Blockchain technology is the next stage in the evolution of the internet. It has found acceptance among businesses due to its extensive security and free asset movement technology. A Custom Markets Insight report claims the size of the blockchain market will reach $69 billion by 2030. As a result, the need for blockchain experts is only growing, which is reflected in the lucrative blockchain developer salary packages across the world. Here is a guide covering the basics of blockchain, the reasons behind its popularity, and a list of skills to excel in this field and benefit from the rewarding blockchain developer salary levels.
Introduction to Blockchain Development
A block is a secure way to permanently store data that cannot be altered or destroyed once created. When one block of data connects to other blocks of information, it translates into a blockchain. It was initially developed in 2008 to support bitcoin, the world’s first-ever decentralized cryptocurrency. The versatility of bitcoin highlighted the importance of blockchain as a peer-to-peer option that allows information to be stored globally via a cryptographically secure data ledger. The ledger increased the transparency of business transactions as they could only be updated through consensus, dismissing any third-party involvement. Since 2010, over 80 per cent of top public companies have started adopting this immutable ledger technology to securely maintain records of all business transactions, according to a Blockdata report.
Are Blockchain Developers in Demand and Why?
A LinkedIn report observed a whopping 300 per cent jump in blockchain developer job listings on Glassdoor in 2021. The reasons for this demand in blockchain development include:
At the heart of the blockchain is the cryptographic ledger that makes the technology completely unbreachable.
Every piece of information stored in the blockchain is public. While the data can be viewed by anyone, the consensus mechanisms of the architecture prevent any unauthorized data alteration.
Blockchain architecture thrives on nodes. Consider each node to be a computer connected to the network that comprises a copy of the blockchain, eliminating the need for a centralized authority to control the entire network.
Once you create a block of information and add it to the chain, it cannot be removed or edited. When it comes to verifiable company data, the architecture provides seamless tamper-proof data protection.
Average Blockchain Developer Salary
Blockchain experts find a variety of roles to fit into simply because of blockchain’s high efficiency in organizing data. As the list of companies harnessing blockchain’s potential increases, it also calls for specialized roles under the broad blockchain umbrella. These are:
- Blockchain administrator
- Blockchain architect
- Blockchain analyst
- Blockchain developer
- Blockchain engineer
- Blockchain UX designer
- Blockchain project manager
Blockchain developer salary packages depend on the complexity of their roles. The median pay for a blockchain developer in the United States is $107,372 annually.
Average Salary Range Based on Knowledge and Experience
The broad blockchain portfolio can be roughly divided into two categories:
1. Core Blockchain Developers
They are the chief decision-makers who design and develop a distributed blockchain network around a specific business module. With the evolution of blockchain technology, core developers also work on integrating all technical improvements within the network.
Junior blockchain developers start by working on any one specific blockchain platform such as, say, Ethereum. They eventually graduate to senior positions after four to five years of software experience and at least three years of blockchain experience. Senior developers supervise network security and verify cryptographic hacks. Factors other than technical expertise affect blockchain developer salary. These include communication and collaboration skills. Over six years of experience leads to the title of blockchain master. Here are the salary ranges for each designation:
|Designation||Experience (in years)||Average Annual Salary Range|
|Junior Developer||1 – 2||$52,000 – $104,000|
|Senior Developer||3 – 5||$77,000 – $161,000|
|Blockchain Master||7 – 10||$90,000 – $225,000|
2. Blockchain Software Developers
After core developers securely create the blockchain architecture with all the protocols intact, software developers use them to develop software or decentralized applications. Software developers supervise both the front-end and back-end of these applications as well as the full-stack running the programs. The median annual salary range for blockchain software developers is $86,000 to $190,000.
Build New Skills in Blockchain Development: How to Hit the Highest Blockchain Developer Salary?
A foundational knowledge of computer science, computer programming, or software development always enhances the training process. Here is a list of skills you need to successfully stay ahead.
- Efficient collaboration and communication skills
- Critical thinking and problem-solving skills
- Time management and multitasking abilities
- Curiosity about the latest blockchain technologies
- Blockchain Architecture
Detailed knowledge of the four types of blockchain architecture – consortium, private, hybrid, and public – along with an understanding of consensus, hash functions, and distributed ledgers is useful.
- Programming Languages
Python is the most versatile programming language for blockchain. However, learning any of the widely-used programming languages such as Java or C++ is essential to power the entire gamut of decentralized applications.
Blockchain security thrives on a strong foundation of cryptographic practices, making it one of the central skill sets for this field.
Understanding cryptocurrency sheds considerable light on the practical applications of blockchain technology, making it a useful skill to acquire.
- Smart Contracts
A smart contract is an essential application of blockchain. The programs run only when pre-specified conditions are met, enabling automated compliance and removing third-party involvement. Smart contract development is a crucial part of any comprehensive course on blockchain.
- Web Development
This skill is especially relevant for blockchain software developers as they cater to the UI of decentralized web apps.
Finding a Mentor
A mentor is critical to your blockchain career trajectory. They help you familiarize yourself with the blockchain industry and its upcoming trends.
Blockchain Developer Salary – By Location
Here are the average blockchain developer salary packages of different regions:
|Country||Average Annual Salary|
What is the Highest Salary for a Blockchain Developer in the U.S.?
The highest annual blockchain developer salary packages in the U.S. are as follows:
|Regions||Average Annual Salary|
|New York, NY||$150,000|
|Los Angeles, CA||$99,100|
Learn with Emeritus
Although it is still in its infancy, the world has begun harnessing the power of blockchain, and industries are also consolidating talent to stay ahead. Emeritus offers you comprehensive online courses on technology to prepare you for the opportunities in the industry, and embark on a career with a lucrative blockchain developer salary.
All salary information has been taken from Glassdoor.com.
By Bishwadeep Mitra
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