Right now, there’s a lot of talk about the Blockchain and how it will change the world as we know it. However, many people are still trying to understand what the Blockchain is and how it works.
But one thing is for sure- the Blockchain is here to stay. And with that brings new opportunities for jobs in the future. In this blog post, we’ll explore the benefits of working in the blockchain industry and some of the jobs that will be in high demand in the coming years.
So if you’re interested in exploring a career in this exciting field, keep reading.
For those who still don’t know about Blockchain;
Briefly, What is Blockchain, and What is used for?
Blockchain is a decentralized, immutable ledger of economic transactions that cannot be hacked or corrupted. Yet, it is changing the world as we know it because of its near-infinite potential for both goods and evil.
Blockchain technology can be used for everything from securing our identities, decentralizing the internet, and hosting immutable data sets. However, the most popular use case of blockchain technology currently is cryptocurrency. Cryptocurrency is a new type of digital asset that uses cryptography to secure transactions. There are thousands of different cryptocurrencies, and the most popular ones to date are Bitcoin and Ethereum.
When we talk about job opportunities, we usually think of creating new ones and not necessarily ending old ones. But the thing is that with the advent of blockchain technology, there are chances that many jobs will be lost.
Lawyers, Accountants, Bankers
This includes the intermediaries such as lawyers, accountants, and bankers who were earlier required to maintain records and validate transactions taking place between two people or organizations. This validation process takes time and costs money, resulting in increased transaction costs for consumers and businesses alike.
The introduction of blockchains ensures that all these recordkeepers become obsolete, at least in theory, because they may not always be needed when dealing with other users on the same network. All you need to do to validate a transaction is enter your password and click submit. That’s it!
But, what about the job loss?
It is not all that gloomy as one might think because blockchain technology will also open new avenues for employment opportunities.
This can be said of any technological development, and documented cases prove that fears regarding automation and job losses due to technology have come true but only temporarily.
Did ATMs Replace Bank Tellers?
According to Benzinga, this happened with ATMs, which replaced tellers in banks. But once people got used to using ATMs, they decided to position more machines outside branch offices, thus taking on more employees required for customer service (answering questions related to withdrawals, etc.).
There are chances that something similar could happen when blockchain technology becomes mainstream. For example, big companies may allow new users on the network to transact without involving intermediaries and then gradually validate these transactions. This could result in more job opportunities for people who can provide customer support (i.e., people working at any blockchain company’s office- be it Coinbase, Circle, or whatever).
Also, like with any other technological advancement, there will be high chances of some calculated risk-taking leading to successful startups that will use the prospects offered by blockchain technology to create value for their customers.
The New Digital Business Model
These companies may not necessarily deal with financial transactions, but they can bring new digital business models into existence. For example, the current trend regarding peer-to-peer marketplaces has led to online retailers eliminating middlemen responsible for curating products and services.
Where do Middlepersons Fit In?
The likes of Etsy, Kickstarter, and Airbnb are already doing great without the help of middlemen. This may not happen immediately because blockchain technology is still not ‘mainstream.’ It will be some time before it becomes widespread enough to replace traditional business models, resulting in job losses (although less compared to manual labor). But no one can deny its potential for reshaping existing business models or even creating new ones altogether.
So, What Will These New BlockChain Future Jobs Be Like?
It will be interesting to see what kind of jobs emerge due to blockchain technology becoming mainstream. If we consider other technological developments like Cloud Computing, Artificial Intelligence, 3D Printing, etc., specific roles have existed that did not previously exist in the mainstream.
Best Jobs for Blockchain Lover:
It is possible that in times to come, blockchain technology will also lead to similar job opportunities, and here they are:
1. Blockchain Expert:
This is currently one of the most in-demand jobs globally because there simply aren’t enough people who understand this technology and what it can do.
2. Regulatory Compliance Specialist:
As mentioned above, banks would cease to exist due to blockchain technology if it were to become mainstream. This means that there would be no need for people working in compliance departments of banks because they have a crucial role in preventing fraud and money laundering, etc. Employees from traditional financial companies will have to switch over the blockchain technology because it is more secure, but this will happen gradually.
