAP that were into blockchain. This was mainly because blockchain development was too costly for smaller firms.
However, this is slowly changing, with easier plug-and-play blockchain tools hitting the market. These tools enable smaller firms to integrate blockchain without having to foot all the costs of development, akin to software-as-a-service products. The result has been a rise in the number of blockchain jobs.
As CoinGeek reported some months ago, blockchain jobs were not only rising faster than all the other jobs, they were also offering twice the average salary in the United States.
Despite the growth in job availability, the number of people interested in these jobs surprisingly seems to be going down. A recent study by LinkedIn proved as much. The ‘Emerging Jobs Report 2020’ revealed that blockchain developers were not on the list of the top 15 emerging jobs in the U.S. It attributes this to the decline in crypto prices.
The report corroborates an earlier study by jobs site Indeed. The study found that the number of searches related to cryptos and blockchain tech had been on a decline for the past two years. This is despite the number of blockchain jobs being on a steady rise. According to Indeed, in the year 2018, there had been a 14% change in the share of blockchain job searches. This was down from 326% the year prior.
In 2019, it got worse, with the annual change in the share of blockchain job searches falling for the first time in the past four years by 53%. The dropping searches were in stark contrast to the rising number of available positions. The report by Indeed indicated that between 2015 and 2019, the number of blockchain jobs shot up 1,457%.
With these statistics in mind, there has never been a better time to get into the blockchain market.
In the past, blockchain jobs have been limited to a few developed countries, led by the U.S. and China. This was mainly because most of the jobs were being offered by large multinationals. As smaller companies adopt blockchain, the narrative is shifting and these jobs are now available in all regions. India, for instance, is getting into blockchain. The Asian country now accounts for the sixth-highest number of blockchain patents.
The number of blockchain-related jobs in India has been rising. A separate report by LinkedIn on the Indian job market revealed that blockchain developer was the top emerging job. Most of the jobs are in the capital New Delhi, Hyderabad and Bengaluru, the report found. Unsurprisingly, the banking and insurance industries account for the highest number of blockchain projects, but healthcare, logistics and retail are also increasingly turning to blockchain.
In Africa, blockchain jobs are opening up as well. As the continent turns to the technology to solve some of the ills that have plagued its people for generations, such as land ownership and corruption, blockchain developers are becoming increasingly sought after. Opportunities include in crypto payment and remittance processors such as BitPesa and PayFast; blockchain development firms such as Molecule and Linum Labs and crypto exchanges such as Luno, Golix and Belfrics. With crypto interest in Africa soaring, the market will only get bigger.
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