How much do you know about blockchain? At the very least, you may be aware of its existence if you’ve ever heard or read anything about Bitcoin. If your knowledge of blockchain is a little light, then you’re about to learn a lot more about it. If you have heard of blockchain, then you need to check out why blockchain developer salary are going off the charts.
Understanding What Is Blockchain
Blockchain’s origins go back to 2008, as a means to power Bitcoin, which in turn came out a year later in 2009. A “block” is a means of permanently storing data, analogous to a page in a ledger, which, when created, cannot be altered or deleted. Members of the online community called “miners” maintain it, and when it’s linked with other blocks, you have a “Blockchain.”
Businesses and organizations today are rapidly adopting blockchain technology as a reliable means of keeping sensitive data safe. Blockchain’s miners earn Bitcoin for their efforts. Anyone can be a miner, provided they have the right tools to do it and the time to invest in the process.
Who Is a Blockchain Developer?
In the global market, Blockchain has gained popularity due to its salient features. It is an append-only peer-to-peer network that maintains a cryptographically secure distributed ledger and that can only be updated through the consensus mechanisms such as BFT, PBFT, and so on. In the market, numerous IT organizations need blockchain developers. So being a blockchain developer is a smart choice because it is the most recent technology that one can master and advance in their career. There are two different types of blockchain developers, core and software blockchain developers. Core blockchain developers design the protocols, and maintain the existing blockchains, whereas blockchain software developers develop new blockchain applications, NFTs, and so on.
Different Types of Blockchain Developers and Their Roles
There are two different kinds of blockchain developers:
- Core blockchain developers design the architecture and security of a blockchain system
- Blockchain software developers use the core web foundation and architecture built by the core developer to create decentralized applications (dapps) and web applications, as well as smart contracts
Popularity of Blockchain
Blockchain provides an extremely secure method of storing data and conducting transactions. Worldwide spending on blockchain solutions is expected to grow from 1.5 billion in 2018 to an estimated 15.9 billion by 2023.
Furthermore, as the Internet of Things (IoT) continues to gain acceptance and usage, it is increasingly adopting blockchain technology. Forecasts suggest that by 2030 around 50 billion IoT devices will be in use around the world meaning good news for blockchain and greater demand for blockchain developers.
The above developments are hardly surprising. Blockchain offers unparalleled data security, as one of the biggest concerns today is cybercrime. As more of our daily activity migrates online, security becomes a more pressing issue. Blockchain stands ready to meet those security needs, but that means more developers are needed and, consequently, salary incentives will be more appealing.
In light of blockchain’s surge in popularity and increasing acceptance, here’s all you need to know about blockchain developer salary across the globe, as well as a list of blockchain developer jobs in those same regions.
Blockchain Developer Salary By Experience Level
It is often said in the industry that the salary of a developer depends upon the experience level that he/she possesses. Depending upon the seniority in the domain, employees are classified into different categories. Let us have a look at the salary given to different categories.
Blockchain Developer Salary: Complete Beginner
An employee is said to be a complete beginner if the person has 0 years of software experience and 0-1 year of blockchain technology experience. The salary in this case may be around ~$110,000 per year.
Blockchain Developer Salary: New Developer
An employee is considered to be a new developer if the person has 1-2 years of software experience and 0-1 year of blockchain technology experience. The salary in this case may be around ~$120,000 per year.
Blockchain Developer Salary: Experienced Developer
An employee is considered to be an experienced developer if the person has 2-4 years of software experience and 0-1 year of blockchain technology experience. The salary in this case could be around ~$124,000 per year.
Blockchain Developer Salary: Advanced Developer
An employee is considered to be an experienced developer if the person has 2-4 years of software experience and 0-1 year of blockchain technology experience. The salary in this case could be around ~$143,000 per year.
Blockchain Developer Salary: Blockchain Master
An employee is considered to be an experienced developer if the person has 6-10 years of software experience and 2-4 years of blockchain technology experience. The salary in this case could be around ~$153,000 per year.
Blockchain Developer Salary Based on Country
In one word: excellent! blockchain developer salary are taking off world-wide as demand for blockchain engineers and developers continues to soar. Blockchain developers can pull in a salary that is comparable with Artificial Intelligence (AI) developers, according to CNBC, and that’s some serious money!
Here are a few blockchain developer salary in different areas of the world. Bear in mind that these figures can fluctuate based on precise geographical location, company size, spikes in demand, and other factors.
- Average annual salary of a blockchain developer in India is over ₹460K
- Average annual salary of a blockchain developer in the US is over $96K
- Average annual salary of a blockchain developer in the UK is over £68,000
- Average annual salary of a blockchain developer in Singapore is around S$95,865
- Average annual salary of a blockchain developer in Canada is $95,000 CAD
- Average annual salary of a blockchain developer in Germany ranges from $60K to $150K
- Average annual salary of a blockchain developer in Switzerland is USD 180,000
- Average annual salary of a blockchain developer in Canada is C$136,500. Additionally, an entry-level position averages C$78,500
- Average annual salary of a blockchain developer in China ranges from Standard ¥45k to ¥60k, according to the Blockchain Council. Directors and managers earn approximately ¥60k to ¥120k.
