The scopes of blockchain go much beyond cryptocurrencies, which is also the reason why anyone looking to work in blockchain has excellent prospects today. More job openings will be created down the line since the technology is still in its initial evolving stage. Then again, even as things stand now, the uses and career scopes are quite lucrative still.
Blockchain and Its Multiple Uses in the Real World
Rather than simply knowing that there are other uses of blockchain technology in real-world scenarios, it is important to understand what they are exactly.
A Better Way to Process Payments and Transfers
Closely tied to cryptocurrencies, but not at all restricted to the concept alone, is the use of blockchain technology in the secured processing of payments and fund transfers. To be precise, the advantages of blockchain-based payment processing and money transfers can be summarized as follows:
- Blockchain secured payments and transfers are much harder, if not impossible for cybercriminals to interfere with.
- Anonymity and privacy is maintained to a much greater degree than what is possible in traditional transactions.
- The speed of processing is improved significantly, and even more so when cryptocurrencies are involved.
Decentralized Digital ID
Microsoft is behind the idea of creating a decentralized digital ID, which is why it’s most likely going to succeed with even greater promise soon. The primary reasons and ideas behind the creation of blockchain-powered digital IDs are actually pretty vast, but the current efforts have the following primary goals in mind:
- End users will be in charge of their digital IDs.
- In the underdeveloped regions in the US and abroad, the ID can be useful for getting access to safe, financial services digitally.
- Overall, blockchain can finally give the control of digital identities back to the users themselves.
One of the biggest hopes for content creators and musicians to be recognized and paid for their work fairly lies with blockchain development and implementation.
- Tracking downloads and distribution of copyright content in any form will finally be possible.
- As a result, the royalties and other dues will have to be paid to the original creator.
Eliminating Paper Trails
Whether it’s real estate or cars, paper trails and documents are both hard to maintain track of, as well as being easy to manipulate. The use of blockchain technology, however, solves both issues simultaneously:
- No paper trail or document will be necessary to prove ownership/transfer.
- Manipulating blockchain protected documents of any kind is nearly impossible for the most part.
Ironically enough, blockchain and cryptocurrencies were, at one point in time, shunned by the government because it was believed that the anonymity would be perfect for encouraging criminal activity. On the contrary, the ease of tracking is the main benefit of blockchain in reality! Sure, it can and does protect data from being accessed by unauthorized parties better than anything else that has been implemented up until now, but blockchain also makes it easy to follow the chain of interactions and transactions.
As long as you are the authorized party, it is possible to flawlessly track even the most multifaceted process or development across all its points of interaction with the associated parties. It can be and already is being used to some extent for:
- Food safety.
- Tracking criminal activity.
- Tracking the distribution of copyright content.
- Tracking precious cargo.
- Tracking nuclear supplies in realtime and in review.
Joining the Blockchain Industry with the Right Job
The primary reason why blockchain and cryptocurrency markets have so many openings is that so few people understand how things actually work here. A look through the following will help us understand where the employment opportunities are at their best today.
No other professional in the world has a more prospective career opportunity in blockchain than computer engineers, software developers, and coders. To provide a statistically backed up idea regarding the kind of earning capacities we are discussing here, the following highlights from the published data source should be useful:
- A blockchain developer in the US earns $157,893/year on an average.
- Similarly qualified computer engineers outside the industry earn $137,000/year on an average.
- The average salary of a blockchain developer shoots up to $162,288/year in the San Francisco Bay Area.
- Experienced computer engineers working in the blockchain sector often earn more than $200,000/year.
These prospects are not just exclusive to computer engineers or computer science majors only. It is possible to join the blockchain industry by completing an online Masters in Computer Science for non CS Majors. Although cybersecurity and data science also has applications in blockchain, as well as enjoying excellent career prospects in various other technical fields, software engineering should be the choice of specialty for those willing to work in blockchain. It simply has the best prospects now and will continue to have that advantage in the future as well. Three of the best jobs available for blockchain developers can be cited as follows:
- Blockchain Software Engineer.
- Blockchain Principal Program Manager.
- Blockchain Tech Architect.
Blockchain Business Analyst
By combining the skills of a traditional business analyst with the knowledge of a blockchain expert, we get the blockchain business analyst. The national average income of a blockchain business analyst is well above $110,000/year, making it one of the most lucrative positions to pursue those with the rounded knowledge and experience base. If software developers with experience in blockchain development can take up the role with a specialized MBA in business analysis, the earning potentials will skyrocket even further.
There are also opportunities in blockchain for risk analysts, production managers and legal professionals with the appropriate technical knowledge. While the salaries, job profiles, and responsibilities will vary quite a bit, what every professional seems to have in common with each other in the industry is the opportunity to earn more than the average in their respective fields of expertise. A similar trend is also noted in AI engineering and associated fields such as autonomous vehicles.