In 2008, an anonymous man, who went by the pseudonym, Satoshi Nakamoto, sparked a global upheaval when he came out with “bitcoins” -- a digital equivalent of online cash that uses the blockchain technology. The system was created due to the need of an internet currency independent of third-party intermediaries. It was a completely decentralized system that was monitored by all but ultimately controlled by none.
As awareness grew, people started investing in bitcoins, and soon it became an extremely valuable currency, used by millions all over the world. Currently, the total value of bitcoin is around US$ 9 billion. People who invested a modest amount in bitcoins back in the day have become billionaires now. All of this happened due to the anonymity, decentralized nature, and efficiency of the blockchain technology.
The Proliferation of The Blockchain Technology
The blockchain technology is rapidly growing all around the world. Now, the blockchain technology is no longer limited to the financial industries. Factom is a data management company that uses blockchain-based identity ledgers in database management and data analytics to support a various application. Not only this, but the technology has also seeped into the arts industry, where Ascribe, helps artists attribute digital art using blockchain.
This level of proliferation in the blockchain technology can mean only one thing: very soon it is going to emerge as the next big job creator. And current professionals and potential job seekers must be prepared for it. Let’s look at some of the jobs that will require the know-how and application of the blockchain technology.
1. Initial Coin Offering Marketing
This is for all of you marketers out there! In the recent times, Initial Coin Offering (ICO) has become a robust source of raising money for a project. Startups and small businesses are using it to fund their businesses. In ICO, you release tokens of a particular value in the online community and urge the investors to buy the tokens. After a business sells the desired amount of tokens, they will generate the money to fund their projects. The investors will have two advantages on buying the tokens.
● As the value of the company that put out the tokens increase, the investors can sell the tokens to another party for a profit.
● The investors are also the end users of a particular product or service. This means that they will have invested in something that they will eventually use. Investors may also get access to the special features of a particular project.
Businesses looking at ICO as the right platform for fundraising will need ICO marketers to market their brand online and urge the investors to invest in their project. Marketers are expected to stay updated on the ICO operations so that they can put their marketing genius into the application as ICO marketers.
2. Blockchain Scientists
Earlier, Tech Freaks would become software engineers or web developers. Now, the inclination has shifted towards the blockchain technology. Engineers who have a strong hold on multiple languages (primarily Java and C++) are in great demand in the blockchain industry. The knowledge of Cryptography is also seen as an added bonus for bona fide blockchain scientists. Since the job development is only on the cradle stages; the supply is less than the demand for the job, which means that the organizations will be willing to pay a premium salary for this job. So, Tech Freaks, listen up! Blockchain scientists are soon going to be the new cool, and you can make loads of money from it.
3. Product Manager
As mentioned earlier, in the blockchain technology, the investors are also the end users of a particular product. This means that high value is not a desirability, but a necessity. Otherwise, the stakes of a company can fall in a jiffy. This makes the product management part of an organization extremely crucial. The person responsible for the product management, should not only be a great manager, but also someone who understands the intricacies of the blockchain technology. At this moment, there are not many managers who can fit the bill in both these domains. If you are a great manager and can gain knowledge about the blockchain operations, you will be in great demand in the various organizations. And needless to say, the pay will be amazing!
4. Blockchain Analyst
Since Blockchain is likely to become the talk of the town, Blockchain writers and analysts will be required to give insights about the technology, by way of blogs, articles, research papers, etc. Many new laymen will be venturing into the world of blockchain technology. They will need the expertise guidance of already established players. Blockchain writers and analysts will render that guidance. Blockchain technology is a highly specific domain. Not everyone can write about it. This form of specialized writing can only be done if you are an expert. You must have know about how the technology functions, how it is going to pan out, what are the drawbacks, etc.
5. Legal and Tax Experts
Blockchain is a sensitive industry. Since it is an autonomous and decentralized body, understanding the government regulations with respect to the blockchain technology can be a complicated task. In different countries there are different legal parameters for the usage of blockchain. To manage the legal side of the technology, people would need legal experts. If you are in the legal industry, getting knowledge about the blockchain technology would be of great help.
Just like the legalities, the tax part of the industry is also a bit complicated. Raising money through Initial Coin Offering is not seen as a conventional “fund raising” activity. And not mentioning it in the tax papers is blatant tax evasion. Companies will need help in making the tweaks and updates in their tax returns to show the transactions they made using the blockchain technology. This is how a tax and blockchain expert will prove invaluable to a lot of large corporations. Judging by the sensitivity of the job, a high salary can easily be expected.
Since this is a fairly new field, a lot of people venturing into the blockchain world would be novices. They’d need guidance right from the start till the end of their blockchain route. An expert advice will prove invaluable for their personal or business interests. This where Blockchain consultants will come into the picture. An expert who understands every facet of the blockchain technology, from the tech side to the commerce, can become a blockchain consultant. There is even a good possibility for consulting agencies to open up for the job.
Since a lot of organizations and people are still skeptic about the blockchain world, if you gain the knowledge and can match it with your existing abilities, you will exercise a sort of job monopoly in the market. Remember -- the demand is high, there is a dearth in the supply. Anyone who can give them a quality supply, will hold a very high value in the market.