Blockchain technology has gained widespread popularity in the global market due to its unique features. It operates as an append-only peer-to-peer network, maintaining a secure and distributed ledger that can only be updated through consensus mechanisms such as BFT and PBFT.
As a result, many IT organizations are in need of skilled blockchain developers. Choosing to become a blockchain developer is a wise career move, as it is a cutting-edge technology that offers ample opportunities for growth and advancement.
Within the field, there are two distinct types of blockchain developers: core and software developers.
Core blockchain developers focus on designing protocols and maintaining existing blockchains, while software blockchain developers specialize in creating new blockchain applications and NFTs.
Job Opportunities
Blockchain workers can come from a variety of professional backgrounds. Still, there are two main divisions, namely technicians and non-techies. Technicians are in charge of managing programs and software development.
Meanwhile, non-techies take care of things outside that, such as finance, law, public relations, media, and marketing.
Demand for blockchain developers has grown exponentially recently, by around 63% from November 2015 to April 2018. According to data from LinkedIn, there are 2,527 search results for blockchain developers in the United States alone.
Since 2017, the hiring process for blockchain professionals has increased by 700%. However, there is still a need for more workers in this field.
In fact, according to Computerworld, there are only around 250 software developers in the UK who are “actually getting” jobs in the blockchain space. This deficiency can be found in various countries.
Blockchain Developer Salaries Overview
Blockchain Developers have enormous opportunities to get jobs in the career world because the demand for Blockchain Developer workers is very high while the availability is deficient.
No wonder the income of a Blockchain Developer is also very high. According to the job search site Glassdoor, the income of a Blockchain Developer in the United States starts at USD 107,000 per year.
The average annual salary for a blockchain developer with no experience is around 50,000 USD. With five years of experience or more, this could be about 70,000 USD annually.
Entry-level salaries in this field can be as high as 70,000-80,000 USD, after five years. It can even reach 100,000-120,000 USD each year.
Meanwhile, blockchain developers who work in government agencies vary from country to country but are generally paid less than large companies.
As for the Asian region, the average salary of a Blockchain Developer ranges from USD 663 – 1658 per month.
1. Startup
The startup attracts some of the best blockchain talents. They offer a lot of responsibility and freedom. They don’t provide the highest wages. The average annual salary for a blockchain developer with no experience is around 50,000 USD.
With five or more years of experience, this can run to about 70,000 USD annually. Some startups offer their staff equity in the company, a bonus not usually found elsewhere.
2. Tech Companies & Legacy
Legacy and tech companies offer high salaries in this business. Entry-level salaries can be as high as 70,000-80,000 USD. After five years in trading, high salaries can be found that can reach up to 100,000-120,000 USD! That’s reasonable.
You’ll agree! IBM’s VP of People and Culture, Mike Schade, says the gap between startup salaries and those of more established companies is enormous for a straightforward reason.
Blockchain developers prefer to work for something other than large, centralized organizations. Therefore, legacy businesses and technology companies must offer more money to attract the right staff.
3. Government
Government salaries vary from country to country but are generally paid less than startups or established companies. Working for the government does have its benefits.
Government projects tend to involve classified data and systems, so blockchain technicians can pretend to be James Bond while they work!
Salaries Based on Experienced Level
The salary of a blockchain developer can vary based on their level of experience and expertise. Here is a breakdown of the potential salaries for different experience levels:
1. Complete Beginner (0 years of software experience, 0-1 year of blockchain technology experience): ~$110,000 per year
2. New Developer (1-2 years of software experience, 0-1 year of blockchain technology experience): ~$120,000 per year
3. Experienced Developer (2-4 years of software experience, 0-1 year of blockchain technology experience): ~$124,000 per year
4. Advanced Developer (2-4 years of software experience, 2-4 years of blockchain technology experience): ~$143,000 per year
5. Blockchain Master (6-10 years of software experience, 2-4 years of blockchain technology experience): ~$153,000 per year
It’s worth noting that the salary ranges may vary depending on the location, company, and other factors.
Blockchain Developer Salaries Based on Country
Blockchain developer salaries are on the rise globally as the demand for blockchain engineers and developers continues to increase.
According to CNBC, blockchain developer salaries are comparable to those of Artificial Intelligence (AI) developers, which is a significant earning potential.
However, it’s important to note that salaries can vary depending on location, company size, and other factors. Here is a general overview of blockchain developer salaries in different areas of the world.
1. Average annual salary of a blockchain developer in India is over ₹460K
2. Average annual salary of a blockchain developer in the US is over $96K
3. Average annual salary of a blockchain developer in the UK is over £68,000
4. Average annual salary of a blockchain developer in Singapore is around S$95,865
5. Average annual salary of a blockchain developer in Canada is $95,000 CAD
6. Average annual salary of a blockchain developer in Germany ranges from $60K to $150K
7. Average annual salary of a blockchain developer in Switzerland is USD 180,000
8. Average annual salary of a blockchain developer in Canada is C$136,500. Additionally, an entry-level position averages C$78,500
9. Average annual salary of a blockchain developer in China ranges from Standard ¥45k to ¥60k, according to the Blockchain Council. Directors and managers earn approximately ¥60k to ¥120k.
Profession Options in Blockchain Industry
Today you can find jobs related to blockchain and virtual currency or cryptocurrencies in many countries. Two of them are developers and data scientists.
What are the professions in the blockchain industry? Here are six jobs in the blockchain field that are interesting for you to look at.
1. Information security analyst
The first profession related to blockchain was security analysis. Security Analysts are fundamental in the blockchain-building process.
To get this job, you need to have experience monitoring encryption, anticipating cyberattacks, and testing blocks to ensure they are impenetrable if demand is high.
2. Data Scientists
Data scientists are tasked with collecting, interpreting, analyzing and managing data by applying statistics to complex data.
They write algorithms to detect and analyze patterns in massive data sets, create models and visualizations, and provide insight into the collected data.
3. Marketing Specialists
Many blockchain service companies are starting to add marketing processes to their operations. Thus, it takes employees who excel in the field of marketing.
Marketing specialists and managers are in charge of creating marketing plans, researching potential markets, developing social media and mainstream media strategies to promote services, writing press releases, and writing articles for the site.
4. Developers
Blockchain development opened up great freelancer opportunities in the first quarter of 2018. There is a strong need for professional development professionals with the right technological skills.
Developers work on writing code and building data structures for the blockchain. They apply knowledge of consensus methods and cryptocurrencies. To become a Developer, you must have expertise in cyberattack analysis, anomaly detection and performance management.
5. Project manager
Blockchain is a complex process, requiring precise coordination of many layers of information and requesting appropriate support from staff and representatives of different clients.
The Project Manager is in charge of outlining the project steps and establishing goals and timelines. They track progress, coordinate communication among participants and resolve issues as they arise.