Blockchain: Implications and opportunities for software professionals

Blockchain is the future of technology, and the NASSCOM report suggests that currently, there are about 50K jobs already. By 2030, the figure might reach over 8 lakh. Professionals from technical and non-technical backgrounds are excited to be part of the booming industry.

As Blockchain technology is evolving fast and becoming mainstream, its career prospects are the most sought-after these days. Professionals from technical and non-technical backgrounds are excited to be part of this booming industry. The most common question is what kind of professional background one needs to become a Blockchain Developer? Are there enough jobs in the markets? And more importantly, can the experienced techies already engaged in Web 2-based technologies have the skillsets to shift?

Opportunities galore

Blockchain is the future of technology, and as per a NASSCOM report, currently, there are about 50,000 jobs already. By 2030, the figure might reach over 800,000! According to the latest skills index, blockchain expertise is the fastest-growing skill and is one of the hottest in the US job market. Apart from start-ups and tech firms, industries like banking and finance, oil & gas, insurance, retailers, logistics, agriculture — almost every sector is now looking at blockchain, says Raj A Kapoor, Founder of India Blockchain Alliance and one of the top global leaders in Blockchain industry.

Starting as early as 2008, it took over a decade for the technology to get wider acceptance. In 2018, venture capitalists began funding start-ups, and the technology saw better adoption by top companies. Since then, there has been no looking back. Many public blockchains like Algorand, Binance Smart Chain, Cardano, Ethereum, Flow, Polkadot, Solana, Stellar, Tron, etc., have gained popularity. Experts believe the technology will grow at a compound annual rate of 85.9% from 2022 to 2030 to reach 1,431.54 billion by 2030.

A critical factor in the evolution of Web 3.0?
Blockchain technology will be a crucial factor in the evolution of Web 3.0. It is based on principles of cryptography, decentralization, and consensus. In a blockchain or distributed ledger technology (DLT), data is organized in blocks, and each block contains one or more transactions. Therefore, blockchains are highly secure since there is no single point of control or failure.

Blockchain is the technology behind cryptocurrency, but its application is not limited to it, as the popular assumption has been. It has seen massive adoption for various other business applications, including payments, exchanges, smart contracts, documentation, and digital identity.

Opportunities for software engineers
“There are roughly three types of opportunities — Blockchain Developer, Blockchain Architect, and Blockchain Security Professional. A Blockchain Developer creates and manages Crypto Assets, integrates Blockchain APIs, and develops DApps and Smart Contracts. The role of a Blockchain Architect is to identify the best framework for a specific use case and design Blockchain networks. A Blockchain Security Professional secures networks and does Smart Contract Auditing,” says Rohas Nagpal, Chief Blockchain Architect, Hybrid Finance Blockchain (HYFI), a network of blockchains for Hybrid Finance.

Rohas further adds that since 2020 there’s been an over 100% increase annually when it comes to business queries.

Aspiring to be part of this revolution?
Experienced professionals with solid exposure to Web 2 technologies can transition to the Blockchain industry. For example, developers typically with a lot of experience working with C++, Python, and Javascript, Project Managers with the skills of traditional (cloud) projects, UX designers to create a user interface that fosters trust, etc.

Apart from these technical roles, a range of other options are available — Blockchain Marketing Specialists, Product Managers, Crypto journalists, Initial Coin Offering (ICO) Advisors, Crypto brokers, legal consultants, etc.

Emerging areas in Blockchain technology include Bridges, Cross Chain protocols, DAOs, Metaverse, Non-Fungible Tokens (NFTs), Play-to-earn games, Wrapped Assets, and Web 3. For everyone who wants to join the initial phase of the Blockchain revolution, the right time is indeed now.

Sevashree Mohapatra is the Chief Storyteller at Axetue where she writes about emerging technologies and their impact on people and businesses.

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