Opportunities for IT professionals with blockchain skills are increasing at an astronomical rate. Blockchain is considered one of the most in-demand skills today, with blockchain technologists taking second place in the top freelance skills list for the 2017’s third quarter, according to Upwork.
The number of job postings that feature blockchain as a must-have skill have increased by 115 percent between 2016 and 2017 alone, according to Burning Glass Technologies, a job data analytics firm.
Here’s why blockchain technologists will continue to be in high-demand in 2018.
Cryptocurrencies on the Rise
Part of why blockchain has become so important in the business world is the rise of cryptocurrencies like Bitcoin. This makes the skill of particular interest to finance companies, such as banks and investment firms, as well as technology and consulting firms, and even application developers.
With cryptocurrencies becoming a larger part of the market, large corporations are working to be able to accept or interact with currencies directly, increasing the need for blockchain technologists.
Auditing, Recordkeeping, and Smart Contracts
Blockchain has introduced a new paradigm for recording information. This has to do with the distributed ledger systems created with blockchain, an approach that increases efficiency and eliminates certain central administration requirements, as are common with other current recordkeeping methods, such as the use of relational databases.
While much of the attention about the distributed ledgers is focused on financial transactions, blockchain technology can be integrated into other areas. For example, it can be used to generate audit logs or verifiable logs, making it easier to track activities within a company and satisfy regulatory requirements. Additionally, health and real estate organizations are investigating the technology for its ability to support smart contracts, allowing specific actions to execute automatically as soon as agreed upon conditions are met.
In the finance sector, blockchain allows for the creation of open, cross-border systems for the settlement of various transactions. New tech solutions are being created to support cross-border payments and allow retailers and financial institutions to interact with the currencies on a global scale. Since the records cannot be altered and are easily shared, it can be ideal for the tracking of transactions in a transparent way. Additionally, once a transaction occurs, it can never be erased, helping to ensure the longevity of the data.
Blockchain represents a new approach to recordkeeping that provides benefits that are inaccessible through other methods, making it a disruptive technology for the storing and sharing of data. Based on that, the demand for professionals with these skills is expected to remain strong, especially since there is a shortfall in available talent based on the overall need for blockchain technologists.
If you are interested in finding a new blockchain job, the professionals at Bayside Solutions can connect you with leading employers looking for these skills. Contact us to see what opportunities are available today.