How Much Does It Cost to Hire Blockchain Developers?
According to Glassdoor, the average annual salary of blockchain developers in the United States is $1,04,034. The ClanX calculator will help you calculate the overall expenditure of your project while comparing it with the expenditure incurred if you use the traditional model of hiring.
How Much Does a Blockchain Developer Make?
The salary of a blockchain developer varies based on multiple factors, such as skill proficiency, domain expertise, and seniority. The average annual salary of blockchain developers in the United States is around $96K.
Let's look at different salary ranges within blockchain development:
- Beginner: The average salary of a professional with 0-1 year experience is $1,17,711 per annum.
- Experienced: The average salary of a professional with 2-4 years of experience is $1,19,652 per year.
- Advanced: The average salary of a professional having 4-6 years of experience is $1,23,845 per year.
Is Blockchain Developer Still in Demand?
Blockchain technology is utilised not only within traditional domains such as Cryptocurrency instead, various new domains such as healthcare, finance, etc. use blockchain technologies for storage purposes or are transitioning to decentralised proofs within their ecosystems. Therefore, industry experts claim that blockchain developers are witnessing a high surge within the ecosystem.
Hire Blockchain Developers
Blockchain has evolved into a major technology in the last decade. The demand for the development of blockchain systems and the incorporation of these systems within existing business workflows is on the rise. The market isn't supplying a high number of talented Blockchain developers, resulting in a talent gap where only a small group of the best blockchain developers within the market seem to be qualified enough to handle your company's sensitive data.
Blockchain developers directly deal with loads of sensitive data of an organisation; therefore, before recruiters hire blockchain developers, they need to be very selective in their choices.
What is a Blockchain Developer?
A Blockchain developer is directly attached to the core engineering team of the company. Developing applications right from idea conception to product release and conducting various processes such as design, development, and testing is the primary role of a blockchain developer.
Apart from that, maintenance-based work such as improving network functionality, protocol management, and upgrading the overall security of the network are some of the responsibilities of a Blockchain developer.
What is the Role of a Blockchain Developer?
- Understanding the requirements of the organisation about the application and the platform.
- Constant evaluation of upcoming technologies and devising strategies to incorporate new technologies within pre-existing frameworks or models.
- Regular assessment of security threats possesses the potential to weaken the blockchain network.
What are the Skills for Blockchain Developers?
The profile of a Blockchain developer demands a multifaceted skill set. While hiring a blockchain developer, a recruiter should be on the lookout for the following skill sets in any potential blockchain developer:
Blockchain development demands a problem-solving approach. While designing an application, the developer has to maintain harmony between the needs of the client and the overall efficiency of the application.
Challenges related to scalability, data storage, and consensus algorithms are frequently visible problems within blockchain networks. Therefore, a professional should be well acquainted with the design and development of applications from a problem-solving perspective.
2. Social Awareness
A futuristic outlook with an eye for the needs of the market is necessary to be a better blockchain professional. A blockchain developer has to be in constant communication with the client to understand their perspective, vision, and needs for the product.
Since the end product will be in direct contact with society, the developer must align themselves with the product and understand expected pitfalls or potential issues that might hinder the functionality of the end product.
3. Flexible Vision
A Blockchain developer directly deals with the product, and during action, there is an inevitable chance that the product might encounter challenges. Blockchain development jobs are dynamic roles where staying updated with the upcoming trends within the industry and adapting yourself to the changing times is an important attribute to rank yourself among the best blockchain developers.
While dealing with technology, there's a vast scope of challenges that might hinder the workflow, up to the extent of dismantling the original plan. In such situations, blockchain developers should possess a flexible vision that will allow them to search for solutions by looking beyond the problem.
What are the Technical Skills of Blockchain Developers?
The roles and responsibilities of a Blockchain Developer stretch around developing applications that ensure complex processes are automated, resulting in an ecosystem sans intermediaries while maintaining a high trust environment within the network.
To develop such complex applications, the blockchain developer should be well acquainted with technologies such as Solidity or Python which form the base of the heavy architecture within blockchain systems.
