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Salaries for Blockchain engineers skyrockets despite plans of job cuts in the financial markets

October 24th 2018

Author: Summer Chan

The title may sound confusing, but the job market trends in the financial sector have begun to shift.

In the next three months, Standard Chartered Bank plans to lay off 300 people from the Middle East and Africa division while JPMorgan Chase has already laid off 400 employees in the consumer mortgage division. Despite the negative sentiments in the broader market, Hired — San Francisco Recruitment Agency- states that the demand for blockchain engineer has increased by 400% since 2017.

What is driving the demand?

The demand for blockchain engineers derived from large companies such as Facebook, Amazon, IBM, and Microsoft. It would be a growing demand as more companies work on projects that utilise blockchain technology. CEO of Bank of America (BOA), Brian Moynihan told CNBC,

“The adoption of technology at the second-biggest U.S. lender has allowed him to cut 100,000 workers in less than a decade.”

During the earnings presentation, BOA said that artificial intelligence and robotic process automation had helped the firm’s trading division to cut 84,000 work-hours a year.

Hired added that software engineers are in very short supply, but the demand for blockchain engineer is even more acute, and thus the salaries are even higher.

How to transform into a blockchain engineer?

There is no magic formula or one throughway to become a blockchain engineer. If you are aspiring to be a blockchain engineer, you should master the skills in the non-exhaustive list as following or find blockchain courses here:-

  • Networking
  • Database design
  • Cryptography computing skills
  • Java
  • JavaScript
  • C++
  • Solidity
  • Python

Other blockchain jobs that are high in demand include business developer, crypto market analyst, blockchain researcher and even white paper writer. Even though automation and technology may replace conventional banking roles, but innovation creates new realms of opportunities to be explored.

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Originally published at www.blockasia.io on Oct 23, 2018.

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