Blockchain is an important technology that has been fuelling business transformation and has gained significant traction due to Bitcoin and cryptocurrencies. However, people have not developed a clear understanding of blockchain and how it works. The emerging opportunities for career growth of tech developers in blockchain technologies serve as an important reason for increasing demand for developers in the field of blockchain.
Most people still believe that Bitcoin is blockchain and vice-versa. Therefore, discussions about blockchain development companies generally bring cryptocurrencies to mind. On the other hand, blockchain development encompasses many other applications beyond cryptocurrencies.
Blockchain offers the facility of peer-to-peer transactions with the assurance of transparency, security, and data resilience. At the same time, it also reduces operational costs by removing intermediaries from the transactions. The following post helps you find out the reasons why big technology developers are shifting towards blockchain technology. Learners can find out the importance of blockchain technology for developers, businesses, and the future of the world.
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How Would Blockchain Affect Business in the Future?
The foremost highlight in responses to ‘Why is blockchain technology growing?’ would draw attention toward the predictions about blockchain technology. Most important of all, the growth of blockchain technology depends on its potential for bringing innovative and novel ideas into practice while improving existing ideas. For instance, blockchain development companies could transform the real estate industry and other sectors with crucial value advantages. Blockchain can offer the opportunity for stakeholders to conduct secure transactions and reduce the need for intermediaries.
Blockchain could help in generating unfiltered, decentralized, and trustworthy storage of transaction data, which also offers global accessibility. Furthermore, the role of blockchain in creating web3 is also one of the notable ways to validate the significance of blockchain for the future. The predictions regarding importance of blockchain technology in business are one of the most crucial elements for understanding how blockchain can offer new career opportunities in future. Here are the prominent predictions about the future of blockchain technology.
- Gartner has pointed out that blockchain technology could generate business value of almost $3.1 trillion per year by 2030. It suggests that blockchain-based systems would account for almost 10% to 20% of the global economic infrastructure.
- The IDC has predicted that global expenditure on blockchain solutions will reach almost $19 billion by the end of 2024.
- Blockchain technology will generate over $39 billion in annual revenues by 2025.
Another prominent factor that can boost career prospects in the future of blockchain developers is the opportunity for technical improvement. For example, the integration of blockchain with Internet of Things would lead to the development of blockchain-based Internet of Things.
As a matter of fact, market reports have suggested that the higher adoption of blockchain-based IoT solutions has been garnering significant growth in demand. Blockchain-based IoT has emerged as a massive market with the potential to reach a market capitalization of almost $2409 million by 2026.
Is the Hype for Blockchain Developers Real?
The decision to switch careers to blockchain can be quite challenging for many professionals. Therefore, it is important to understand the blockchain developer demand to find out valid reasons for the shift towards blockchain careers. Cryptocurrencies are only one part of the potential of blockchain for the world. Financial services based on blockchain are responsible for almost 37% of the market. The other industries with blockchain implementations include government, entertainment, retail-facing products, media, healthcare, and hospitality.
Major industry leaders have been taking an interest in blockchain. For example, the venture arm of Microsoft, M12, conducted a $20 million funding round to support a decentralized storage solutions startup, Time and Space. The startup has created an innovative ‘Proof of SQL’ technology to help businesses in using smart contracts for automated business logic operations.
Some of the prominent thought leaders from top firms such as Goldman Sachs and BlackRock have also suggested the importance of bridging real-world assets, such as bonds and stocks, to blockchain through tokenization. The impact of tokenization could introduce value in innovation across different industries while disrupting multi-trillion dollar industries.
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Reasons for Growing Demand for Blockchain Developers
The responses to questions like “Why is blockchain technology growing?” would draw attention to increasing applications of blockchain. While the world focuses on the crypto winter, it is important to identify the continuously growing demand for blockchain developers. Programmers interested in developing blockchain-based applications have been gaining unreal levels of demand.
On the other hand, digital skills assessment platforms have pointed out that the demand for blockchain developers will increase by almost 552% in 2022. Interestingly, the increased demand for web3 developers can be attributed to many reasons other than web3 brands seeking development professionals.
Traditional web2 companies have been experimenting with blockchain and web3 technologies, thereby implying the necessity of trained blockchain professionals. For example, Starbucks has recently introduced a blockchain-based loyalty program and virtual community experience. Similarly, top brands in the gaming sector, such as Epic Games and GameStop, have ventured into the blockchain market with innovative offerings. Other popular brands which use blockchain in some form include Nike, Louis Vuitton, and Burger King.
What Does the Growth of Blockchain Imply for Aspiring Professionals?
The review of the demand for blockchain developers showcases that the arrival of big brands in blockchain markets encourages new prospects. Blockchain would gradually find different ways to integrate with mainstream business applications. As a result, more employers would search for tech developers in blockchain with the right skillset required to understand and interact with the technology.
Developers would need hard skills such as Python, machine learning, Java, C/C++, artificial intelligence, Amazon Web Services, and Node.js. In addition, jobs in blockchain development also demand soft skills such as creativity, communication, and problem-solving.
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Will Blockchain Developers Find Jobs in Different Industries?
