Studying blockchain means one of many things. Some do it for leisure or personal development. But many go for a much deeper purpose: knowledge in blockchain carries a shining red marquee saying “high paying salary and career security.”
Whether or not you stand on either spectrum, it is important to learn something new every day, especially skills and disruptive technologies that will make you in demand in any industry today and in the future. Take a look at our list of 10 Reasons Why You Should Study Blockchain.
#1 Promising Salary
There is no doubt that blockchain is a challenging industry to be in. On the other hand, it promises a higher salary margin compared to its Silicon Valley counterpart which has the same demanding requirements.
The average annual pay for entry-level Silicon Valley tech jobs is between $70,000 to $110,000, depending on the size of the team, the type of business the company is involved in, and a person’s potential. This is significantly higher than the average gross annual wage for full-time employees in the United States which is $69,000.
Meanwhile, blockchain is considered among the highest-paid sectors in the programming field. Average developers earn between $150,000 to $170,000 per year, with a beginning offer already hitting six figures.
#2 Less Competition
Unlike the traditional tech which is saturated with new job entrants, there is still a small percentage of people interested in learning about blockchain. This makes it an ideal entry point for new job seekers or career shifters as it means a lesser employment-to-population ratio.
Comparing it again to the world’s tech breeding ground Silicon Valley, the unemployment rate in the area increased to 3.2% in 2021. During the same year, cryptocurrency and blockchain jobs increased by 118%. Managerial posts in both industries climbed nearly 30%, while all other human resources jobs hiked 200% year-over-year. This is at a time when the global unemployment rate continued settling at a record-high pace of 9.6% from 10.6% in 2020.
#3 Work Remotely for Life
The pandemic made us realize that geographic freedom is one of the most important considerations an employee should look for in a job opportunity. This is exactly what working in the blockchain industry presents as one of its advantages. 36% of all blockchain-related jobs are remote work, and remote software development blockchain listings came at a higher percentage of 44%.
Many blockchain companies even offer full and permanent remote job options, while others pitch a hybrid setting that requires an employee to make a personal appearance in the office a couple of times a week. Imagine ditching the usual workplace drama while earning more. It’s a win-win situation.
#4 Career Development Opportunities
Making a career in blockchain allows you to wear many hats. As the industry becomes highly adopted, analysts expect new roles to open which could crosscut from different fields. Currently, the most in-demand skills in the space are technical such as programming, web and software development, software engineering, research, and consultancy.
As time goes on, we will see more openings for administrative, operational, and management jobs. But the most surprising of all will be opportunities in tax, law, and accounting fields. While blockchain is expected to remain decentralized, there will be an increased Central Bank Digital Currency (CBDC) adoption that requires legal intervention moving forward.
#5 Innovations Ahead
There will come a time in the future when employers will ask not about your driving skills or MS Office proficiency but your knowledge about blockchain as a prerequisite for employment.
The decentralized technology is looking to play a centrifugal role in the day-to-day operations of companies, even those not directly operating in the technical field. Some of these include financial services, retailing, supply chain management, agriculture, travel and tourism, real estate, and healthcare, among others. If you are someone planning to clinch a career in any of these fields, better to step up your blockchain knowledge–upskill and reskill–to stay ahead of the fast-changing world.
#6 Entertainment Sources
Moving beyond economic benefits, studying blockchain can also contribute to how one consumes entertainment content.
Ever heard about Web 3.0%? The concept stands for the third generation of the internet. In Web 3.0, third-party mediums like YouTube, Google, Amazon, and other intermediaries that derive billions of profit from connecting content consumers and producers will be eliminated. With the use of decentralized technology, content creators can directly sell their content at a much lower price to consumers.
Prior knowledge of blockchain will help one navigate through this new landscape better, even presenting a chance to consume entertainment sources for free!
#7 Securing One’s Data
One of the biggest problems internet users face today is cybersecurity. There have been millions of identity theft and malicious breaches recorded across the World Wide Web over the past years.
This is a big motivation to study blockchain–to learn to protect one’s digital data and make it immutable with the use of cryptography. Blockchain works through a digital ledger infrastructure where data entered on a block could not be tampered with or altered.
#8 It is Fun!
While these are challenging to learn at first, solving one problem after the other could be rewarding in itself. Similarly, there are tons of online courses and learning materials offered for free on blockchain development. Make sure to check out MOOCs and sites of top universities to see which one works best for you.
#9 Opportunities for Investment and Help
Another spillover effect of having blockchain knowledge is learning about new opportunities for investments. In the past months, there have been many interesting projects in the space that not only have huge profit opportunities but also present many opportunities to help.
Some work on revolutionizing access to credit and insurance in the agriculture sector, work on improving the quality of life among underprivileged communities, conserving the environment, offsetting carbon footprints, and supporting refugees and internally displaced persons, among others. Investing and supporting these projects would not otherwise be possible without prior interest or knowledge of blockchain technology.
#10 Learning About Blockchain Saves Money
Leveraging blockchain’s power to one’s advantage will save loads of money! Firstly, cryptocurrency transfers often cost less than a dollar compared to the high transaction fees associated with traditional bank transfers.
Secondly, blockchain is the foundation of smart contracts. These are self-fulfilling contracts that allow both parties to transact in an honest, transparent, and conflict-free way without the use of middlemen. Learning about how to make your own smart contract on the Ethereum has an average cost of $500 or less. In comparison, hiring a business contract lawyer costs $225 to $300 an hour!