But, even today, organizations dealing with financial transactions are required by law to have specialists who can ensure regulatory compliance, so new job opportunities may also arise.
3. Public Speaker:
Blockchain is taking the tech world by storm, and if you are someone who has understood its true potential, then you must be able to communicate what you know about this technology well enough for others to understand it. This is why becoming a blockchain evangelist, public speaker, or trainer may be an option for you if you want to contribute to this field.
Last year the biggest story to come out was that of Bitcoins hitting $60,000. So it can be safely assumed that there will be many more stories like this and beyond, which means more people will become interested in the technology behind Blockchain.
Keeping track of everything happening regarding blockchains requires consistent coverage by journalists who are experienced enough to present anything related to Blockchain effectively.
5. Cryptocurrency Trader/Exchange Operator:
There has been much speculation regarding whether cryptocurrencies (like Bitcoin) are here to stay or not. Still, one thing is for sure- there will always be a demand for cryptocurrencies and the exchange of such currencies. This means that new jobs may open up in this area as more people use cryptocurrencies daily.
6. Blockchain Developer:
Blockchain programming is something that can’t be mastered overnight, but it takes time. With more and more companies looking into blockchain technology to power their business processes, there will be a huge demand for developers who have worked on this technology before.
7. Cyber Security Specialist:
As mentioned above, blockchains are the most secure technologies available right now, so they won’t require much cyber security from your side because once data is entered onto the decentralized network, it cannot get hacked. But part of maintaining the overall health of blockchains includes making them more secure to prevent any sort of cyberattacks in the future. This means that new job opportunities can arise in this area.
8. Cryptocurrency Researcher:
The market for cryptocurrencies is expanding every single day and with it, so does the need for people who understand how these markets work, what drives their growth, etc. People with a background in finance or economics would be well suited for this job because they better understand how cryptocurrency markets behave.
9. Business Consultant:
Companies are always looking for consultants who can help them harness the power of blockchain technology to improve their services. If you have relevant knowledge under your belt, you can become a business consultant too!
10. Software Engineer:
To create new blockchain-based businesses like banks, telecommunication companies, etc., software engineers will be needed to write the code for their new platforms.
11. Legal & Compliance Specialist:
As mentioned earlier, financial institutions must have employees who can help them stay compliant with all laws and regulations, so there may be a need for people in this field.
12. Tax Professionals:
If you have some knowledge about cryptocurrencies, then why not join the tax department of any organization dealing with blockchains? Of course, this means that they’ll require experts who know how to deal with cryptocurrency-related issues, which is why experienced tax professionals might look into working on these advisory-type jobs.
Just like lawyers are needed for traditional companies, the same applies to blockchain-related businesses as well. That’s because as more and more companies start using blockchains to manage their processes, they’ll also need lawyers who can help them draft contracts related to the technology.
Bitcoin and Blockchain Relation
“Bitcoin is a cryptocurrency and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a dispersed public ledger called a blockchain. Bitcoin is unique because there are a finite number of them: 21 million,” explains Mike Lear in Bitcoin.
Satoshi Nakamoto, bitcoin’s creator, arrived at that number by assuming people would discover, or “mine,” a set number of blocks of transactions daily.
Since its launch in 2009, Bitcoin has been the trailblazing leader of the cryptocurrency revolution. But crypto is no longer confined to a corner of the financial world. With more than 1,300 cryptocurrencies and a market cap of around $280 billion, the cryptocurrency space is more significant than ever.
While Bitcoin remains king in terms of market share (and value — we’ll get to that in a moment), new coins are encroaching on its territory. Bitcoin may forever be the gold standard, but these upstarts threaten to unseat it.
With that being said, there will be a lot of job opportunities opening up in this field which means you should consider joining the blockchain train now. That way, even if a specific aspect of Blockchain fails to work out successfully, you still have a bright future ahead with another option.
Image Credit: Morthy Jameson; Pexels; Thank you!