Why consider Blockchain?

June 17 2022

Known as the new Internet or Web 3.0, the popularity of Blockchain technology has continued to rise over the years. Since its first successful case with cryptocurrencies in the world of Finance, new projects have extended and evolved the Blockchain to give space to a unique revolution that impacts all industries across the globe.

Different surveys and reports carried out by Forbes, Deloitte, and other large firms ensure that more and more companies claim that they could be losing significant business opportunities if they do not make the leap toward adopting Blockchain.

According to Glassdoor and Indeed, the demand for Blockchain developers has grown by 118% during 2021, and professionals in this area are among the highest-paid in the industry. Interesting, right?

In this article, I will share with you some reasons why you should consider it based on my experience as a Blockchain Certified Professional who has participated in different Web 3.0 projects and believes in the Blockchain revolution.

Let’s start by introducing our Rock Star!

What is Blockchain?

Simply put, a Blockchain can be defined as a large database maintained by a distributed and decentralized network on which transactions can be processed safely and reliably. This is different from the usual way information is processed and stored in Web 2.0, where there are owners of the infrastructure with control over it.

Blockchain allows the distribution of the storage and execution of transactions safely through a network of computers called nodes. Those nodes share the responsibility of ensuring the operation of the shared infrastructure. All this without having a single owner or possessor of the infrastructure, but instead creating a global infrastructure that anyone interested in being part of the network can do simply by configuring their node.

In Blockchain, a chain of blocks stores transactions and metadata. Those blocks go through a hash process that generates a signature that identifies each block. Every new block permanently stores a reference to the previous block’s hash to maintain the block sequence and protect the network from possible alterations. This is very similar to how a linked list works, as you can see in Picture 1.

For more detail, I invite you to read content on how a Blockchain works since this article does not cover Blockchain theory but focuses on why you should consider learning Blockchain.

What is a Blockchain developer?

Right now, a Blockchain developer can be divided into two well-distinguished categories: Core developers and Decentralized Application developers. This differentiation is based on the responsibilities and level of technical knowledge of the Blockchain that each role requires.

Core developers

This role is based on designing a Blockchain, its maintenance, improvements, and creation of protocols. These types of developers need profound knowledge about how all the components that are part of a Blockchain work.

Knowledge about things such as networks, consensus algorithms, cryptography, encryption, P2P, security, protocols, and databases, among other things, is essential for this role. It is common to use programming languages such as C/C++, Go, or Rust for this role.

Decentralized Applications developers

Decentralized Applications, or just DApps, are applications that run on the Blockchain. They have Smart Contracts as their main component. Smart Contracts are applications written using Blockchain technology that dictates how the transactions should be handled.

This role requires knowledge of traditional backend and frontend development since it is based on creating the solution that users will interact with.

My advice is to start your career in Blockchain as a DApps developer, and then, if you want, you could start your transition to become a core Blockchain developer.

Why should you consider it?

Now it is time to tell you how you can benefit from getting this knowledge into your arsenal.

#1. A lot of job opportunities

According to ForKast, 81 of 100 top companies around the globe are using Blockchain. Given that Blockchain is being used in many industries, the number of projects should increase to migrate current projects to Web 3.0 or add this additional Blockchain layer to their existing architecture.

Remember that it is not either black or white. Instead, Blockchain can co-exist with the current Web 2.0 projects. In the same line, Forbes states:

“As more and more blockchain projects begin to demonstrate usefulness […], the number of projects under development will rapidly increase, putting those who have been savvy enough to upskill themselves in control of a sellers’ market.”

A study by LinkedIn in 2021 also discovered that job postings containing the word “Blockchain” had grown 395% in the United States. So we can expect that the popularity and demand for Blockchain developers will continue to increase.

#2. High salaries

Markets and Markets projected that Blockchain would have increased from a $4.9 billion market size to $67.4 billion by 2026. That is an increase of 1300% in just four years. So we are facing a massive market.

According to ZipRecruiter, the average annual salary of a Blockchain developer in 2022 is approximately $120,748. Given the high demand for developers and shortage of developers, salaries are attractive and getting higher by the year.

#3. Be prepared for the next revolution

Blockchain technology is recognized nowadays as Web 3.0. It is expected that it will change all industries forever for the better. It enables a more decentralized world and can create meaningful changes.

Blockchain is a futuristic technology, and it is not all about technology. It is more than that. It was invented to create a fairer world where people can take control over their information and have more power themselves. Still, this revolution will require creative and talented developers to make it a reality.

#4. To be a better developer

You won’t need to switch to a new role as a Blockchain Developer to use this technology. You could learn about the concepts and find new ways to solve problems with a different paradigm.

Adding Blockchain to your current skill-set could result in a better salary and position. More importantly, you will be able to see applications from another perspective.

#5. You are not alone!

There is a unique and welcoming community of Blockchain developers. Over the years, many projects, tools, and frameworks have been created. Depending on the Blockchain you will use in your project, you will find extensive documentation, tutorials, and more information online. So, you don’t have to be alone or start from scratch.

Final thoughts

Until now, we are used to deploying our applications in an environment controlled by us. Learning about Blockchain as a traditional software developer will give you a different perspective on how systems can work.

Have you ever wondered how a distributed application works? What about something that is not centralized, nobody governs, and will live forever as long as the Blockchain continues to exist?

This brings challenges when designing systems, maintaining different versions, deployment, and development that will undoubtedly test your current knowledge and give a 180-degree turn on how you see information systems today.

How to start? Start by going to the Ethereum website, learn how to write your first Smart Contract, and stay tuned for our next article.

This article is written by Erikson Murrugarra, for the WAES Medium blog.