Big Data and Getting A Job As A Blockchain Engineer
- Isyana Samuel MM
- 2022 October 09T21:08
- Big Data Engineers
Are you interested in learning more about a rewarding new career in the rapidly growing field of blockchain technology? In the last decade, digital cryptocurrencies have generated incredible hype around the revolutionary technology known as blockchain. After the pseudonym Satoshi Nakamoto was used to introduce Bitcoin in 2009, it became a household name. Since then, the blockchain has grown into a fantastic technology, piqued the curiosity of an ever-increasing number of people.
People who are unfamiliar with blockchain are more likely to confuse it with the cryptocurrency Bitcoin. However, the general public first learned about blockchain technology through the use of Bitcoin. In today's digital world, blockchain technology is finding a wide range of applications. To use the blockchain, you don't need to understand how it works, just as you don't need to understand how a car gets its power. If you're interested in a career in blockchain technology, learning about the technology and getting a handle on its fundamentals is a good idea.
Is Blockchain Technology Really What It Sounds Like?
Bitcoin, the first cryptocurrency based on Blockchain technology, was created 10 years ago. For the first time, a blockchain solution was successfully integrated and put into action. According to It's a digital ledger or distributed database that keeps track of transactions and can be accessed by anyone," says Mr. Alex of the Blockchain Research Institute who wrote the book Blockchain Revolution 2016. should be set up to keep track of more than just financial transactions.
To put it another way, Blockchain is a distributed, encrypted database that keeps track of all of the exchanges, transactions, contracts, and so on. A key feature of Blockchain is that it's an automated record that can be accessed from a large number of computers. As a result, Blockchain can be used on a wide range of computer systems and does not require a single location. Incorporating digital currency like Bitcoin, smart contracts, and other cutting-edge and revolutionary applications, the blockchain is already having a significant impact on the financial and technological sectors.
A bank or government agency is not required when transferring property, money, contracts, or other valuables via the blockchain. It is impossible to alter information once it has been recorded in a blockchain because of its inherent stability.
Centralized organizations typically do not have access to any information stored in a blockchain. When users can access and conduct transactions without the involvement of a third party, blockchain technology becomes a valuable economic tool. During these kinds of transactions, the security of user data is ensured by encryption. It is rare for a data breach to occur when using blockchain technology, which is a major advantage.
Why Is Blockchain Technology So Popular?
There are a lot of claims about the true potential of Blockchain. It's been hailed as the next big thing, and many people have put their reputations and fortunes on it. For example, claims have been made that it can help improve transparency in the healthcare and manufacturing sectors, and that it can help reduce fraud in enterprise applications such as financial systems. The use of blockchain technology could reduce the need for centralized control in a thriving sharing economy.
The immutability and simplicity with which it makes data exchange possible are two of blockchain's greatest assets. With the potential of smart contracts and new business models in Blockchain, it is time for businesses to rethink their fundamentals. Every industry can benefit from blockchain technology because of its many trust-building and privacy-protecting features. It's likely that blockchain technology will be a hot topic for years to come.
More blockchain projects have been launched in the healthcare industry than in any other, with a 25 percent increase in activity compared to the next most active sector (financial inclusion at 13 percent). To store and exchange digital health records, for example, healthcare organizations can use blockchain infrastructure. This provides a more decentralized and safe solution. The healthcare industry could save up to $100-150 billion per year by 2025 if blockchain technology is adopted, according to a report by BIS Research. Individuals would greatly benefit from lower costs and more secure management of their private health information.
As the National Center for Biotechnology Information (NCBI) explains, Blockchain technology allows patients to designate access rules for their medical data, allowing specific researchers to access parts of their data for a set period of time. Patients can also connect to other hospitals and automatically collect their medical data using blockchain technology. As part of their training, students learn how to use the blockchain to automate a company's health insurance process and build a network of patients who can enroll in the company's health insurance plan.
