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Demand for Blockchain Talent Proves Industry’s Promise

Blockchain

A new report by hiring experts Glassdoor shows that demand for talented employees in cryptocurrency and blockchain technology is rising. This business confidence could go some way to demonstrate the long-term promise of both the technology and the markets.

The extraordinary potential of blockchain technology is almost without doubt, so it’s no surprise that Glassdoor found 1,775 blockchain related job openings in the U.S. alone in August 2018. This marked a 300 percent increase on the same period in 2017.

The most commonly recruited job title at present is, of course, software engineer, followed by front-end engineer, and technology architect. These titles are indicative of the developing and emerging state of blockchain technology.

Average salaries for blockchain employees are also 61 percent over the U.S. average of $52,461, at $84,884. The average salary for a software engineer in New York was $104,630.

Job Vacancies Rising Faster Than Cryptocurrency Prices

The number of new vacancies in blockchain is increasing and continues to do so despite cryptocurrency price falls. This could show two things: overall market confidence, people’s belief in blockchain as a technology apart from cryptocurrencies—or indeed both.

Geographical Spread

In the U.S. nearly 60 percent of these vacancies are concentrated in the cities of New York, San Francisco, and San Jose, with only small percentages of the total number of vacancies spread across the rest of the U.S.

Outside of the U.S., London has 16 percent of international vacancies, followed by Singapore and Toronto with 7 percent, Hong Kong with 6 percent, and Berlin with 4 percent.

Blockchain’s Big Name Recruiters

ConsenSys and IBM each have a 12 percent share of blockchain job vacancies. Glassdoor’s top 15 recruiters also includes cryptocurrency exchanges Coinbase and Kraken, hinting at positivity for cryptocurrencies and blockchain, though almost certainly a sign too of their need for technical staff.

The list also includes institutional names like Accenture and JP Morgan, illustrating traditional finance’s need to investigate blockchain to take advantage of its benefits and stay ahead of innovative new competitors.

Glassdoor has access to data from millions of job postings and used a large sample of U.S. and international job postings to formulate its conclusions. The jobs platform didn’t separate cryptocurrency from blockchain, which would have been an interesting viewpoint, though difficult to do as most blockchains have native coins. Had it been able to, similar results would indeed show long-term strong market confidence in both blockchain and cryptocurrencies in their own right.

Glassdoor concludes their findings:

“While financial markets are volatile in the short-run, investing in human capital is a much stronger signal and increased hiring is a robust indicator of long-term interest.”

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