Blockchain has been a constant topic of discussion everywhere these days and we could even say that The most discussed technology of recent times is Blockchain technology and there are people who even say that blockchain would revolutionize the way internet did.
Saying that, in this post let us analyse the industry trends and see if it is just a hype or if there is a real career opportunity.
International Data Corporation Forecasts Worldwide Spending on Blockchain to reach 11.7 Billion dollars by 2022.
Diar, a Blockchain Research Group estimates blockchain and cryptocurrency-focused startups to have raised nearly 3.9 billion dollars in first three quarters of 2018 which is over 280% higher compared to the previous year
Upwork a leading global freelancing platform ranks blockchain as number 1 indemand skill in its skill index.
IBM has partnered with a Polynesian payments system provider and an open-source FinTech payment network to implement a new international exchange based on the blockchain electronic ledger. The ledger will serve 12 different currencies across Pacific Islands as well as Australia, New Zealand and the United Kingdom.
Mastercard is launching its own blockchain-based network to enable its partner banks and merchants to make cross-border payments faster and more securely.
JP Morgan Chase has rolled out a blockchain pilot program for its global payments.
A recent survey by SAP found that 92% of the business leaders view blockchain as an opportunity, with the most promising use cases in, Supply chain management, I o T, Legal and regulatory And Cryptocurrency
And here is an interesting one,
A simple search on linkedin with the term BLOCKCHAIN yields over 12000 job opportunities across various roles such as business analysts, product managers, developers, testers and many more
Now lets see the utility of a blockchain
I would categories the blockchain beneficiaries in to 2
Individuals would be, technology Users, Developers, Business professionals, Infrastructure professionals, Security professionals and Entrepreneurs.
and, entities would be Governments, Cloud Services, Implementation and technology service providers and other Businesses.
For a User/ a consumer, blockchain is a “trusted way to track the ownership of assets without the need for a central authority, which could speed up transactions and cut costs while lowering the chance of fraud.”
For Developers it is a set of protocols and encryption technology that stores data on distributed network
For Business professionals, Blockchain allows the secure sharing of business processes, such as contracts, business records, business activities, or other records between companies and partners through business peer network in an encrypted manner.
From an Infrastructure and security perspective, Blockchain is a tamper-evident, shared digital ledger that records transactions in a public or private peer-to-peer network. Distributed to all the member nodes in the network, the ledger permanently records, in a sequential chain of cryptographic hash-linked blocks, the history of asset exchanges that take place between the peers in the network.”
Infact There are thousands of entrepreneurs that are building cutting edge solutions around blockchain technology. There are many blockchain consultancies, distributed applications and ideas being developed day in and day out
Now lets see how businesses or entities are working to on blockchain
- Governments are considering to use blockchain for their Voting systems
- Financial instruments such as Blockchain bonds have been introduced in capital markets
- Dubai is working towards Becoming The World’s First Blockchain-Powered Government.
- Companies such as Microsoft, IBM, Google and AWS are offering blockchain services as product of their cloud business.
- Companies such as IBM, R3 and SAP provide blockhain Implementation and technology services
- Industries such as Banks,Helthcare and Supplychain are pro actively involved in adopting blockchain for their businesses
That said now lets see few important job roles required for a blockchain project.
In a blockchain project, along with developers there are many critical non-technical roles such as domain consulting, Business analysis, project management, product management, process consulting, testing, implementation, subject matter experts who need to have knowledge of blockchain to be able to understand the customer requirements and be able to deliver the solution.
As an example, lets see how the project team with would deliver a blockchain project for a bank
- The project would start with domain or business consultants and subject matter experts defining the scope of the project
- process consultants would help identify or recommend tailoring of the processes for the usecase
- business analysts would understand and document the customer requirements
- developers would code based on the specification
- testers would test the code for completeness and quality, product manager would manage the product backlog and all this under the supervision of a project manager.
There could be many more roles based on the scale of the project and Blockchain knowledge is an absolute requirement for all the above involved people in the transformation project.