Before looking forward to domain-specific skills about the Blockchain system, a recruiter should focus on assessing the basic programming abilities of the candidate. Ensure that the candidate is proficient with the fundamentals of programming and technology. Their proficiency in writing code using various programming languages, such as Solidity or Python and understanding of the syntax should be beyond average.
1. Fundamentals of Blockchain
A recruiter should gauge a candidate’s proficiency in the fundamentals of Blockchain before moving forward to any technical tests. Although Blockchain is a relatively new field, its ecosystem is highly dynamic. If blockchain developers have a strong grasp on the fundamentals, it becomes easy to navigate towards upcoming technologies. It's necessary to have a grasp on key concepts such as:
- Consensus mechanisms
- Smart Contracts
- Decentralised applications
Although each organisation expects its blockchain developers to possess domain-specific knowledge about their business needs, the concepts mentioned above are the basis on which core blockchain technology has evolved.
Blockchain systems are developed in a manner that ensures a heavy amount of trust within the ecosystem. To maintain such an environment, a blockchain developer should be able to identify and troubleshoot possible vulnerabilities within the system. These skills are necessary to safeguard the digital assets within the network and ensure trustworthiness throughout the system.
Cryptography forms the core of the security apparatus of blockchain, therefore, blockchain developers should be proficient with this technology. A blockchain developer is expected to be well acquainted with basic encryption and security protocols, such as
- Secure Socket Layer
- Transport Layer Security
Blockchain developers are expected to be well versed in the workings of networking concepts such as:
- Peer-to-peer networks
- Facilitating packets through the internet
Apart from this, the candidate is expected to be compatible with the implementation of varied security features such as multi-factor authentication and data encryption.
3. Data Structures
Blockchain systems run on data. The majority of algorithms in Blockchain are data-intensive. Data can be considered as the fuel that runs the algorithms. Therefore, Blockchain developers are expected to be aware of and proficient with the implementation of data structures such as:
- Linked list
- Singly Linked List
- Hash Table
- Acyclic graphs
Proficiency with big data structures ensures that developers can process large amounts of data within a short timeframe, which ensures the smooth functioning of a Blockchain algorithm.
Lastly, ensure that your candidate is well-equipped in the blockchain development tools that are used within your product development cycles.
Other Frequently Asked Questions (FAQs)
1. Is Blockchain Developer a Good Career?
Yes, Blockchain is one of the most significant tech occupations to pick if you are seeking a career path that is both lucrative and secure. The blockchain sector is thriving and is expected to expand more in the future.
2. Are Blockchain Developers Highly Paid?
An experienced blockchain developer with 10–20 years of experience makes an average pay of Rs. 23.6 lakhs per year, while a mid-career Blockchain developer with 4–9 years of experience generates an average compensation of Rs. 11.6 lakhs per year.
3. What Skills Are Needed to Become a Blockchain Developer?
To become a blockchain developer, you must have five core skills: blockchain architecture, cryptography, programming languages, smart contracts, and data structures. Acquiring these blockchain developer roadmap abilities enables blockchain developers to build safe, decentralised networks for storing transaction records and other data.
4. Is Blockchain the Way of the Future?
According to research firm Gartner, the commercial value contributed by Blockchain will exceed $360 billion by 2026. By 2030, the figure will have risen to over $3.1 trillion. Based on current and future patterns, blockchain is expected to cause a significant change in the coming decades.
5. What is the Qualification for Blockchain Developer?
Solid skills in programming in at least one widely used language, like Python or Java. understanding of data structures (such as arrays and linked lists) and cryptography. extensive knowledge of networking principles and their operation, including TCP/IP and DNS.
6. What are the Six Must-Have Blockchain Developer Skills?
7. Is Blockchain Coding Hard?
Although blockchain programming can be difficult, if you are willing to put in the time and effort to acquire the principles, it's not insurmountably complex. It calls for an effective understanding of distributed networks, cryptography, and programming languages. It is possible to become competent in blockchain development with determination and training.