Blockchain Developer Salary Based on Experience and Skills
Junior blockchain developers are typically assigned more supportive duties or groundwork. These tasks include debugging and repairing mobile apps, creating blockchain database application programming interfaces (API), or even handling the user interface (UI) design and front-end development of web and mobile applications. Think of them as entry-level developers, interns, or assistants.
To that end, their salaries run on the lower end, although even that starting pay is quite a bundle! For instance, ZipRecruiter shows an annual average salary of $120,748 for a junior blockchain developer in the United States. However with the right expertise and the skills a Blockahin developer can earn over $150K yearly.
Skills Required to Become a Blockchain Developer
To become a blockchain developer, one must gain knowledge or expertise in a variety of other computer sciences and mathematical domains, such as cryptography, etc.
1. Design of the Blockchain/ Blockchain Architecture
To train yourself to become a blockchain developer, understanding the basic concepts and terminologies in the field of blockchain is very important. Learn the fundamental concepts of blockchain, and also learn about real-time blockchain applications and the working mechanism of various consensus protocols.
2. Data Structures
Learning Data Structures strengthen your skill of understanding the problems at a wide level and help to provide an optimized solution within the constraints. They are also used to store data in an organized and efficient manner. Explore different types of data structures such as arrays, trees, and linked lists.
It is a method of securing sensitive data from unauthorized users, threats, and attacks. The fundamentals of computer science and mathematics serve as the foundation for developing cryptography protocols. In general, data is encrypted at the sender and decrypted at the receiver using various cryptographic techniques.
4. Smart Contract Development
This trendy technology enables Ethereum blockchain developers to code and develop a special type of transaction protocol called Smart Contracts. The objective of a smart contract is to simplify the transaction process between parties, restricting the participation of a third party and also cutting off the additional cost involved in it.
Learning some of the fundamentals of web development will be an added
advantage because with blockchain one can create DApps.
Responsibilities and Roles of Blockchain Developers
There are certain roles and responsibilities for a blockchain developer. Being a blockchain developer, one needs to focus on the strength of the network security protocol deployed in the peer-to-peer network. Some other responsibilities include conducting research and trying to improve the blockchain architecture, leading to bringing out some new applications. A blockchain developer must also ensure that the transactions are cryptographically secured.
Finding a Blockchain Developer Job
Blockchain developers are in high demand and earn a good salary. That’s great, the next question is how do you get one of these fantastic jobs and earn the best blockchain developer salary out there?
The internet is your greatest ally in the quest for finding the best blockchain developer salary and career opportunities. Although there are countless job-finding websites out there, the best sites for blockchain jobs are AngelList, Blockchainjobz, Blocktribe, Crypto Jobs List, Indeed.com, Joblift, Linkedin, and Upwork.
How to Become a Blockchain Developer?
Blockchain has been a trending technology across the globe due to the transparency it maintains in every transaction. Here are some steps to be followed to become a blockchain developer.
Step 1: Learn Basics
The first and major step is to learn the basics of blockchain and its applications. It is a prerequisite skill, without proper domain knowledge, one cannot proceed further in the blockchain industry.
Step 2: Start Coding
To become a developer in the domain of blockchain, one needs to be familiar with some of the programming languages. It is also recommended to learn some OOPS concepts. There are certain programming languages such as Solidity used to develop applications for blockchain technology.
Step 3: Understanding Smart Contracts
These are one of the most important applications of blockchain, which involves a piece of code that executes business logic. Its objective is to simplify the transaction.
Step 4: Keep Yourself Updated
Keep yourself updated by examining recent advancements in blockchain technology and trying to do more R&D work, which may help in designing new applications and improving the existing ones.
Factors that Influence the Salary of a Blockchain Developer
In any domain of work, for any position or role certain factors influence the salary of the developer. In this case, let's have a look at factors that influence the salary of a blockchain developer.
In the IT industry, the higher the work experience, the higher the salary offered to the candidate by the company. With more experience, one can apply for a senior position in the organization.
This is another important aspect that influences the salary of a developer. Working in advanced cities helps the employee have a high chance of a better salary.
Within a particular domain, there might be different roles present. Such as smart contract developers, DApps developers, Network Security Analysts, and so on. Depending on the role and its importance, the salary varies.
Among all other factors, skillset plays a key role in deciding the salary of a blockchain developer. A candidate with a proper and good skill set can earn more than those who do not possess the same.
How to Prepare for a Blockchain Interview
Blockchain is a trendy technology in the modern era. There has been an increase in craze for this technology and many large organizations are leaning toward this technology. Hence there is a need for many developers in the domain of blockchain. So there are certain skills to be learned and tips to be followed before attending a blockchain interview. Prepare well in all concepts of blockchain architecture and fundamentals. Get updated with the latest advancements in technology. Learn more about the applications of blockchain and have a clear understanding of computer networks, data systems, and so on.
Skills Needed to Master for a Blockchain Interview
Here are some of the skills needed to master for a blockchain interview.
