Blockchain has emerged as a promising technological alternative for enterprises all over the world. It has proved to be a promising technology for addressing complex problems. As a result, the promises of blockchain technology for enterprises also translate directly into demand for blockchain skills. On the other hand, you can also find various data points for validating the rise in demand for blockchain professionals.
"According to Glassdoor, the demand for blockchain-based jobs showed a growth of 300% in 2019 as compared to the previous year."
Based on your knowledge of the blockchain landscape, you might have explored some of the promising career options in the blockchain.
However, what exactly makes blockchain one of the most in-demand skills in 2020 is one of the prominent concerns. If you want to explore the reasons for which blockchain is one of the most demanded skills in 2020, then you have arrived at the right place.
The following discussion takes you through some of the important statistics showcasing the dominance of blockchain across various sectors. In addition, you can pinpoint specific themes that drive the demand for blockchain as one of the top tech skills. Furthermore, you can also find out reliable and authentic information about career opportunities with blockchain technology.
Blockchain and the Potential for Growth
Many readers must have gained a basic insight into blockchain technology. The arrival of cryptocurrencies turned the world’s attention towards blockchain. Since 2009, blockchain technology has come quite a long way in becoming one of the frequently uttered terms in corporate board meetings. Therefore, the demand for blockchain skills is not just an outcome of the introduction of new disruptive technology. Enterprises need blockchain professionals with the skills to help them leverage most of blockchain technology for driving their business objectives.
Many research firms have constantly pointed out the possibilities for manifold increase in the investments in blockchain technology. By 2023, the worldwide expenses on blockchain solutions would be valued at almost 15.9 billion. As of 2019, the worldwide expenditure on blockchain technology was $2.7 billion, with promising disruptions in the finance sector.
In addition, the value of blockchain for the food and agriculture industry amounts to $41.9 million, thereby showcasing the potential of blockchain technology beyond the finance sector. According to the 2020 Global Blockchain Survey of Deloitte, almost 39% of senior executives and practitioners have adopted blockchain into production.
If companies worth more than $100 million in revenue are taken into account, the share of blockchain adoption increases to 41%. Therefore, the potential for growth in the blockchain industry serves as a prominent reason for the increased demand for blockchain skills.
Reasons for the Increasing Demand for Blockchain Skills
So, what exactly does blockchain provide for enterprises that increase their demand? Blockchain is the top tech skill in 2020, with the rising focus on digital transformation. In event of the recent pandemic crisis, businesses had to reform their supply chains and conventional operations. With customers at home, businesses want solutions to reach them where they are. In this case, blockchain can serve the following advantages, thereby proving its necessity as a skill in 2020.
- Blockchain and security go hand in hand with the storage of information throughout a network of computers in comparison to a single server. The decentralized storage of information and lack of single ownership resolves any threats of hacking transaction data.
- The demand for blockchain skills in 2020 is also increasing largely for transparency facilitated by blockchain technology. It is practically impossible to alter any records in the blockchain without the knowledge of other network participants. One small change in any record could reflect directly on the entire chain, thereby ensuring transparency of all blockchain records.
- The next important aspect that can answer the question ‘is blockchain a skill’ refers to speed of transactions in the blockchain. Blockchain takes away the need for intermediaries, thereby ensuring faster negotiations, settlements, and clearings. All records are maintained in a single digital ledger, thereby taking away any concerns for interruptions.
- Blockchain enables permissioned access to all network participants for the immutable data in the blockchain. So, there is no intrusion of middlemen, thereby presenting reliable prospects for reducing the costs of transactions by almost half.
- Most important of all, the demand for blockchain skills is increasing due to the traceability benefits of blockchain. Blockchain technology features an audit trail which finds out the origin of an asset and all the milestones it has been through. The audit trail showcases the identity of users involved in the modification of an asset in the blockchain along with the timestamp.
You can clearly notice that the above-mentioned benefits can help many enterprises achieve cost efficiency and performance improvements in the long run. Blockchain technology benefits establish the foundation for its demand among organizations that translates into demand for skilled blockchain professionals.
Source - Read More at: 101blockchains.com