Blockchain for Jobs Future: Benefits and Job Opportunities Explained
Right now there is a lot of talk about Blockchain and how it will change the world as we know it. However, many people are still trying to understand what blockchain is and how it works.
But one thing is certain – Blockchain is here to stay. And with it comes new opportunities for jobs in the future. In this blog post, we will explore the benefits of working in the blockchain industry and some of the jobs that will be in 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 it used for?
Blockchain is a decentralized, immutable ledger of financial transactions that cannot be hacked or destroyed. Yet it changes the world as we know it because of its almost infinite potential for both good and evil.
Secure identity
Blockchain technology can be used for everything from securing our identity, decentralizing the internet and hosting immutable data sets. However, the most popular use 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 to date are Bitcoin and Ethereum.
Job opportunity
When we talk about job opportunities, we usually think of creating new ones and not necessarily ending old ones. But the thing is, with the rise of blockchain technology, there are chances of many jobs being lost.
Lawyers, accountants, bankers
This includes intermediaries such as lawyers, accountants and bankers who were previously required to keep records and validate transactions that take place between two people or organisations. This validation process takes time and costs money, resulting in increased transaction costs for both consumers and businesses.
Record keeping
The introduction of blockchains ensures that all these record-keepers become obsolete, at least in theory, because they may not always be necessary when dealing with other users on the same network. All you have to do to validate a transaction is enter your password and click submit. That’s it!
But what about job losses?
It is not as bleak as one might think because blockchain technology will also open up new avenues for employment opportunities.
This can be said of any technological development, and documented cases prove that fears of 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 counters in banks. But as people got used to using ATMs, they decided to place more machines outside branch offices, thus hiring more staff 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, large companies can 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 (ie people who work in any blockchain company’s office – be it Coinbase, Circle or whatever).
Also, as with any other technological advancement, there will be high chances of a calculated risk-taking that leads 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 do not necessarily handle financial transactions, but they can bring new digital business models into existence. For example, the current trend regarding peer-to-peer marketplaces has led online retailers to eliminate middlemen responsible for curating products and services.
Where do intermediaries fit in?
The likes of Etsy, Kickstarter and Airbnb are already doing well without the help of middlemen. This may not happen immediately because blockchain technology is still not “mainstream”. It will take some time before it becomes widespread enough to replace traditional business models, resulting in job losses (but less compared to manual labor). But no one can deny its potential to reshape existing business models or even create new ones entirely.
So, what will these new BlockChain future jobs be like?
It will be interesting to see what kind of jobs emerge as blockchain technology becomes mainstream. If we consider other technological developments such as Cloud Computing, Artificial Intelligence, 3D Printing, etc., there have been specific roles that did not previously exist in the mainstream.
Best jobs for blockchain lovers:
It is possible that blockchain technology in times to come 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.
To create decentralized applications or new cryptocurrencies, you need a strong understanding of the concept behind Blockchain along with its built-in programming languages (be it Solidity, Javascript, etc.). Unfortunately, there is a shortage of experts right now, but as more people begin to understand blockchains better, new developers will emerge from them, thus creating new jobs for blockchain experts.
2. 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 in banks because they have a crucial role in preventing fraud and money laundering etc. Employees from traditional financial companies will have to switch over to the blockchain technology because it is more secure, but this will happen gradually.
But even today, organizations engaged in financial transactions are required by law to have specialists who can ensure compliance with regulations, so new job opportunities can also arise.
3. Public speaker:
Blockchain is taking the technology world by storm, and if you are someone who has understood its true potential, then you need to be able to communicate what you know about this technology well enough for others to understand. 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.
4. Journalist:
Last year, the biggest story to come out was that Bitcoins hit $60,000. So it can be safely assumed that there will be many more stories like this and beyond, which means that more people will become interested in the technology behind Blockchain.
Keeping track of everything happening regarding blockchain requires consistent coverage by journalists who are experienced enough to present everything related to blockchain effectively.
5. Cryptocurrency trader/exchange operator:
There has been a lot of speculation about whether or not cryptocurrencies (like Bitcoin) are here to stay. However, one thing is certain – 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 cryptocurrency on a daily basis.
6. Blockchain Developer:
Blockchain programming is something that cannot be mastered overnight, but it takes time. With more and more companies looking to blockchain technology to power their business processes, there will be a high demand for developers who have worked with this technology before.
7. Specialist in cyber security:
As mentioned above, blockchains are the most secure technology available right now, so they won’t require much cybersecurity on your part, because once data is entered into the decentralized network, it can’t be hacked. But part of maintaining the overall health of blockchains includes making them more secure to prevent any kind of cyber attack in the future. This means that new job opportunities may arise in this area.
8. Cryptocurrency Researcher:
The cryptocurrency market is expanding every single day and with it, so is 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:
Businesses 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 also become a business consultant!
10. Software engineer:
To create new blockchain-based businesses such as banks, telecommunications companies, etc., software engineers will be needed to write the code for their new platforms.
11. Legal and Compliance Specialist:
As mentioned earlier, financial institutions must have employees who can help them comply with all laws and regulations, so there may be a need for people in this field.
12. Tax experts:
If you have some knowledge of cryptocurrencies, why not join the tax department of any blockchain organization? Of course, this means that they will require experts who know how to handle cryptocurrency-related issues, which is why experienced tax professionals can look into working with these advisory jobs.
13. Lawyers:
Just as lawyers are needed for traditional companies, the same is true for blockchain-related businesses as well. That’s because as more and more companies start using blockchain to manage their processes, they will also need lawyers who can help them draft contracts related to the technology.
Bitcoin and Blockchain Relationship
“Bitcoin is a cryptocurrency and payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a distributed public ledger called a blockchain. Bitcoin is unique because there is a limited number of them: 21 million,” explains Mike Lear Bitcoin.
Satoshi Nakamoto, bitcoin’s creator, arrived at this number by assuming that people would discover, or “mine,” a certain number of blocks of transactions daily.
Since its launch in 2009, Bitcoin has been the pioneering 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 the king in terms of market share (and value – we’ll get to that in a moment), new coins are entering the territory. Bitcoin may forever be the gold standard, but these upstarts are threatening to dethrone it.
The bottom line
That said, many job opportunities will open up in this field, which means you should consider getting on the blockchain train now. That way, even if a specific aspect of Blockchain fails, you still have a bright future ahead of you with another option.
Image credit: Morthy Jameson; Pexels; Thank you!
