The focus on cryptocurrency and blockchain technology has been growing in recent years as organizations explore how to leverage the industry’s full potential. With the attention, the sector is now emerging as a critical employer with a demand for talent from several disciplines.
Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that software development jobs at 29.7% account for the largest share of all crypto and blockchain job postings in 2021 as of July 16. The share represents a year-over-year drop of 14.56% from the 34.8% share during a similar period last year. Management comes a distant second with a share of 10% increasing 29.87% from 2020. Among the job postings, human resource accounts for the highest YoY growth rate at 200%.
In general, as of July 16, 2021, the share of crypto and blockchain job postings grew 118% compared to September 5, 2020. The data on crypto and blockchain job posting is provided by the employment website Indeed.
Drivers for crypto and blockchain job posting
The rising cryptocurrency and blockchain job posting follows the recent market rally of the sector that is characterized by increased institutional adoption.
From late last year, the value of Bitcoin and Ethereum surged to historical levels presenting investors with a chance for increased profits. For companies in the space, the rally pointed to a possibility of increased revenue, prompting the hiring spree. In this line, there is a likelihood the job posting plunged this year after the crypto market corrected from May.
Additionally, the growth in job posting reflects the current situation where blockchain is getting engraved in most organizations.
The technology has been hailed for offering viable business solutions for several problems; hence recruiters are looking for the right talents to fill the emerging positions. Notably, organizations are likely to establish the technology’s structure, hence the high demand for software development jobs.
However, based on the relatively new nature of blockchain and cryptocurrencies, the number of developers is still low, but the demand is high. The demand for developers comes as companies continue to launch products exclusive to the technology.
Furthermore, the unique nature of blockchain software development jobs means that recruited employees are on a higher salary scale than other in-demand technology jobs. Generally, blockchain combines programming concepts and technologies, like ledger economics and object-oriented programming, with a solid cryptography base. This translates to a great demand for required specialists in the industry.
Worth noting is that with the decentralization nature of cryptocurrencies, developers in the sector are increasingly utilizing the remote working trend that gained prominence over the past year.
Previously, Ethereum co-founder Vitalik Buterin has called on core developers and researchers to employ multiple companies or organizations. This task can easily be accomplished through remote working.
Hurdles towards crypto and blockchain job market
However, despite the number of job postings in the sector increasing, there is still a mismatch with getting the required talents. Currently, blockchain technology training has not extensively penetrated the traditional education system. Interestingly, most developers are self-taught to meet the demand.
Although organizations are still figuring out the fundamental role of blockchain technology, the growing job postings point to a maturing sector.
Worth pointing out is that the regulatory hurdle and price volatility might still present a challenge to the sector. Proponents are, however, hoping the increasing number of professionals in the sector will contribute towards mainstream adoption.
