Blockchain is a distributed ledger or decentralized database that keeps updated digital records, proving valuable to many businesses today. These records remain in blocks of information secured using cryptography, making blockchains challenging to forge.
The technology will only grow over time as many experts believe it can help revolutionize transaction verification, transfer ownership, and exchange value. They also think blockchain can transform operating models. With the rapid ascent of blockchain, and the responsibilities growing to maintain it, some organizations that utilize the ledger are hiring in-house blockchain developers.
If you’re a budding developer wanting to tackle the blockchain world, let this article guide you. We’ll discuss the benefits of being a blockchain developer, why it’s becoming an in-demand job, and what the future holds for this lucrative role.
Blockchain is the technology behind cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Some also utilize blockchain for other applications, such as supply chain management, medical records, voting systems, and financial transactions. A blockchain developer is a programmer who develops software for a blockchain network.
Blockchain developers are responsible for maintaining and creating blockchain networks. They also write code that allows users to interact with blockchain applications. The job can involve conceptualizing new blockchains or improving existing ones by adding new features.
Developers often work in teams to complete projects within time limits and budgets. The best developers usually have exceptional code-writing skills that can scale to meet demand while maintaining security standards. These programmers also understand how cryptography works to create complex algorithms that keep data secure from unauthorized access.
Being a blockchain developer comes with many perks. Here are some benefits you’ll likely enjoy if you venture into blockchain development.
1. Be In Demand
Most experts expect blockchain to be the next big thing in the future of technology. The need for blockchain developers will continue to grow as more companies start adopting this technology for their businesses.
There is already an increased demand for blockchain developers across industries like finance, healthcare, and supply chain management, to name a few. So, if you prioritize job security, taking on the role of a blockchain developer will provide you with no shortage of options.
2. High salary
The high demand for blockchain developers means you can earn higher salaries than those who don’t have this skill set. A blockchain developer with basic skills and less than a year of experience can secure a compensation of $110,000 annually.
Blockchain developers with advanced skills and up to 10 years of experience can receive a salary of over $150,000 per year. While blockchain development isn’t easy due to many intricate processes, the compensation makes up for the job’s challenges. It only improves as you accumulate more experience.
Since blockchain development is done digitally, blockchain developers can work anywhere without relocating or changing jobs. This flexibility gives you more freedom to choose where you live and work than other professions today.
4. Constantly work with the latest technology
One of the best things about being a blockchain developer is that you work with new and exciting technologies daily ahead of most people.
Blockchain is still in its infancy, so there are many opportunities for innovation. You’ll learn about how this technology works, which will give you an edge when tackling emerging technologies like artificial intelligence and machine learning.
5. Make an Impact
The blockchain development community is full of people who want to use technology as an agent of change in society. Blockchain developers are often at the forefront of new technology because they understand its high-ceiling of potential. If you’re looking for a way to contribute positively to society, becoming a blockchain developer could be right up your alley.
Blockchain is often complex and challenging to understand. It is a software platform that allows users to store data in a decentralized manner, meaning it does not have any central authority. Instead, multiple computers store the data.
The description alone will confuse many ordinary citizens. The technology’s complexity is also why blockchain developers are highly valued, and the industry keeps growing.
While blockchain technology has been around for over a decade, people have only recently started showing interest in securing blockchain development jobs. In 2021 alone, Glassdoor saw an increase of over 300% in job postings for blockchain developers. This demand comes from companies looking at blockchain to improve their business processes.
The sentiment is especially true for banks and financial institutions, where blockchain can simplify many menial and time-consuming processes and reduce human errors.
As with other jobs, blockchain development evolves. As such, you should have the latest skills and knowledge to secure a career in this field. Here are two of the newest blockchain development trends you should know if you plan to become a blockchain developer.
1. Blockchain as a Service (BaaS)
Several companies today offer BaaS services, which allow developers to build their blockchain applications without dealing with the underlying complexities of the technology. They also help developers create and manage blockchain networks, smart contracts, and other features without writing code themselves.
This new service can benefit developers who want to create decentralized applications (DApps) but don’t have the time or expertise to build one from scratch.
2. The Rise of Decentralized Apps
DApps are an emerging trend in the blockchain space. They work on the same principles as traditional software applications but differ fundamentally.
For one, DApps run on a decentralized network rather than centralized servers or cloud storage systems. The reason for this shift is simple. Centralized apps are not scalable since they rely on a single server.
You need to invest in more servers to scale your app beyond its capacity. This situation can be problematic if you don’t have deep pockets or your app isn’t making enough money yet to justify such an investment.
Blockchain has been around for several years. However, it’s only recently that society realizes its full potential. Many companies now use blockchain to protect consumer data from hackers and identity theft and secure critical information such as medical records to political votes. Moreover, it presents many revolutionary benefits in various financial processes.
As such, it is no surprise that blockchain development’s future is bright. It’s a fast-moving, rapidly evolving field that provides opportunities for those with the skills and the desire to work in this area. If you want to venture into blockchain development, this might be the push you need.
Once you have the right blockchain development skills, you’ll find it easier to work in a Bitcoin business venture or other crypto projects. You can also improve your skills and boost your employability in the long run.