Blockchain technology quickly rose to become a leading technology and buzzword for several industries in the past few years. Several business ventures, startups, and multinational corporations have started investing towards understanding and exploring blockchain’s possibilities.
Industry experts estimate that blockchain as an industry will be valued at $20 billion by 2024. There is also expected to be a boom in the demand for blockchain developers. Glassdoor data and statistics show that Blockchain jobs in a single year have grown by 300% in the US alone. Job postings on LinkedIn that require blockchain-related skills and knowledge have tripled in the past year. This indicates 2 things. One, there is a huge opportunity professionally for blockchain developers that is only set to grow in the years to come. And two, it will be hard for businesses to find the right professionals with these skills.
Why Should You Hire Blockchain Developers?
Blockchain has proved to be invaluable so far and it’s just getting started. LinkedIn has claimed that blockchain is the essential skill to have in this decade. By the prediction made by the World Economic Forum, by 2027, 10% of the global GDP will be stored using blockchain technology. Large companies like Facebook, IBM and Microsoft have long started experimenting with and implementing blockchain. If history is any indicator, it’s a good idea to implement this technology for your business. This will prepare your business for the competition in the coming years. Developers have been included as one of the fastest-growing job roles between 2019-2029 by the Bureau of Labor Statistics in the US.
Also Read: What is venture capital and how does it work?
Things to Look for in a Blockchain Developer:
Blockchain developers require specific knowledge and should have a background in development, programming languages and data analysis. They need to understand specific concepts around blockchain and have enough experience with them. While interviewing or testing candidates, here are some skill areas you need to look for:
- Distributed Ledger Technology (DLT): A DLT enables data storage across several nodes instead of a single place.
- Immutability: This refers to the unchanging nature of data created within a blockchain. Every time new information gets created, it becomes permanent and cannot be changed.
- Consensus: This is a technique used to add a new chunk of data to blockchains. There is no single governing body to decide how to proceed, thus it is a consensual concept that allows data recording.
- Smart contracts: Programmers need a background in or working understanding of business and marketing; This ensures that any exchanges are done without intermediaries.
- Dapp: Dapps refer to decentralised applications that run using P2P networks instead of traditional computer networks.
- Sharding: This is a method used for providing better database performance.
- Concepts of Permissioned and Public blockchain: Legal blockchains require a particular key to extract and read the data. Public blockchains allow easy and open data exchange.
You now know why blockchain is important for your business and what you should look for in a blockchain developer. Take the next step and start integrating blockchain into your solutions and then aim to hire blockchain developers.