Supply Chain Management Using Blockchain
Put yourself in the position of purchasing apples from an internet retailer. As a result, when you open the box to find the apples, you discover that most of them have already gone bad. There's not much you can do about it if the store doesn't offer refunds, is there?
Isn't it possible that this could have been avoided?
With blockchain technology, such issues can be avoided because it allows for traceability to be maintained throughout the entire supply chain. It is possible to use blockchain technology to securely and transparently track all types of transactions.
Transparency, verification, and permanent record-keeping are just a few of the benefits that blockchain brings to supply chain management. Anyone can verify the product's authenticity or status using this method.
A blockchain distributed ledger is being built by Walmart to connect and track pork suppliers, shippers, purchasers, and others who are involved in delivering the food product throughout China. There is less risk of data tampering or inaccuracies here because of the use of blockchain.
Cybersecurity Using The Blockchain
In this scenario, person A sends 20 dollars to person B. The transaction details are stored in the cloud once the transaction begins from A's end. Hackers can now steal money from the cloud because of the availability of the data. As a result of the internet's centralized network, it is vulnerable to cyberattacks and data theft.
What would be the differences if everything was done on the blockchain?
Consider how this transaction would work if it were done using blockchain technology.
When A sends 20 dollars to B, he does so in the form of 0.0025 bitcoin or BTC. For the first time, this transaction will be recorded in a blockchain. In this case, each node has a copy of the ledger (data), and cryptography ensures that transactions are immutable.
Attempting to hack into the blockchain would be futile now. Because of the peer-to-peer nature of blockchain connections, malicious attacks are difficult to launch.
Look at a real-world use case for this blockchain technology. The blockchain is being utilized by Mastercard to facilitate the transfer of funds. In addition, it enables the currency to be exchanged without the need for a central authority.
Voting is the next blockchain use case we'll examine.
Voting On The Blockchain
Let's take a look at how the voting is going right now. Using a centralized Electronic Voting Machine (EVM), a voter casts a ballot for their preferred candidate. Centralized systems make it easy to hack EVMs and manipulate the vote count. Even so, a blockchain-enabled, decentralized system may one day make it possible to eliminate this vulnerability and guarantee free and open electives.
Let's take a look at what voting would be like if blockchain were used.
The first step is for the voter to download a voting app like MiVote. The next step is for the user to register for the election by providing their voter ID. Once the user has been authenticated, they can cast their vote without disclosing their identity to the public. It's impossible to remove a vote from the blockchain once it's been recorded. Officials can count votes with confidence because each voter identification number corresponds to a single ballot. As an additional benefit, blockchain allows voters to keep track of their ballots, as well.
A blockchain-based voting system has the potential to provide complete transparency by eliminating the need for any third-party systems.
Benefits Of Using Blockchain Technology
Several excellent features support the advantages of blockchain over a conventional financial institution. These are some examples:
- Unveiling a publicly accessible ledger : Anyone can use this, even if they've only ever used the blockchain once. In other words, they have unlimited access to all of the data stored in the blockchain, regardless of when it was created or when it was completed.
- A block's changes are irreversible: The Genesis Block is the first one. Immutable blocks are those that cannot be changed. It is impossible to undo any change, no matter how significant or insignificant it may seem at the time. Total accountability is ensured by this method.
- There is no centralized authority: Because of this and the fact that the ledger is distributed, no one can alter the ledger. The majority of the network members must agree to any changes before they can be implemented. Because of this, consensus algorithms do exist.
- Money isn't the only asset that can exist: A block can safely house a variety of items, including vehicles, property, machinery, and more.
- A very high level of obscurity: All transactions in a block are subject to this check, which is perhaps the most important one of them all Sender's private key contains the sender's and receiver's private information, as well as the transaction information and the SHA256 encryption algorithm in this instance. The private key is encrypted and transmitted across the world, verified and accepted by the miners, and then added to the block.
- The proof of the pudding is in the eating: The previous hash, transaction details, a nonce, and a hash are the four elements of each transaction in a block.
