Blockchain can hugely reshape different industries. It can also revolutionise the way businesses operate. Blockchain’s versatility offers a massive array of benefits for businesses. The most notable ones include reducing costs and enhancing operational efficiency; due to this, blockchain applications are proliferating across diverse industries. They include:
- Finance
- Healthcare
- Supply chain management
- Identity verification
Companies globally are recognising blockchain technology’s value. Some are outsourcing their projects to experienced blockchain developers. Others, on the other hand, are hiring in-house blockchain creators. It comes as no surprise that the demand for blockchain developers is soaring daily.
But what is driving the market and demand for blockchain developers? This article explores the world of blockchain development to unearth more.
Reasons the Demand for Blockchain Developers is Soaring
Blockchain is an emerging knowhow. That means it’s still a relatively new concept, and there aren’t enough qualified developers that can be hired.
This has resulted in a significant demand and supply gap in blockchain development skills. In the past year, there has been about a 517% increase in demand for software developers with knowledge of blockchain development. Why this high demand?
The Bitcoin Factor
The association of blockchain in the public eye with digital currencies is certainly a major reason why blockchain development is increasing in demand. Blockchain is simply the enabler or stack behind cryptocurrencies. Regardless of whether digital products turn out to be a huge bubble, the underlying technology, which is blockchain, has indisputable and genuine value.
This technology already has a huge impact on how digital businesses operate. In short, digital currencies may come and go and ebb and flow, but blockchain technology will stay forever. That is why the demand for developers is soaring.
Security and Privacy
Each business wants to stay safe. It is virtually impossible to consider this subject without considering security and privacy issues. In the current world, where officials in different jurisdictions are trying to minimise anonymity on the internet and organisations trying to gather as much personal data to mine for a profit, the only way to ensure security and privacy is decentralisation, which is the foundation of blockchain technology.
Blockchain developers explore the decentralised nature of this technology. They work on projects focused on everything between managing blockchain identity, signing, and validation as well as creating smart contracts. When training, blockchain developers are required to create a smart contract and a notary service and be able to deploy it on any blockchain platform like Ethereum.
Trust
What is blockchain for? Is it designed for digital currency only? No, its main role is to provide trustworthy platforms. Companies in the finance industry are already using blockchain to minimise disputes about transactions or postage or where and when a package is received. This helps companies in this field to be compliant with the latest general data protection regulations.
Customers of these companies receive information more accurately and faster. Also, their customer service teams can solve issues in a more rapid way. Blockchain also helps companies to operate efficiently and position themselves to handle growth, especially as the economies continue to expand globally.
Rapid Adoption and Rising Demand
Another strong reason why demand for people with blockchain skills is soaring is the rapid adoption and rising demand for this technology. Businesses are adopting blockchain technology so aggressively.
That means they’re recognising the value of blockchain adoption. However, they are faced with a skill mountain that makes it hard to find knowledgeable and qualified developers they require.
Final Remarks
Blockchain is still a new and emerging field. However, it has already promised a great deal in the way of privacy, security, and trust. The extent to which blockchain delivers on this promise and provides organisations with the value they need depends on the blockchain developers they partner with. To fully enjoy the benefits that blockchain offers, work closely with knowledgeable and skilled developers.
