Published on September 30th, 2021 | by Bibhuranjan

Is blockchain the future?

Not only IT specialists, but also people far from the technological sphere, are somehow familiar with the blockchain. The stories appear in the media every now and then about how Elon Musk affects the bitcoin rate. And unlucky miners are looking for a way to get back the lost cryptocurrency.

However, the blockchain is not limited to bitcoins. According to the authoritative research firm Gartner, this technology will almost certainly affect the business of most IT giants in the next five years. And according to the calculations of the famous consulting company Grand View Research, which is based in Silicon Valley, by 2028 the global market for blockchain technology will reach 394.60 billion US dollars.

What does this mean for developers? That’s right, another possible vector of career development are custom blockchain solutions.

Why is it worth taking a closer look at blockchain development right now and how risky is it for planning an IT career?

All developers agree: blockchain itself is a very promising technology. If viewed in a vacuum, it is a solution to many problems associated with trusting the source of information. With the help of blockchain, you can ensure the safety of any data. Whether it be bank transactions and money transfers or the supply chain. The widespread adoption of blockchain can have a positive impact on the field of trade and monetary settlements. They are becoming more complex every year.

The beauty of technology is also in its novelty. The market is still very young. There are no monopolists on it. The main factor that stimulates interest in the field is the speed of development. For a small project, a prototype can be made in a couple of weeks, receive investments at a hackathon or from private investors. And bring a working product to “live” in six months or a year with a small team.

The blockchain, or, as it is also called, the “Internet of values”, has its own limitations. However, like any other technology. First of all, the novelty and lack of study of the blockchain affects the attitude of the legislative regulators towards it. In some countries, the blockchain is treated with a fair amount of fear. For example, in China, cryptocurrency is completely banned. In other countries, the potential of the blockchain is assessed in a positive way and is seen as an investment opportunity. This is the case in Switzerland, Malta, Estonia.

The most terrible risk that developers assume for this area is the so-called “crypto-winter”. This is a market condition in which all interest drops sharply due to negative fundamental news. Then all development becomes less active. COVID-19 has raised a new wave of interest in cryptocurrencies and the blockchain in general. At the moment the “hype” is still at a high level. However, as in any market, there are growth-fall cycles here. And this must be borne in mind.

In what areas are blockchain developers most in demand?

Most often, blockchain from Unicsoft.com is associated with FinTech or RegTech. It’s a segment of financial technologies that is aimed at fulfilling the requirements of various regulatory institutions. For example, it’s government agencies. But in fact, any relationship can be tokenized. As a result, the blockchain has long gone beyond the financial industry.

Retail and logistics, leasing and car sharing, Internet of things, real estate and insurance are not a complete list of areas. In them block transaction chains will solve many problems. There is also an example of the American state of Utah. It tried blockchain in organizing its municipal elections. This means that this technology can contribute to changes in the practice of election campaigns.

How much do blockchain developers get paid?

The rapid growth in the number of projects requiring the use of blockchain has created a staff shortage. This, in turn, has affected the salary expectations of candidates.

It is not possible to determine a single hourly rate for a blockchain developer. It all depends on the complexity and urgency of the project. Be that as it may, according to Glassdoor, you can roughly understand the market conditions at different ends of the globe. The median salary of specialists in the United States is about 92,000 dollars a year. In the UK it’s almost 51,000 pounds sterling. In Europe it’s about 49,000 euros.

Cover Image by FreePix

Tags: Blockchain, blockchain development for IT, blockchain prospects, crypto

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.