Conjuring images of dusty file cabinets, data storage doesn’t sound like an exciting career opportunity.
But emerging technology that transparently tracks transactions has amassed big money and created intriguing job prospects. Called blockchain, it records information in decentralized ledgers that all parties can access at the same time, eliminating the need for intermediary institutions and accelerating the transfer of data and money. The technology’s unique blend of computer science, economics and psychology also enables the creation and use of cryptocurrencies such as bitcoin.
Blockchain has the potential, experts say, to be as revolutionary as the internet.
“Empires are going to be built,” says Laura Shin, journalist and host of the crypto podcast “Unchained and Unconfirmed.” “This is a world where you can create money out of thin air if you know how to do it.”
Demand for workers is rising: The number of job advertisements on LinkedIn related to blockchain quadrupled in 2017, according to Bloomberg Law. And salaries in the field soar above six figures.
“There is a lot of opportunity out there right now for those looking to get into the field,” says Craig Hajduk, principal program manager of blockchain engineering at Microsoft. “We expect this business to grow exponentially as the technology matures.”
Established Companies
Although much of the blockchain hype has focused on startups and their cryptocurrencies, there is plenty of action at large, well-established companies, too, some of which have built private blockchain systems to boost efficiency and reduce fraudulent activity.
“Any industry where provenance is important, or where fraud is a problem, like luxury goods, pharmaceuticals, government services and food, all of those areas are looking at blockchain,” Shin says. “It can be used to solve a whole bunch of problems.”
Microsoft and IBM are among the big-name corporations that have embraced this technology, which they use for their own internal processes and also to create tools for clients.
For example, Microsoft now uses blockchain to almost instantly calculate royalties owed to publishers from its video game platform, Xbox. That’s a big improvement over its old, manual method, which took 45 days, according to a Microsoft spokesperson. IBM applies blockchain to help grocery companies rapidly identify the source of food-borne disease. In an experiment with Walmart, blockchain tools reduced the time it took to trace mangoes back to their farm of origin from six days and 18 hours to mere seconds.
Excitement about using blockchain has led to “massive job hiring” at many big companies, says Eric Ervin, president and CEO of Reality Shares, an investing firm that identifies businesses that are effectively adopting blockchain technology. “There’s an awesome opportunity for people to work in the space.”
Indeed, IBM has 1,600 employees working on its more than 400 blockchain projects, says Marie Wieck, general manager of IBM Blockchain: “It’s such a hot topic we can’t keep up with demand.”
Corporations need workers capable of coding smart contracts and building blockchain applications. But developers with that rare knowledge make up only about half of the average team working on an IBM blockchain project, Wieck says. The company also needs people with expertise in regulations, business models and front-end and back-office development who can make blockchain tools easy for laypeople to use.
And because IBM works with clients in many industries, it seeks professionals who have worked in fields as disparate as financial payments and food safety to advise “how you can apply blockchain to transform, save costs and reduce time” in those areas, Wieck says.
[Read: How Workers Can Adapt to the Technology Revolution.]
Startups
Blockchain technology has set off a gold rush. But today’s prospectors don’t merely mine for treasure — they believe they can code it into existence. As startups race to create and invest in cryptocurrencies, they’re hiring “hardcore technologists,” Shin says, but “people with the right business experience also will be in high demand.”
CoinDesk, a media company that covers blockchain industry news, launched a jobs site in May because its leaders noticed the proliferation of diverse career opportunities at blockchain startups. Positions advertised on the CoinDesk Career Center include vice president of accounting, director of public relations, risk analytics manager, quality engineer and smart contract developer.
“So many companies that have started to reach scale need to start telling their stories and reach revenue,” says Jacob Donnelly, director of marketing at CoinDesk.
There is especially high demand for community managers who can comfortably liaise among leaders of highly technical projects and also members of the public, says Meltem Demirors, chief strategy officer of CoinShares, a digital asset management company. These professionals blend marketing with education and advocacy by writing blog posts, creating YouTube videos, crafting grant proposals and organizing meetings of like-minded business leaders. Successful community managers may have backgrounds in academia, nonprofit organizing or business development.