The next big thing you need to understand about the shift of big technology developers towards blockchain would point at the impact of blockchain on different industries. The future of blockchain developers depends considerably on current use cases of blockchain in different industries. Here is a clear overview of the factors underlying the demand for blockchain developers.
Banking and Financial Services
Blockchain could help in the disruption of the commercial banking system through a peer-to-peer payment network. It can guarantee better security and lower transaction fees without the trouble of central authorities. The transactions are recorded on a ledger, which can be reviewed by any user on the blockchain network. As a result, it can help you achieve true autonomy in conducting transactions.
The growth in blockchain developer demand can be attributed to crypto applications that can facilitate peer-to-peer financial transactions. For example, Abra could help in storing, transferring, and receiving digital money on PCs, smartphones, and tablets. The use of cryptocurrencies is a massive disruption in the domain of personal finance. At the same time, you can also look forward to other innovative solutions, such as CBDCs by banks in future.
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The next most popular industry which has experienced a transformative impact due to blockchain technology is supply chain management. Blockchain technology could help in tracing all the steps of supply chain workflow. You can reflect on questions like “Why is blockchain technology growing?” by using examples of blockchain use cases in improving product traceability in supply chains.
Blockchain ensures transparency and immutable validation for transactions with the help of multiple supply chain partners. All the transactions in blockchain technology are verifiable and permanent, which ensures that all users can check every record.
The applications of blockchain in supply chain management could improve trust regarding the authenticity of goods. For example, the Pacific Tuna Project utilizes blockchain technology for managing fishing information, purchasing details, and export/import details to prevent illegal fishing.
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Another noticeable area that would experience the impact of blockchain technology is governance. The discussions about the importance of blockchain technology in business overshadow the effect of blockchain on governance. Voting, online or offline, has to face the concerns of including a central authority, which generally leads to fraud.
Blockchain technology can enable decentralized voting systems, where people can express their votes online without disclosing their identities. On top of it, counting votes with blockchain can ensure accuracy as compared to traditional methods.
Apart from voting use cases, the applications of blockchain in governance could also focus on digital asset registries. Blockchain technology could help in improving security and transparency across government agencies. Dubai is one of the popular countries which have been actively pursuing blockchain technology for government functions.
The list of large industries which are affected by blockchain technology would also include healthcare. Majority of problems in the domain of healthcare revolve around storage of healthcare data. The blockchain developer demand has also been growing at a profound rate in the healthcare sector.
Requests for patient information could take hours to identify the right file, alongside presenting opportunities for data breaches, losses, or theft. Therefore, blockchain technology is an important requirement for the healthcare sector.
Blockchain technology helps in removing the necessity of a central authority, thereby enabling faster access to data. Every block has been connected to another block alongside the distribution of data across all blockchain nodes. Blockchain could ensure better safeguards for health records of patients. In addition, blockchain can also offer an audit trail of provenance to prevent the circulation of counterfeit drugs.
Does Blockchain Help Other Industries?
The impact of blockchain technology on businesses is not limited to large industries, such as healthcare, supply chain management, and governance. You can find favorable prospects for a bright future of blockchain developers in many other industries. For example, blockchain could improve the effectiveness of financial services such as insurance, real estate, logistics, and cloud storage.
The biggest fact about blockchain technology is that it is still successful in maintaining relevance in 2023. Even after the dominance of crypto winter, failure of centralized crypto exchanges, and decline of popular names in the crypto world, blockchain development has not faded away.
According to the perspectives of experts, blockchain is still a relevant technology for improving economic and societal implications. In 2023, people will look forward to integration of web3 technologies in mainstream business operations. The Business Research Company has pointed out that the blockchain services market will increase to almost $4.7 billion in 2023.
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Future Trends for Blockchain Developers
Blockchain developers should also notice the important blockchain trends that could help in shaping the future of technology. New blockchain trends for 2023 would improve value chains by enabling better traceability, which contributes to better efficiency and reliability.
Another significant factor in technology trends for blockchain and web3 points to the growing use of DeFi and NFTs. Decentralized Finance and non-fungible tokens help transform the conventional perspectives on financial services and digital assets. Both technologies use blockchain, thereby implying possibilities for blockchain developers to find jobs in DeFi and NFT projects.
The answers to “Why is blockchain technology growing?” would also reflect on the potential for innovation with blockchain technology. For example, some industries have trouble verifying resumes, which demands that hiring managers should ensure manual verification.
Pilot programs can help participating universities in storing data about graduates and their academic qualifications, which can be accessible to hiring managers. Similarly, IoT-based blockchain systems could help in tracing driver behavior for determining the conditions of insurance coverage.
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The outline of different factors associated with the growth of blockchain proves the necessity of adopting blockchain. The arrival of talented tech developers in blockchain would not only expand the blockchain ecosystem but also introduce new and innovative solutions. One of the significant factors which favor the shift of developers towards blockchain technology is the transformative impact of blockchain.
In the long run, blockchain and web3 technologies could emerge as the foundations of the new internet, i.e., web3. You should start learning more about blockchain development best practices with professional training courses. Find the most credible training library for concepts related to blockchain development and become a certified blockchain developer.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!