Start with the Fundamentals of Blockchain
The first and major step is to learn the basics of blockchain and its Applications. It is a prerequisite skill, without proper domain knowledge, one cannot proceed further in the blockchain industry.
Improve Your Cross-discipline of Broad Skills
It is recommended to gain knowledge across other domains as well. It helps us in tackling problems in other domains with our skills and knowledge.
Learn About the Different Blockchain Platforms
Due to the advancement in blockchain technology, there are many platforms present in the market such as Ethereum, Hyperledger Fabric, Sawtooth, and so on. It will be an added advantage to learn about other blockchain platforms as well.
Learn to Couple Business With Technology
Getting expertise in technology doesn't help nowadays. But combining the technical experience with business strategies helps the developers in building some state-of-the-art results in the domain.
Know About Distributed Ledgers and Decentralized Platforms as Well
As we all know, blockchain is a distributed ledger and a decentralized platform. It is better to learn more about the distributed ledges and their architectures. It will be helpful in developing the platforms and provision new applications to the market.
Understand Enterprise Business Processes
It is required to understand the entire business process while preparing for an interview. Procurement, logistics, distribution, supply chain, treasury operations, and other related areas require a fundamental understanding. It helps you in getting a better job in the industry.
Couple Creativity With Simplicity
There is a need to come up with solutions that are both creative and simple. More crucially, any application will benefit from the ability to generate a solution without adding complexity. Having too many complexities may confuse the end users as well.
Grasp How Blockchain Standards and Ecosystems Work
It is important to understand and keep a note of blockchain standards and the working mechanism of other ecosystems as well. Learn to deconstruct all of the structures of popular platforms to gain a better understanding
Improve Your Communication Skills
Other than the technical skills, companies also focus on the communication skills of the employee. It plays a key role when attending an interview. We often hear that candidates get rejected due to a lack of communication skills. To work with a team, in a collaborative environment one needs to improve communication skills.
Gain Knowledge of Different Development Tools
In today's market, nothing will last forever. Every tool or technology gets updated from time to time. So there is a need to gain knowledge of different development tools to sustain the industry.
Tips for Cracking a Blockchain Interview
Here are some tips for cracking a blockchain interview. They are:
1. Study the Company
Before attending a blockchain interview, it is suggested to do some background research about the company. It helps in boosting confidence and also gives a clear idea about the roles and positions offered by the company. There are other advantages such as finding out about the research work, clients, work culture, and all other details of the organization.
2. Keep Your Skills Up-To-Date
The most important thing in any domain of the IT industry is to get ourselves updated with all required technologies. In present days, every technology is updated frequently in a similar way the expectations from the companies also raise a bit high. So to survive in the organization it is recommended to get your skills updated regularly.
3. Research Blockchain Questions
Just make a wild guess about what questions may be asked in the interview. Initially, prepare for the most frequently asked questions in the domain of blockchain. Read more about the interview experiences of other people on the internet.
4. Join a Community
Rather than working as a single person, it would be better if one joins a blockchain developers community. It is a place where people share their views and ideas about the latest technologies present in the market. Many people post their views and other details such as the interview experience which will help us in preparing for one such interview.
5. Think Before Answering
Don't get worried, after looking at the interviewer and the questions being asked. Maintain a clear state of mind and think before answering the questions. Hear the question clearly and answer it to the point.
6. Focus on Body Language and Speaking Voice
Speak with great confidence in your voice. Be bold and dare enough to tell the true answers. Never try to say fake answers, which may not be suitable for an interview. There must be a steady and subtle body language maintained throughout the interview.
7. Attend Mock Interviews
Practice more by attending more mock interviews. Attending mock interviews helps us to boost our self-confidence. We lose the fear of attending the interview and can face it with a brave heart.
Check out the video below that will help you understand who is a Blockchain developer, types of Blockchain developers, steps to become a Blockchain developer, salaries offered to Blockchain developers and how companies are using Blockchain.
The Ultimate Way to Become a Blockchain Developer
After reading about all of the opportunities and benefits of being a blockchain developer, (and also the lucrative blockchain developer salary) it wouldn’t be surprising to hear that you’re pondering a career change. If that’s where you find yourself, you’ll be glad to know that Simplilearn can help you get your start.
The Blockchain Certification Training Course provides an overview of Bitcoin, Hyperledger, Ethereum, and Multichain blockchain platforms. In this course, you’ll get to know and use tools like Ganache, Truffle, Meta Mask, and Geth to build Blockchain applications, learn how to set up a private Blockchain network using Hyperledger Composer, and deploy smart contracts on Ethereum. The certificate that you earn tells an employer that you are well-versed in this new technology and can be confidently expected to meet all of the demands that the position makes. Whether it’s blockchain or any other IT tool or concept, certification gives you an edge over the competition.
Even if you’re already working as a blockchain developer, there is always the option of upskilling, and increasing your salary potential. Blockchain technology is making inroads into a wide range of industries. Smart professionals plan and stay informed of the current technology; those are the people who succeed and climb the corporate ladder. So check out the course today and be a cutting-edge developer!