According to the latest skills index, blockchain is one of the fastest-growing and most in-demand skills in the global job market right now. Thanks to its broad range of uses, hiring managers in industries across the board are looking to recruit blockchain professionals and people who have what it takes to keep up in a constantly evolving environment.
But what exactly is blockchain? What skills do you need, and what kinds of career opportunities are there in this field? Keep reading to find out.
What is blockchain?
Blockchain technology is a distributed data system that creates a digital ledger of online transactions which is then copied across an entire computer network and saved in a distributed ledger system. Its most known use is powering cryptocurrencies such Bitcoin, but as we hope to prove in this post, it has many applications across multiple sectors, including finance and investment, healthcare, and logistics.
How does it work?
As the name suggests, a blockchain is made up of “blocks” or pages, which are added onto a continually expanding chain. Once a block has been added to the chain, there’s no way for it to be modified or deleted without a private key.
Each block bears a timestamp, and they’re all linked to the blocks that come before and after them. Anyone on the network can view the list of transactions due to the distributed ledger system, but to update data in the chain, you will need to enter a unique key. When someone inputs the right combination of keys (both public and private), nodes that run on the network approve the modification. This change is then added onto the subsequent block.
What are the applications of blockchain?
Blockchain was first created in 2008. The following year, it was used to create Bitcoin, the first cryptocurrency able to solve the double-spending problem without the need for a central server.
Since then, blockchain technology has been used to transform a diverse array of industries. Let’s look at how the adoption of blockchain has changed the finance, healthcare, and logistics industries:
- Asset Management – As we have just discovered, blockchain technology records all transactions on blocks which then can’t be changed. This helps investors work out the true value of investment opportunities. By automating the compliance and back-office procedures, blockchain technology also helps to speed up the investment process.
- Healthcare – The healthcare industry is made up of hospitals and clinics, medical manufacturing companies, medical insurers, and more. Blockchain has improved efficiency in this sector by allowing facilities to share patient records more securely and track prescriptions with greater accuracy.
- Logistics – Blockchain has made the logistics industry more transparent. Thanks to the distributed ledger system, where each transaction is recorded in multiple places, records cannot be modified or deleted. This means that it is now more difficult for firms to get away with fraudulent practices.
- Financial Technology (FinTech) – FinTech refers to technology that is used to improve and automate financial transactions, including loans, investments, and money transfers. Blockchain has streamlined these processes even further by introducing smart contracts, which approve and implement functions automatically.
What are the careers in blockchain management?
Careers in blockchain are incredibly diverse. Here are four examples of different roles you might be interested in applying for in this field:
Blockchain consultants work with clients to advise them on how blockchain solutions can help them achieve their organizational goals. They do this through business model improvement, operational optimization, and the creation of new opportunities, among other strategies. These professionals are innovative thinkers who work with business developers, solution architects, and the sales team to prepare project proposals for top management. Their work may include revolutionizing distribution systems, along with enhancing security. They may work across several sectors, including financial, health and publishing.
Blockchain consultants require a strong understanding of blockchain technology and its applications. They also need good interpersonal, communication, and project management skills.
Crypto traders analyze and manage digital asset portfolios. To succeed in this profession, these investment professionals constantly research and monitor crypto markets. In doing so they take note of possible adjustments, determine the evolution of their investments, and seek out new trading opportunities. They need knowledge of cryptocurrencies as well as a deep understanding of trading and financial investments. They will supervise automated trading activity and manage the relationship with digital asset exchanges and liquidity suppliers. They prepare reports on investments for management.
Strong mathematical and quantitative analysis skills are needed for this profession, as well as excellent interpersonal skills required to manage the client portfolio.
Blockchain Project Manager
Blockchain project managers act as liaison between designers and end-users, ensuring that a blockchain project’s objectives are met within the specified timeframe and scope of resources. These professionals need to understand the complexities and technical language of blockchain to communicate effectively with both parties. They are tasked with creating road maps, tracking product evolution, problem-solving within the project, and reporting to top management.
Advanced project management, problem-solving, organizational, and people skills are essential for success in this profession.
Business Development Director
Business development directors drive an organization’s sales by increasing its client portfolio and penetrating new markets. They are tasked with sourcing new clients and developing current relationships for business opportunities. They have a strong understanding of the company’s products and markets, helping to establish long-term business relationships for business longevity. Regarding market development, they undertake research and analysis to determine opportunity and risk. They require knowledge of local markets, culture, and regulations for expansion into foreign markets.
Business development directors can establish trust through strong interpersonal and communication skills. They have analytical and research skills as well a good understanding of finance.
How to get started in a career in blockchain management
In order to make it in this exceptionally demanding field, you will need to work on developing a strong set of technical and managerial skills. By studying for an MBA in Blockchain Management with EU Business School, you will grow your business acumen together with your knowledge of blockchain and its various applications.
For more information, and to find out how to apply, head over to the course page on our website or speak to one of our course advisors online.