September 20, 2017

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Experienced Blockchain Developers Demand Big Salaries




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As cryptocurrency solutions and distributed ledger technology grow more popular, many fintech startups, consultancy firms, and legacy financial institutions are looking for blockchain specialists. According to reports blockchain developers and qualified cryptocurrency engineers see the demand for their talents and are asking for salaries of over £250,000 and £500,000.

Also read: India’s Government Divided Over Bitcoin Legalization


‘A Ph.D. in Blockchain Could Make You a Fortune’

Well-known finance firms and many other types of companies are steadily searching for blockchain programmers. The demand for these careers can be seen in great numbers across many job listing websites. For instance, Monster.com, Indeed.com, and others show a wide variety of listings looking for blockchain developers. Some of the firms looking for these types of developers include well-known companies such as AT&T, Fannie Mae, Accenture, and Liberty Mutual. Richard Burgess-Kelly, founder of reg-tech company Liberam, says, “there’s a talent shortage in the network,” in regards to blockchain talent.         

There’s a big shortage in artificial intelligence, machine learning, and blockchain. When you have done a Ph.D. in blockchain, you can make a fortune.

Demand for Blockchain Experts Grows Worldwide

Experienced Blockchain Developers Demand Big SalariesThe phenomenon is taking place all around the world as many European and Asian businesses are also looking for distributed ledger engineers. Companies such as Fujitsu, Toyota, Intel, Santander, UBS, and Barclays are showing a strong interest in blockchain talent as well.

The former chief information officer at UBS and founder of Bussmann Advisory, Oliver Bussmann, explains that typical blockchain developers are easily getting “£200,000 and £300,000” for an annual salary. Additionally, Bussmann details that he believes there are only 20,000 people worldwide with this kind of talent. “That’s not a lot. Demand for these skills is high. To get the talent you have to pay,” Bussmann tells the publication Financial News.

Programming Knowledge Could Get You the Job but ‘Banking Language’ Is a Plus

Many of these job openings are very technically advanced and require a solid understanding of code and programming. Businesses are looking for backend and front end developers, those who understand codebases like Java, C++, Ethereum’s Solidity, Python and many more.

For instance, Bank of America (BoA) is looking for a blockchain expert who also understands cloud infrastructure and machine learning. BoA wants someone with blockchain technical expertise that can work hands on with proof of concept platforms. Additionally, a background in finance is helpful for this job as BoA wants some experience with FICC, equities, payments processing, and wholesale credit as well.

According to Tim Coates, a managing consultant for the blockchain technology consultancy firm Synechron speaking the banking language is a big plus for those looking for a lucrative career. “If you speak banking language and you have blockchain experience you are in a very good position,” explains Coates.

As bitcoin and other cryptocurrency economies continue to rise the demand for this type of talent will likely grow significantly larger in the future.

What do you think about the current demand for blockchain specialists? Do you reckon they are making good salaries? Let us know what you think in the comments below.


Images via Shutterstock, and Pixabay. 


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