Blockchain jobs have grown by over 300 percent compared to 2017, a new report by Glassdoor has revealed. According to the report, there were 1775 blockchain related job openings in the US alone in August 2018.
There were only 446 similar job openings at the same time last year. These roles pay top dollar with a median salary of 84,884; at par with highly paying jobs in software engineering.
This is well above the median salary of $52,461 in the US, the Local Pay Report found.
The jobs are mostly found in high cost of living cities such as New York and San Francisco which partly explains the high pay. New York City accounts for most of the openings with 421 jobs representing 24% of all job openings when the survey was done. It is followed by Francisco with 381 openings
Other top cities include London with a 16% share and Singapore with 7%. In general, the jobs are concentrated in financial and tech hubs following the pattern of other high-growth technical fields such as artificial intelligence.
Top tech firms missing out
Top employers include ConsenSys and IBM each with 12% of all openings followed by Coinbase which accounts for 4%. Oracle and Kraken account for 2% each. Top tech companies like Facebook and Google are however missing from the list.
For now, the more technical and engineering roles such as software engineering are most in demand.
“In total, engineering, technology and science roles comprise a whopping 55 percent of job openings and suggest there’s still demand for skilled workers who can advance fundamental blockchain technology,” according to a Glassdoor report.
Coming in the backdrop of a generally depressed cryptocurrency market, the report indicates that blockchain, which powers cryptocurrencies like bitcoin continues to find other use cases.
Cryptocurrencies exploded in value in 2017 before experiencing a prolonged slump for much of 2018. Market capitalization now stands at just over $200 billion compared to about $850 billion at the start of the year. “As more employers become interested and invest in the technology, the professionalization of the space has accelerated as well,” the report says.
From tech curiosity to a formidable force
Blockchain has evolved from a niche technological curiosity to become a noticeable force in the financial market.
“Despite the price volatility over the last year, continued growth in job openings suggests that blockchain employers remain confident in the market opportunity and continue to make long-term investments in their teams,” the report adds.
Surprisingly, the top 15 occupations are not finance related indicating that companies are focussing more on non-financial applications of the nascent technology.
The big picture is that the sector is here to stay with the increased hiring an indicator of long-term interest.
“While the ultimate staying power of cryptocurrencies and blockchain technologies remains to be seen, the blockchain job market seems primed to continue its rapid growth into the near future,” the report concludes.
Glassdoor examined job postings on its site with searches on the terms “bitcoin,” “blockchain,” and “cryptocurrency.” Salaries were estimated using the “Know Your Worth” tool.