Top US Blockchain Developers and Shrinking Market Share
- 29% of blockchain developers are currently based in Europe, while 13% are in Asia.
- One million developer jobs related to blockchain could be produced by 2030.
- The United States must promote financial inclusion by maintaining a strong presence in blockchain.
According to a recent study, the proportion of blockchain engineers in the US is on the decline. But the US has a chance to overtake other countries as growth in these positions is expected over the next ten years.
Research by venture capital firm Electric Capital highlighted that the US has lost 2% of blockchain developer market share annually over the past five years, falling to 29%. It noted that 29% of blockchain developers are currently based in Europe, while 13% are in Asia.
Despite falling cryptocurrency values, according to Electric Capital, 23,343 active open source software engineers were employed by the end of 2022. According to the analysis, one million new blockchain-related open source developer jobs could be created by 2030, offering the U.S. an opportunity to catch up.
Factors the United States must take into account
These are the factors that the United States must consider:
- Jobs and Economic Impact: As the larger blockchain ecosystem expands, the United States can promote financial inclusion by maintaining a strong presence in blockchain software development.
- National Security: To reflect American values and national security goals, the United States must influence the creation of new technologies and financial products.
- Impact on standards: By creating new protocols, US engineers can determine the norms for money and information systems, influencing the development of modern SWIFT and HTTP. Losing market share gives other nations more control over international data and economic norms.
To maintain its leadership in the rapidly evolving blockchain and cryptocurrency space, the United States must understand the regional distribution of blockchain developers.
The United States must change its strategies and policies to encourage innovation, attract and retain talent, and ensure that its interests are protected in the development of new financial and technological standards in light of the growth of crypto developers in other regions.
Top Blockchain Developers in the US
Developing and maintaining a secure and robust blockchain application is not easy as it requires expertise and experience. There are a number of blockchain development companies in the US:
Accenture
Accenture is one of the most sought after blockchain development companies in the US. It offers first-class solutions for frictionless business operations. Accenture was founded in 1989 in Hamilton, Bermuda. Its employees are dedicated to helping businesses become more efficient, fast and intelligent.
Its cross-ecosystem knowledge enables the company to offer best-in-class business solutions and services, including blockchain for social impact, financial services infrastructure, decentralized digital identity and blockchain-based supply chain solutions.
App inventory
One of the most sought-after blockchain development companies in the US is Appinventiv. The established powerhouse can give you the chance to learn about the decentralized ecosystem’s expansion possibilities. The company is growing on a global scale due to its extensive industry experience.
Due to its prowess, Appinventiv has established roots in a number of regions around the world, including the US, UAE, Qatar, India, Europe and MENA, among others.
IBM
One of the most well-known US-based blockchain development companies is IBM. Their products use blockchain and distributed ledger technology to enable secure data exchange and workflow automation.
Consensys
ConsenSys is a top Ethereum software provider that provides access to the decentralized web and cutting-edge financial infrastructure to developers, companies and people around the world to enable them to build sophisticated blockchain applications. Millions of customers use the product suite, which includes Infura, Quorum, Truffle, Codefi, MetaMask and Diligence, and it handles billions of blockchain-based client requests. ConsenSys is a highly recognized and trusted firm in the blockchain industry as it has managed multi-billion dollar digital assets.
The majority of blockchain developers are located in the US, Europe and Asia, but India has seen more steady growth in this field, from 2% in 2017 to 6% in 2022.
As Europe’s fastest growing nation, Ukraine has seen a 2% increase in the share of blockchain developers over the past three years.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by blockchain technology and its function.
