Blockchain technology can dramatically change how the digital world manages data and conducts its business. Originally only able to seemingly fuel disruption in the financial sphere by supporting Bitcoin, Blockchain has evolved to the point that it is displaying a level of flexibility and safety that has piqued the interest of many industries, prompting them to begin putting it to use for their diverse use cases.
As per a recent study, the Blockchain market is poised to grow at an unprecedented rate, with its market size expected to increase from USD 4.9 billion in 2021 to USD 67.4 billion by 2026 at a CAGR of 68.4%. The key factors propelling the growth of the blockchain market include increased funding from venture capitalists and financing of blockchain technology, which has increased demand for experienced professionals in the industry.
With the job demand at an all-time high following a COVID-19 disquiet, one might wonder how to break into the industry and pursue a career in it? Let’s dive into the basics of what is blockchain, how to pursue a career in it, and how one might get there.
What is Blockchain?
Blockchain is a distributed, digital ledger that is immutable and makes it easier to keep track of transactions and maintain a record of assets in a business network. An asset may be either tangible or intangible. On a blockchain network, practically everything of value can be monitored and bartered, lowering potential losses for all parties involved.
Blockchain does not allow a single point-of-control to promote immutability. In its place, it depends on protocols for general consensus distributed along a network of devices to verify any transaction taking place over the network. In this sort of situation, participants on the network should unanimously acknowledge the need to add a new block to ensure transaction integrity. Immutability along the blockchain network is provided by the computational power required to modify the data travelling over the network. Data is the most sensitive and biggest target of malicious actors over a network.
In Blockchain, data is safeguarded through the string of blocks. Should an attacker want to modify the data travelling over the network, the process of changing this data would necessitate a significant amount of computational power. Every block is used to record a hash (a randomly generated value of the original data after encrypting it) of the previous block, forming a chain that extends all the way back to the very first block. As a result, records are irreversible and cannot be altered.
As a direct consequence, the confidence required by conventional centralised authorities is eliminated, and the framework is more secure. Participants can communicate safely in an environment that does not depend on a central authority to verify the integrity of the transaction. As such, companies are able to make sure that the entire data will be kept safe and out of the hands of malicious actors.
Blockchain is perfect for providing that data because it offers real-time, distributed, and transparent data secured on a digital ledger that only commissioned users can access. A blockchain network can monitor accounts, orders, production, payments, and various other things. And, because representatives have a unified view of the facts, you have visibility of all aspects of a transaction from start to finish.
Career Paths in Blockchain
1. Core Blockchain Developer:
Core blockchain developers reside at the beginning of the blockchain development cycle, and they focus on creating the blockchain network itself. They oversee and provide the layout of the blockchain's architecture and develop the consensus mechanism. They are also in charge of guaranteeing the security of the blockchain system.
2. Blockchain Application Developer:
Blockchain application developers design software packages predicated on blockchain capabilities and design. These blockchain-based apps are also identified as dApps or decentralised apps. This indicates that they are not always managed by a single individual and are highly resistant to cybersecurity threats. As a result, blockchain software developers are chiefly instrumental in developing these Apps' front, and back ends.
3. Blockchain Project Manager:
Blockchain project managers are responsible for developing and deploying blockchain initiatives within a business. When firms seek to incorporate blockchain into their business and acclimate their technological solutions, blockchain project managers are the first people hired. Blockchain project managers should be familiar with the technology and communicate with non-technical individuals. They must also have good leadership qualities because they act as the vanguard of any blockchain project's development.
4. Blockchain Quality Engineer:
Quality monitoring is crucial in blockchain development, just as in any other corporate development project. As a result, a blockchain quality assurance engineer is in charge of developing quality control, product testing protocols, and automated test guidelines. Furthermore, the QA engineer is in charge of quality assurance at all phases of blockchain development.
Blockchain Industry Outlook in Hong Kong:
Hong Kong has adopted the blockchain and DLT (distributed ledger technology), as evidenced by the broad spectrum of industries where its practical applications can be found. According to the Financial Services and Treasury Bureau of Hong Kong Government's 2020 FSTB Report, blockchain companies attributed to 39% of new Fintech businesses introduced into Hong Kong by Invest HK in 2019.
This increased by over 27% compared to the last year, signifying the highest growth of any Fintech sub-sector. In addition, 45% of these blockchain companies provided business applications based on blockchain technologies, while 27% provided trading systems for digital assets.
In 2020, Hong Kong attracted more crypto ventures and capital investment, including equity from market participants. Fidelity International invested $14 million in the company OSL, a Hong Kong-based cryptocurrency exchange.
The figures show a shrewd region trying to woo companies in the blockchain ecosystem. Since 2018, the government has offered residency or citizenship benefits to blockchain job applicants, initiated a blockchain trade finance platform, and forged industry alliances.
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Those efforts seem to appear to be paying off in a variety of ways. According to a 2019 LinkedIn report, Hong Kong Registered 400% more growth than the average demand for blockchain practitioners, making blockchain the nation's leading rising skill set.
How Much Do Blockchain Developers Make: Salaries in the Blockchain Industry
According to Salaryexplorer, a Blockchain Developer in Hong Kong can generally expect to make around 31,200 HKD per month, as per a report by Salaryexplorer. The most significant factor affecting salary is the level of experience. Inevitably, the greater your experience, the higher your salary will be.
A blockchain associate with fewer than a couple of years of experience can expect to earn around 19,800 HKD per month. However, with an experience level ranging from 2-5 years, remuneration can often reach 26,600 HKD per month. Going ahead, a professional with an experience level ranging from five to ten years can earn a monthly salary of 34,500 HKD. However, if the experience level lies between 10-15 years, the pay can go as high as 41,800 HKD per month.
Final Thoughts
According to David Furlonger, Vice President at Gartner, “60% of CIOs in the Gartner 2019 CIO Agenda Survey expect some level of adoption of blockchain technologies in the next three years.”
Blockchain technology is one of the most cutting-edge technologies across the world today. However, given its niche standing, there is a huge gap in supply and demand for blockchain developers. If you are aiming to become a Blockchain developer, get started today with the Blockchain for Developers course from Xccelerate and explore career paths such as Solidity Developer, Smart Contract Developer, and Blockchain Engineer.