- A nonce is a random number that is used to generate a hash number that is unique. The miners must know a lot about generating computations because it takes a lot of computational power every time the nonce is changed.
- A hash is a hex value that contains both numbers and letters. The new hash will be completely different if the nonce, transaction details, or the previous hash are changed in any way. When someone tries to change the hashes of every entry in a block and the entire blockchain, it would be nearly impossible to do so successfully. Imagine the amount of time and computing power it would take to accomplish this task!
- Proof of work is a process in which a number of miners around the world work together to find the best nonce value that meets certain predefined conditions for the hash value, which must be less than the target set by the network in order to satisfy a block.
- Mining: Miners receive cryptocurrency when they are the first to discover an appropriate nonce value, thanks to this process. At the time of writing, 12.5 Bitcoins is the current value. Amount is, however, constantly shifting. It was initially 25. As of now, it is 6.25. In the end, it all comes down to how many cryptocurrencies there are in the blockchain. There is a decrease in reward as the number decreases. An additional 12.5 Bitcoins are awarded to miners for the last transaction to be recorded in each block. New Bitcoins can only be created this way. This also applies to new forms of other cryptocurrencies.
Potential Uses Of Blockchain Technology
In the future, public blockchain applications could make our lives simpler and more secure. Here are a few examples of blockchain's current and promising uses:
- Invoices and Cash Payments
In a matter of seconds, money can be sent from one person to another using the blockchain.
- Maintaining an Eye on the Supply Chain
For the benefit of both businesses and consumers, we can conduct thorough supply chain audits with blockchain.
- Loyalty Programs for Retailers
Shoppers and merchants alike benefit from loyalty programs in the retail industry. Tokens could be used to create a reward-based program for customers in a store using blockchain technology.
- Copyright and Royalty Protection
The reallocation and transfer times of digital assets could be recorded and logged with the help of the blockchain. It is possible to legally acquire copyrights, and content owners will receive their fair share.
- Electoral Systems that use the Internet
Electors could cast their ballots electronically and have the results reliably preserved using the blockchain. Because of its widespread network presence, regulators can quickly identify any fraudulent activity.
- Keeping your data safe is essential.
Despite the fact that cloud storage devices can be used to back up data, they are also prone to hacking. Blockchain technology, if properly implemented, could eliminate the risk of a data breach.
- Trade in Equity
Equities trading takes too long under the current system. Transactions such as completions and confirmations can be completed in a fraction of the time using blockchain technology.
- Records of a medical nature
Concerns about the leakage of patient records from digital storage have risen. Using blockchain technology, you can protect your data while making it accessible to others.
- Weapons Traceability
In order to keep track of who owns what weapons, a government could use a registry network built on the blockchain to keep track of who sold them.
- Transfer of Ownership
A blockchain-based ledger could be used to record and store all relevant information about the sale of real estate such as land and buildings. Even data from the past can be retrieved and entered into the blockchain database retroactively.
Opportunities And Career Paths In Blockchain
You can pursue a career in the blockchain industry without becoming a developer or enrolling in blockchain programs. Despite its popularity as a career path for graduates and IT professionals, the blockchain field offers many more options (and courses to help them prepare for them). Having the proper training and certification in blockchain will open up more opportunities.
Some of the best career options are listed here.
- Manager of a project
A project manager's primary responsibility is to serve as a go-between for business executives and the software developers who create their products. You'll have to deal with both technical and non-technical people in this role, so you'll need excellent interpersonal and communication skills as well as a thorough understanding of the blockchain system.
- Quality Assurance Specialist
As a quality engineer, you'll need to test various software modules in the blockchain environment using a variety of network speeds and testing tools. If you want to apply for this position, you must have a thorough understanding of the entire blockchain architecture and engineering testing practices.
