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Why Blockchain Development is the Skill of the Future?

  • By Rohan Roy
  • August 18, 2022
  • 837 Views

Are you interested in pursuing a rewarding new career in blockchain technology? Blockchain is a ground-breaking technology that serves as the foundation for digital cryptocurrencies, which have generated enormous interest over the last decade. After an individual and group using the pseudonym Satoshi Nakamoto introduced Bitcoin in 2009, it gained popularity. Since then, blockchain has evolved into a fantastic technology that has piqued the interest of a growing number of people.

The majority of people who are unfamiliar with blockchain mistake it for Bitcoin. However, Bitcoin was the first application to introduce blockchain technology to the world. In today’s digital age, blockchain technology has a growing number of applications. You don’t have to understand the blockchain operation to use it, just as you don’t have to understand how a car works. Learning about blockchain and grasping its fundamentals, on the other hand, is not only a good idea, but it can also help you start or advance your career in blockchain technology.

What is Blockchain Technology?

Blockchain is an immutable, shared ledger that enables the process of tracking assets and recording transactions in a business network much easier. A tangible asset (a house, cash, car, or land) can be intangible (copyrights, intellectual property, patents, branding). A blockchain network can trade and track virtually anything of value, lowering risk and cutting costs for all parties involved.

Blockchain facilitates the traceability and verification of multistep transactions. It has the ability to provide secure transactions, lower compliance costs, and speed up data transfer processing. Contract management and auditing the origin of a product can both benefit from blockchain technology. It can also be used to manage titles and deeds as well as voting platforms. 

Benefits of Blockchain

Greater Trust

As a member of a members-only network with blockchain, the individual can rest assured that they are obtaining timely and accurate data. Their confidential records of blockchain will be shared only with network members to whom they have particularly granted access.

Remarkable Security

Consensus on precise data with detailed accuracy is needed from all members of the network, and all transactions that are validated are immutable or inflexible because they are registered permanently in the system. No one can obliterate the transaction, not even anyone from authority or system administrator.

More Efficiencies

Time-wasting record reconciliations are eliminated by a distributed ledger shared among network members. A set of rules called a smart contract can be stored on the blockchain and executed automatically to speed up transactions.

Fundamentals of Blockchain

Public Distributed Ledgers

  • A blockchain is a decentralized distributed public ledger used to register transactions across numerous computers.
  • A distributed ledger is a professionally designed database that is shared among the person of the blockchain network.
  • The transactions are verified and accessed by users associated with the bitcoin network, making it negligibly prone to cyberattack.

Encryption

  • Blockchain eradicates unauthorized credentials by operating the cryptographic algorithm (SHA256) to confirm the blocks are kept protected.
  • Each user in the blockchain has a key.

Proof of Work

  • Proof of work (PoW) is an effective technique for validating transactions in a network of blockchains by cracking a complex mathematical puzzle called mining.
  • Note: Users attempting to decode the puzzle are called miners.

Mining

  • In Blockchain, miners are rewarded when they utilize their resources ( electricity, time, money, etc.) to validate a fresh transaction and register them on the public ledger.
  • Note: As a bonus, the miner gets 12.5 BTC (bitcoins)

A Career in Blockchain With Required Skills

Blockchain Developers

Blockchain developers strategize, design, implement and maintain database technology systems where data is accumulated in a linked structure comprehended as a blockchain. They prepare and build blockchain architecture and manage network integration and design. They often employ innovative, cutting-edge technology to produce infrastructures and systems employed for sensitive and diplomatic transactions and store assets or information in environments where maintaining security and privacy is critical. They are liable for enforcing and strengthening security protocols that uphold digital assets, cryptocurrency, and other information security or electronic materials.

Blockchain developers with an annual average salary of $1,05,207/year

  • Minimum –    $65,000/year
  • Avg Salary – $1,05,207/year
  • Maximum –   $2,00,000/year  

Software Engineer Blockchain

Software engineers analyze, develop, and produce tests and test-automation suites; they are experts in designing and developing a processing platform utilizing different configuration management technologies. Provide ongoing support, maintenance, and enhancements in existing platforms and systems and test software development methodology in an agile environment. Focuses on collaborating cross-functionally with business users, data scientists, project managers, and other engineers to accomplish elegant solutions by providing recommendations for continuous improvement.

Software Engineer Blockchain with an annual average salary of $1,09,203/year

  • Minimum –    $74,000/year
  • Avg Salary – $1,09,203/year
  • Maximum –   $2,00,000/year  

Blockchain Solution Architect

The Blockchain Solution Architect is responsible for planning, designing, assigning, and connecting Blockchain solution elements with a team of experts such as network administrators, developers, UX designers, and IT Operations to develop to complete the Blockchain solutions effectively with the responsibility of maintaining security protocol that keeps digital assets, cryptocurrency, and other electronic information or materials secure.

Blockchain Solution Architect with an annual average salary of $1,05,207/year

  • Minimum –    $72,000/year
  • Avg Salary – $1,13,377/year
  • Maximum –   $2,00,000/year  

Senior Blockchain Project Manager

Project managers are responsible for overseeing and planning projects to ensure they are finished punctually within budget by preparing budgets. They plan and designate project resources, keep stakeholders informed with strategy adjustments with monitoring progress, and define project objectives and scope by predicting resources needed. All measures are accomplished within a company’s vision and goals by utilizing industry best techniques, practices, and standards throughout the project execution.

Blockchain Project Manager with an annual average salary of $1,21,386/year

  • Minimum –    $85,000/year
  • Avg Salary – $1,21,386/year
  • Maximum –   $2,00,000/year  

Blockchain Consultant

Consultants are specialists with extensive experience and knowledge in a niche-specific targeting on solving problems by addressing business issues. They can lead, support, and participate in project teams by curating relevant data using internal and external resources. Master in achieving client’s expectations for budget, scope, quality, and schedule through developing implementation roadmaps, creating model documentation, and performing knowledge transfers while ensuring quality products and services are delivered on time.

Blockchain Consultant with an annual average salary of $1,21,386/year

  • Minimum –    $85,000/year
  • Avg Salary – $1,21,386/year
  • Maximum –   $2,00,000/year  

Top Companies Hiring Blockchain Developer Professionals 

  • Deloitte
  • Microsoft
  • Conduent
  • Facebook
  • JP Morgan Chase
  • Accenture
  • IBM
  • Amazon
  • Cisco
  • Microsoft
  • Sterling Technolabs

Blockchain technology will succeed in the fields of finance, business, law, real estate, and medicine. Blockchain Technology is here to stay, indicating that Blockchain expertise will come in high demand for years and years. So whether you are a skilled Blockchain developer or aspiring to crack, or not, making a career in Blockchain is an exciting new opportunity worth exploring in this stimulating industry, enrolling in the Blockchain Certified Training program will help individuals with all classes of experience in learning Blockchain developer strategies and techniques, remember choosing right platform is a must.  

Are you still stuck with anything or have any queries for us? Please feel unrestricted to leave your thoughts or doubts in the comments section of this blog; our team of professionals will get back with an effective solution.

Product Engineering

Rohan Roy

Rohan is a rare mix of technologist and CMO at Sterling technolabs. His passion lies in helping companies to grow revenues by delivering top-notch software development services and build value-based partnerships. When not driving high-impact go-to-market strategies, Rohan scrolls twitter and often reads.
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