How do employers view qualified jobs in Blockchain and Cryptocurrency in India?
By India Today Web Desk: Currently, cryptocurrency and blockchain technology have become the talk of the town and will create employment for youth due to their high demand. The past few years have been so high-yielding for the crypto industry that many financial institutions began to implement new blockchain technology as a business strategy.
According to NASSCOM, by 2030, we are going to witness a massive increase of $241 million in the crypto technology industry in India. In addition, the pandemic forced people to tilt towards adopting digital assets such as cryptocurrencies and non-fungible tokens. Blockchain is a decentralized technology and is necessary for cryptocurrency transactions. Therefore, it is not surprising right now that the number of skilled employees required is increasing day by day.
Let’s learn how blockchain and cryptocurrency is creating a huge employment demand from India’s vast talented young minds. Before we learn about the booming crypto industry, let’s clear our notions about Blockchain applications and cryptocurrency.
WHAT IS BLOCKCHAIN?
Blockchain is a digital, immutable ledger that helps process transactions, store transaction records, and keep track of the digital assets of a business. Since it is decentralized, Blockchain technology removes any oversight from a central authority. This avoids decision-making being evenly distributed across a network of computers and eliminates any chance of corruption.
Blockchain’s network is connected using various nodes, which makes the blockchain super secure for the user. If one had to manipulate the system, one would have to exploit all the blocks, which is almost impossible.
That is why transactions using Blockchain are secure and end-to-end encrypted. Miners and investors find it easy to access all data recovered in the Blockchain in real-time. Blockchain transactions are faster than traditional banking procedures due to the lack of intermediaries.
Depending on the type of organization, we can categorize it into 4 main types: Public, Private, Hybrid and Consortium blockchain. Blockchain’s application is not limited to just the transaction, but also encompasses a wide range of sectors such as real estate, healthcare, IoTs, keeping an immutable data backup, supply chain management, NFT and much more.
CRYPTOCURRENCY AND ITS DIFFERENT TYPES
Cryptocurrency is a digital currency and an alternative payment method that is secured with cryptography. Blockchain is a peer-to-peer network that monitors cryptocurrency. One can buy, sell or trade with the cryptocurrency, where the transaction fees are also negligible.
Since it is encrypted, cryptocurrency can be used both as a currency and a digital accounting system. Cryptocurrencies offer faster and cheaper financial transactions as well as decentralized systems without a single point of failure. Cryptocurrencies allow for secure online transactions without the need for intermediaries.
There are various types of cryptocurrency available, but Bitcoin is the most popular for its uses. In 2008, Satoshi Nakamoto founded it and made it public the following year. Bitcoin’s success made other altcoins take place. Such altcoins are Solana, Cardano, Ethereum, Litecoin, etc.
HOW IS CRYPTOCURRENCY SHAPING THE INDIAN JOB MARKET?
The soaring crypto industry in India is likely to create more than 8 lakh jobs. Global financial experts predict that an additional $184 billion in the economy will rise in India as a result of investments and cost savings by 2030. Therefore, a person seeking a placement in this revolutionary financial industry will certainly be given a chance to prove himself to recruiters.
Many experts see the crypto industry as a growing industry with savvy investors, and their constant contribution is beneficial to economic development. Rajagopal Menon, WazirX Vice President, pointed out how cryptocurrency increased by 394% from 2020 to 2021. The increase in the job sector happened even without any proper government regulations.
The emergence of Web 3.0 also exploits the possibility of a lot of job creation in the near future. Crypto unicorns are concentrated in big cities like Bangalore, Mumbai and Delhi. The spread of this industry will be so fast that many individuals will be employed in their coveted organizations in various other cities of the country.
SKILLS THAT CRYPTO COMPANIES ARE LOOKING FOR FROM THE INDIAN TALENT POOL
If you are interested in a career in cryptocurrency, you need to start developing skills that the crypto organizations are looking for. Apart from solid technical knowledge, you need to hone several crucial skills to land your dream job.
Since cryptocurrency is based on Blockchain development, you need to learn everything about Artificial Intelligence, JAVA, Machine Learning, Python, C++, Node JS., AWS and more. Apart from technical knowledge, you should master your communication and problem solving skills.
The top 5 crypto-based jobs that you can find lucrative are Data Scientist, Financial Analyst, Security Architect, Research Analyst and Machine Learning Engineer.
THE ROLE OF CYBER SECURITY IN THE BLOCKCHAIN AND CRYPTO INDUSTRY
Cyber security is one of the most important ways to protect one’s online transactions. Since the crypto industry is entirely based on the internet, it needs to be protected from digital attackers. Cybersecurity runs a protective barrier between crypto users and hackers. It will provide cryptographic security, data backup, threat modelling, identify errors and reduce vulnerabilities, protect against possible
unnecessary access and more. With the help of Cybersecurity, one can protect the IoTs, the integrity of the software downloads, encrypt confidential data, avoid DDoS attacks and restore DNS security.
HOW CAN THE BLOCKCHAIN APPLICATION AND CRYPTOCURRENCY CHANGE THE JOB ROLES OF THE FUTURE?
The crypto concept was a bit controversial at first as many intellectuals perceived it as a threat to the traditional banking sector. But people’s perception of crypto and blockchain has changed greatly over these years. As a result, crypto firms offer excellent career choices for young aspirants.
As more organizations across the globe are ready to expand their business into this crypto world, you can choose any one from the abundance of career opportunities. The IT sector in India is a big fan of this rapid growth and is encouraging people to build Blockchain talent by providing industrial training.
Article by Harsh Bharwani, Managing Director and CEO of Jetking.
