Blockchain is so revolutionary to the software world that IBM has decided to open up an entire department for it. The majority of companies are investing in it or actively exploring options. Blockchain technology has seen massive growth already; this growth is only limited by the amount of talent.
It is not every day that we see technology become so in demand that its growth exceeds its available talent. Demand for blockchain developers has seen a growth of more than 6,000%. According to Burning Glass Technologies 5,743 mostly full-time job openings calling for blockchain skills in the last 12 months, representing a growth of 320%.
There is more to it than just exponential growth
Software development is widespread and blockchain is no different. Sure it is not difficult for a developer to learn blockchain, but for them to have the specific skills needed for a project is a different story. Projects working with Ethereum require different skill than a project that is creating an IoT application.
Another factor that comes into play is the demand created by ICOs, many blockchain developers are busy working on ICOs. With an estimated 1565 cryptocurrencies available and probably more by the time you read this, the ICO market is seeing huge growth. Many blockchain development firms are catering to this market and keeping very busy. This means that blockchain developers are learning skills to do with cryptocurrencies, not others.
Demand in other industries
A study conducted by SAP found that 92% of business leaders found blockchain to be an opportunity for their business. Here are the ratings per industry:
- Supply Chain & IoT 63%
- Legal & Regulatory 19%
- Cryptocurrency 8%
- Sustainability 3%
Blockchain is really beneficial to every industry and expected to add a value of $31 Trillion by the year 2030 which is not far away. This technology is moving us towards a more efficient online world.
High demand equals big payday for talent
The imbalance of demand vs supply of blockchain developers is creating a great payday for talented blockchain developers. The average blockchain developer is demanding $250 an hour on Upwork. Meanwhile, the average full-time salary for a blockchain developer in the USA is $140,000 vs the average developer bringing in $105,000 a year.
Firms are taking advantage of this and demanding high prices, which is also limiting the opportunity to enterprise businesses. This is making Eastern Europe more attractive as a high-tech hub for blockchain. With professional firms, top universities, and low costs of living, many companies are reaching out to Eastern Europe for their blockchain development needs. Belarus has especially made it favorable by creating their High-Tech Park and creating the most favorable tax incentives out of any country when it comes to blockchain development.
Many companies like IBM are creating their own blockchain training programs to create their own blockchain developers. For larger enterprises, this makes sense but could prove to be costly.
Weigh your options
Your four options are hiring a new employee, hiring a freelancer, training an employee, or hiring a firm. If you will need a developer for the next 10=20 years then the employee route may be best for you. If you have any other type of project, my recommendation is hiring a firm. Most firms will have the price of a freelancer, but give a lot more security and value. They will also make sure that you have the developer with the correct skill set.
If your project is handling precious data, to do with healthcare or banking then a firm is the best way to help prevent future liabilities.
It takes a village to raise a child
Blockchain is not a simple website design. You need a team and a DevOps approach. Hiring a freelancer or just one employee will not give you the gained experience that a firm will bring to the table. Firms will provide you with an entire team, and options, and point out foreseeable problems.
When looking for a firm the first thing that you should do is take their free consultation. If they offer free consulting, then take it. A good firm will not sell you a ‘yes.’ They will provide you with options, and educate you on which blockchain methods they recommend. You want to have a partner, not just a hire when it comes to blockchain.
Most projects are working with existing programs and will require a variety of skills. A larger firm will have the talent in-house that you need.
