Blockchain, the technology behind cryptocurrencies, is creating many job seekers opportunities. Both students and seasoned tech professionals have opportunities to carve a career in this consistently growing technology. For tech professionals who lost their job during this pandemic, the technology offers a respite from a large number of job vacancies around the world.
In India, Naukri.com, a web-based Job portal, currently reveals 20,500 blockchain-related jobs, upon looking up the keyword blockchain. Similarly, LinkedIn India shows 900 blockchain jobs upon search. A LinkedIn report, reveals blockchain as a hard skill in high demand, beating cloud computing skills, artificial intelligence, and cybersecurity, which were the most in-demand skills in 2019.
What’s more, job opportunities are expected to grow further now, after the Supreme Court lifted the ban on cryptocurrencies in India this year. Several prominent blockchain start-ups have come up and many more are flourishing in the space.
What is blockchain technology?
Blockchain is a distributed ledger technology (DLT) that allows businesses to create a tamper-proof decentralized data network. Supply chain, fin-tech, banking, retail, and many other industries are using technology to create more transparency in business operations Perr increase the efficiency of the business processes.
The adoption of technology across financial institutions has grown significantly, accelerating the pace of banking operations. Cross-border payments are cheaper and faster due to the elimination of middle services. Food all which earlier would take a week’s time now can take place in less than a minute giving supply chain companies more control.
Growth of the blockchain industry
Both blockchain-based applications (Dapps) and cryptocurrencies are growing around the world. According to Statista, spending on blockchain technology solutions may reach up to $15.9 billion by 2023.
Cryptocurrency exchanges are growing phenomenally. WazirX, CoinDCX, and CoinSwitch are a few exchanges leading the cryptocurrency market’s growth. As the cryptocurrency market matures, demand for new roles like blockchain engineers, crypto community managers, etc. is also increasing. This is a good time for students or anyone who wants to start a tech career. The supply of blockchain talent is short in the Indian market.
After the Supreme Court lifted the ban on cryptocurrencies, cryptocurrency exchanges have grown in the industry. Hiring across blockchain-based products and cryptocurrencies is witnessing a spurt. Blockchain technology is relatively new in the industry, which is making it challenging for employers to find skilled talent. Companies are struggling to find talent that meets their needs. Nischal Shetty, Founder of WazirX, a Mumbai-based cryptocurrency exchange, says “We’re actively hiring in India to fuel our growth. Though the demand is high, skills in blockchain and cryptocurrencies don’t exist in India.”
Demand for blockchain professionals
The lifting of the ban on cryptocurrency will accelerate the growth of the industry and will give rise to new job roles. Blockchain engineers, community managers, and crypto economists are a few roles that will see a spurt of demand, adds Sumit Gupta, Cofounder, and CEO, CoinDCX, a Mumbai-based cryptocurrency exchange.
Start-ups collaborate with ed-tech start-ups to impart requisite skills and develop the talent required by the company. Blockchain Certifications, training, and courses have grown to meet the demand for upskilling. Wazir X, for instance, has partnered with five ed-tech companies, including Indian Blockchain Institute, Corum8, Zubi, Qualki Academy, and Inbox Academy, to offer training to meet its demand for blockchain professionals. Many start-ups are educating students at universities and colleges to propagate knowledge of blockchain technology via webinars and workshops, to spread awareness and pique interest among the students.
Worldwide, CBCA (Central Blockchain Council of America), Blockchain Council, and other blockchain professional certification institutes have emerged to offer skill development programs to excel in a blockchain career.