Skyrocketing demand for Blockchain engineers

24/06/2024 20mins
Phani Kumar S


Gartner forecasts the business value-add of blockchain will exceed $3.1 trillion by 2030, clearly indicating that the technology is here to stay.

Blockchain developers have emerged to be the hottest commodity in the employment landscape of 2018. With the cryptocurrency community proliferating and a slim talent pool, the massive demand results in sky high salaries for developers.                            

As per recent studies, blockchain-related jobs are the second-fastest growing in today’s job market. For every single developer there are  now 14 job openings. Further,

Nick Szabo, the developer who coined “smart contracts,” pointed out, there is an extreme “$/knowledge” ratio in the blockchain space, where capital by far outpaces talent.

Upwork, a freelance talent marketplace witnessed significant increase in the demand for blockchain talent. Blockchain rose to the fastest-growing skill out of more than 5,000 skills requested for engineering projects,blockchain consultancy and ICO advisory service- an increase of more than 35,000 percent.

The fact that the demand for blockchain talent on Toptal has grown 700 percent since January 2017 is an additional evidence that the world is all set to realize the full potential of blockchain technology. Further, in the last one month,  40 percent of the fully managed software development projects requested blockchain talent.

After analysing the demands thoroughly, Toptal identified different areas of blockchain development increasing in demand.

Top three most wanted skills:

  • Hyperledger Fabric

Focussing on modularity and scalability, it is an enterprise blockchain framework that supports the often changing business rules.

  • Ripple development

It is a payment protocol widely used for distributed processes for remittances, payments and exchanges.

  • Solidity

It is a smart contract development on the Ethereum network.

The connection of blockchain technology with  cryptocurrencies and finance has broadened its scope of application. With major banks like Bank of America and Liberty Mutual adopting blockchain technology, the number of employment opportunities have also increased.

With numerous companies solely devoted to build blockchain applications, the demand and scope of the technology has become broader.

As per the estimates by Computerworld, Blockchain developers in the US earn up to $130k a year. Big players of the financial sector like Visa and Bank of America exploring the blockchain technology has also resulted in the niche jobs emerging as the most high-paying.

There is no doubt that Blockchain technology is an economic revolution as it is also  making inroads into diverse industries including transportation, retail sales, warehousing. The widespread adoption of the technology has not only created new possibilities to improve business processes but also new employment opportunities.



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