Working at any startup is risky, as many fledgling companies never get off the ground. But even if a particular project fails to thrive, Donnelly thinks the industry as a whole is here to stay, making it valuable to gain experience at a startup.
“Things move fast in crypto,” he says. “As long as you want to learn, there’s a lot of opportunity.”
[See: 25 Best Jobs That Pay $100K.]
Education and Skills
Blockchain is on the syllabus in college classes across the country, especially for computer science and business students.
Christopher Sides, a rising senior studying mechanical engineering and computer science at Duke University, is a member of the school’s Blockchain Lab, a student organization whose members aim to educate their peers about the rapidly evolving technology. He also is a teaching assistant for the college’s course on blockchain, which is offered through the business program.
The industry generates “a ton of chatter” verging on “hype, especially on university campuses,” Sides says. “Business and economics majors are interested in markets and products, and that transitions over more than I would usually expect into computer science people. It’s a little more rare to find people actually interested in developing on it and understanding what it is on a true technology level.”
Though helpful, the credentials Sides will earn aren’t strictly necessary to finding an industry job. Thanks to the relative youth of blockchain technology, recruiters are willing to consider candidates who don’t have advanced degrees or experience in the field as long as they’re willing to work hard and experiment with new ideas, Demirors says.
“There’s really no proven path to success. Everyone is early into the journey,” she explains. “The fit tends to be less at a competency level and really at a mission- or purpose-driven level.”
Plus, there’s so much money pouring into the field that startups “are not as concerned about their burn rate. They’re willing to take a chance on people.”
Of course, understanding big blockchain concepts still matters for finding a job in the industry. Several certificate programs that teach participants blockchain skills in months or weeks have popped up. Beyond formal school settings, there are free online resources such as IBM’s ” Blockchain for Dummies” guidebook and a compilation of articles published by venture capital firm Andreessen Horowitz. Industry leaders write about the latest developments on Medium, a blog website.
Conversing with other interested people is a good way to learn critical concepts and pick up the lingo, Demirors says. She recommends participating in discussions on Twitter and messaging platform Telegram. Face-to-face conversations take place when members of nearly 6,000 Blockchain Meetup groups gather in cities around the world.
“For people who seriously invest their time and energy in becoming knowledgeable,” Demirors says, “it pays a lot of dividends in the job search.”
[See: 10 Tech Jobs That Make the Most Money.]
The Pay Off
With such great demand for workers, companies are broadcasting their blockchain job opportunities.
In addition to LinkedIn and corporate career websites, there are specialized online job boards that post these positions, such as the CoinDesk Career Center and Crypto Jobs List. Demirors recommends perusing the opportunities posted to AngelList, a platform that connects startups with investors. Also helpful is the fact that 28 companies and projects have collaborated to accept the ” Blockchain Common App,” a simple form job seekers can fill out to express their interest in opportunities.
Technology jobs tend to pay well in general. If you’re a blockchain developer, “you’re going to be able to command a much higher salary than your typical front-end developer,” Donnelly says. “It’s an arms race for that talent.”
For top recruits, that could mean a six-figure salary and a signing bonus as high as $1 million. Meanwhile, pay for employees who support blockchain projects in roles such as marketing and operations management is “probably a bit more standard,” Donnelly says.
In addition to high salaries, workers at blockchain startups may be compensated with tokens the way workers at other startups receive equity stakes in the company, or shares of stock. When startups hold initial coin offerings, or ICOs, to raise money for their projects, these tokens can gain value and can be sold. Owning tokens provides an incentive for workers, because “it creates more alignment between the work they’re doing and the way they’re compensated for that work,” Demirors says. “You can have a direct impact on the value of your token.”
Enjoying more of the fruits of their labor is a big draw for many employees at blockchain companies, she explains: “If the project does well, you do well.”
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