Blockchain has taken the corporate world by storm. The little known technology that powers Bitcoin has exploded into the global development space, and the market for blockchain jobs is tight. A recent report from jobs site Glassdoor revealed how quickly the need for blockchain professionals has grown.
According to Glassdoor, the number of unfilled blockchain-related positions in the US has grown by 300% on a yearly basis. In August of 2017 there were 446 open jobs that related to blockchain, and in the same month of this year, that number surged to 1,775.
The rise in open positions has occurred despite the fact that cryptocurrencies have had a rough year. Bitcoin prices have been under pressure since they peaked last December, but blockchain development doesn’t seem to be connected to all that suffering in any way.
Part of the reason why blockchain hiring remains strong is the fact that today, blockchain has grown to be much bigger than cryptocurrencies. The report from Glassdoor stated that, “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.”
Blockchain Has Hit On a Global Scale
Not only are there numerous open jobs in the blockchain sector, Glassdoor reported that the rate of pay for blockchain professionals is great. The average pay for a blockchain job listed on Glassdoor is $84,884 USD per year, and the range for blockchain positions starts from around $36,000 USD, and creeps up past $200,000 USD per year.
The vast majority of the jobs that have been created are on the coasts, but surprisingly, New York has pulled ahead of California in the blockchain development space. Most of the job openings are technical in nature, with software engineers taking the lead in terms of most needed skillset.
Global blockchain start-ups are increasingly being put at odds with major technology players like IBM, who are working on their own blockchain platforms with multi-national clients. Smaller companies may be at a disadvantage in the blockchain market, as they have less access to capital, and little in the way of revenue. Major companies already have established revenue streams, and clients that are willing to trust them.
For now this dynamic could mean added competition for skilled labor. Over time it may evolve into a rash of acquisitions, much in the same way that internet technology evolved in the wake of the dot.com collapse.
A Global Push Towards Blockchain Development
The USA isn’t the only place that is seeing a big move deeper into blockchain development. In Hong Kong crypto and blockchain companies are paying top dollar for office space. In some cases, they are even displacing major banks that don’t want to compete for the real estate!
The South China Morning Post (SCMP) recently reported that crypto and blockchain companies are paying as much as $1.3 million USD per month for top tier offices on Hong Kong Island. This translates to more than $300 USD per square foot per month, which is some of the most expensive commercial real estate in the world.
Crypto companies could rent for less in Manhattan, London or Beijing, but they seem to value being in one of the world’s most advanced financial destinations. Philip Pang, who is the associate director of office services at Colliers International, told the SCMP that, “Blockchain companies show no signs of slowing their expansion in Hong Kong. These firms are leasing space in top-tier office buildings to attract and retain talent.”
Companies like BitMEX and Diginex have bid major banks out of the Hong Kong real estate market. According to the SCMP, BNP Paribas and JP Morgan have decided to trim costs by moving employees cheaper offices, which should demonstrate how much these places cost. Numerous firms in both Hong Kong and Singapore are working to take advantage of a prime development environment, and secure an early advantage in a market that seems to keep growing all the time.