Security is the major concern that most individual focuses on. To avoid such issues (hacking or losing sensitive information) with your system, Blockchain comes into the picture. Blockchain has become a new potential in the tech domain and if you talk about experts, they have already considered it as a dominating segment in the coming future. Blockchain was formed to support the foundation of bitcoin and fast forward moving today it is, no doubt, well-known for its security, adaptability, and profitability in this digital world.
Industries such as Automotive, Banking & Finance, Healthcare, Media & Entertainment, Government Bodies, Supply chain, etc. are some of the sectors that have already started adopting blockchain & the rest of them are yet to acknowledge its potential in today’s world. With the growing demand in the blockchain Industry, people have now started looking for career opportunities in this field. As a result, now businesses are required to have their own blockchain experts who can look to fix their business needs by applying blockchain technology. Countries like Switzerland, Chile, Estonia, and Singapore adopted blockchain back in 2017 and as per a recent survey, Singapore is leading the chart.
So, it’s not wrong to say that the future is going to be the blockchain world and so does the demand going to rise insanely. Before we move ahead, let’s understand what is blockchain technology.
What is Blockchain Technology?
A blockchain is a shared database (or a log of transactions) that cannot be edited and whenever a new record is being added to its database (or line term), a new line of an item is added within the (block) book so that more records can be added within it and this block contains all information (not just financial) and the reason why is it called as dApps is that all the records of this book (or block) are stored in thousands of places all over and each one of them is maintaining copies, and are connected to the server.
In other words, we can say that it’s nothing but a safe and reliable database of records. Besides this, the person who uses this technology and architecture for developing applications is called a blockchain developer and the apps that leverage this technology runs on the internet called Web3 and they are also responsible for making the way out of any kind of complex issues during the execution.
Before moving ahead, we need to understand the role of a blockchain developer.
Who is a Blockchain Developer?
Just like a software developer, blockchain developers are responsible for building applications that are based on blockchain protocols. The application that they compile runs on a blockchain architecture. They create decentralized applications (or dApps) and the model works on both the back-end and front-end and the supervision of the whole architecture is being monitored by the blockchain developer.
Most companies demand their blockchain developers to store all blockchain data to prevent hacks or changes strategically. Besides this, they are also responsible for creating the interfaces to maintain client applications, and their roles can vary based on an employer’s or organization’s needs.
Now, let’s look at the 5 reasons to become a blockchain developer:
Salary is the biggest reason which attracts and motivates blockchain developers to get into it. In the past few years, as we have seen how Blockchain’s popularity has risen, the blockchain industry is likely to grow 3x more in the upcoming year. The salary bracket in India starts from 7LPA and goes up to 16LPAand in other countries, it ranges somewhere between $1,09,766 to $2,00,766 per annum. Mindblowing, isn’t it?
If we compare it with the other industry, the salary structure is huge and it has taken place in no time. So, it’s not wrong to say that it is creating a new era of technology and lots of new-age tech geeks are trying to get under blockchain’s hood.
2. Career Opportunities
Today, where everyone wants to get into the IT industry and software development, new age developers and especially beginners are looking out for career opportunities in the Blockchain industry. If you refer to the stats on Glassdoor, there are ample opportunities in terms of brushing skills and creating a core career in this field.
With the rise in the trend of cryptocurrencies in the market, the demand for blockchain developers It is increasing every day and it’s likely to get mainstream by 2024. The primary reason for flooding in opportunities for blockchain development is taking charge due to the adaptation of different sectors in blockchain technology and so its demand is rapidly increasing month by month. It is believed to have a market capture of approx USD 8 Billion by the end of 2022.
3. First Movers Advantage
Just like any other new technology, those who move quickly with the pace get the advantage. Either it could be cross-platform software testing software, any programming language, AI & ML, or any smart innovative technology. It is true to say that those who have taken up the advantage of moving up with the pace have always benefitted.
The evolution of blockchain has 3 major phases it started back in 2009 when Satoshi Nakamoto, the What creator of bitcoin released his first white paper and late that year the first transaction of 10,000 BTC took place, but since the popularity was not much in the market so Vitalik Buterin came up with an idea and introduced Blockchain 2.0 ie Ethereum and it was officially launched in 2015 and became one of the biggest creations in blockchain technology that could support smart contracts and thereafter, the market size started booming in billions of dollars.
By today, there are over 18,000 cryptocurrencies are available in the market. Ever since the blockchain market has increased by many folds and it is expected to grow over USD 180 Billion by 2025 and will stretch up to USD 3 trillion by 2030.
Since this technology is new in the market and currently there are some sectors untouched by blockchain technology But as we are moving ahead of the demand is increasing on a huge scale and companies are paying insanely high. Now, is the time for you to jump into blockchain development because the future is going to be a decentralized technology.
4. Scalability/Involvement of Gov. Bodies
The blockchain is absolutely going to be the new future for everyone. You might be surprised to know that there are countries like Brazil whose government has adopted blockchain technology as a medium of creating various applications which also includes a voting system using ETH. To make it more transparent, they have also induced this for biddings and public contracts.
Whereas countries like Chile are using ETH for tracking data and the finance sector for better transparency and security. Today, almost every country wants to enhance their system with maximum security and that’s why lots of government agencies have either started their approach or are in discussion terms with agencies for implementing this technology. This could be the best reason to become a blockchain developer As it helps in developing the country in an economical aspect.
5. Intensive Job Roles
The market trend for blockchain has been consistently changing since its introduction and with the way, the market has responded and the capital has boomed, it is expected to grow at an exponential rate in the coming years. With this, now many tech giants of all levels are consistently looking for ideal candidates in blockchain technology and not only tech, in fact, but there are also other sectors too that have been hunting out for ideal positions, some of those positions where blockchain developers can fit in are:
- Cryptocurrency Analyst
- Cryptocurrency Developer
- System Engineer
- Solution Architect
- Project Manager
- UX Designer
…and many more. If you want to read more about these job roles, check out our article about different job roles in blockchain technology.
If you’re standing at a beginners’ level or an experienced level, just be sure that the moment you decide that you want to become a blockchain developer all you need is the right skill set, adequate knowledge, and the right guidance throughout your journey . Blockchain is indeed the most promising and demanding career in the tech industry. The purpose of this article was to create awareness of why you should adopt this technology and provide you with the best 5 reasons to become a blockchain developer. However, to develop the basic skills you should know why you should get into it. Only the right training and resource will be helpful for you in becoming a successful blockchain developer.