- A lawyer's advisor
Essentially, these experts serve as intermediaries, advising businesses on how to structure their legal divisions, such as how to conduct an Initial Coin Offering (ICO) or leverage transactions more effectively. For effective legal discussions, you must have a law degree and a working knowledge of technology.
- A person who creates software
Blockchain developers are among the highest-paid professionals in the industry because they are responsible for creating the necessary software and programming languages. A strong understanding of Ethereum smart contracts using the Solidity language, Hyper Ledger, and other technologies is required for this position.
Since it's an entry-level position, there's a lot of room to grow and develop your knowledge of the blockchain process. It's important to begin your career as an intern so that you can learn more about your options as you gain experience and knowledge.
Based On Country, The Salary Of A Blockchain Developer
In a nutshell, it's fantastic! As the demand for blockchain engineers and developers continues to soar, salaries for blockchain developers are skyrocketing around the world. According to CNBC, blockchain developers can earn the same salary as AI developers, and that's a lot of money!
It's possible to earn a salary as a blockchain developer in various countries. The exact geographic location, company size, spikes in demand, and other variables can all affect these numbers.
- Blockchain developers in India can expect to earn more than 460K per year.
- Blockchain developers in the United States earn an average annual salary of more than $100,000.
- A blockchain developer in the United Kingdom can expect to make an average of over £68,000 per year.
- A blockchain developer in Singapore can expect to earn a yearly salary of about S$95,865 on average.
- Blockchain developers in Canada earn an average annual salary of $95,000 CAD.
- From $60K to $150K per year, the average annual salary for a German blockchain developer can be found.
- Blockchain developers in Switzerland earn an average annual salary of $180,000.
- It costs C$136,500 a year to work as a blockchain developer in Canada. Additionally, the average salary for an entry-level job is C$78,500.
- According to the Blockchain Council, the annual salary of a blockchain developer in China ranges from Standard 45k to 60k. Directors and managers make between 60k and 120k per year.
The Wage Of A Blockchain Developer Is Determined By Their Expertise And Training
The responsibilities of junior blockchain developers tend to be more supportive or foundational. Debugging and repairing mobile apps, developing blockchain database APIs, and even handling UI design and front-end development for web and mobile applications are all examples of these tasks. Whether they're interns or assistants, they're considered entry-level developers.
To that end, their wages are on the lower end, but even that starting salary is a lot of money! According to ZipRecruiter, a junior blockchain developer in the United States can expect an annual salary of $120,748. If you've got the know-how and skills, a Blockahin developer could make over $150,000 per year.
Getting A Job As A Blockchain Engineer
The demand for blockchain developers is high, and they can expect to make a good living. Next, how do you land one of these great positions and earn the best blockchain developer salary in the industry? That's great!
When it comes to finding the best blockchain developer salary and career opportunities, the internet is your best friend and ally. Aside from Indeed.com, Joblift, Linkedin, and Upwork, the best places to look for blockchain-related jobs are the ones listed in the previous section.
Check out the video below to learn more about what it takes to become a Blockchain developer, what different types of Blockchain developers do, what certifications are required, what salaries are available, and what companies are doing with Blockchain these days.
How To Become A Blockchain Developer In The Long Run
With so many advantages and perks of working in the blockchain industry, it's not surprising to hear that you're thinking about making a career change.
Bitcoin, Hyperledger, Ethereum, and Multichain are all covered in the Blockchain Certification Training Course. In this course, you'll learn how to build Blockchain applications using Ganache, Truffle, Meta Mask, and Geth, as well as how to set up a private Blockchain network using Hyperledger Composer and deploy smart contracts on Ethereum. An employer's confidence in you will be bolstered by the fact that you have earned a certification in this new technology. When it comes to technology, certification gives you an advantage over your competitors.
In order to raise your earnings potential, you don't have to stop working as a blockchain developer. This new technology is being used in a wide range of industries. Those who plan ahead and stay up to date on the latest technology are the ones who succeed and rise through the ranks in the workplace. Take the course today and learn the latest development techniques!