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Blockchain technology is a big boon to the labor market. Find out what blockchain technology is doing to change the game.

How blockchain technology is changing the labor market

The demand for blockchain has continued to rise in the last few years, making the technology and knowledge of it more valuable than ever before. According to LinkedIn, Blockchain is among the most in-demand skills for 2021 among persuasion, collaboration, and video creation. However, the rise of blockchain jobs isn’t the only change impacting the workplace. Recruiters also see several use cases for the hiring, payment, onboarding, and management of employee contacts as revolutionary to the workplace.

Jobs in blockchain

Working in blockchain has advanced far beyond traditional startup jobs. Instead, big names like American Express, Microsoft, and JP Morgan have added blockchain as one of their business lines. Adopting these business lines can be attributed to many organizations using blockchain to solve complicated issues in their businesses.

The growing demand was evident in the year-over-year comparison of blockchain jobs with a 300% growth rate between 2018 and 2019. These jobs are becoming so prevalent that applicants can even browse through blockchain-specific job boards like Blockew and Crypto Jobs List.

The rise in demand and short supply has resulted in higher and more competitive salaries than other tech areas. In-demand skills include C++, Python, HTML, CSS, and Java, and many soft skills that have become popular in businesses worldwide. For a blockchain developer, this estimated salary is between $150,000 and $175,000 annually. 

Blockchain jobs include more than software development. Many positions are also available for data scientists, financial analysts, marketing managers, and cryptocurrency copywriters.

Managing employee contracts

The Ethereum platform has provided the “smart contract” – a technology that automatically triggers an action when parties meet certain conditions specified in the blockchain contract. Automatic facilitation eliminates the need for administrative protocols that make employee onboarding a time-consuming process.

Improved hiring processes

Those who aren’t working in the blockchain don’t think that this will leave you untouched from these innovations. The question of accuracy on applicant CVs is not a new concern. Recruiters and other hiring professionals continue to spend countless hours ensuring this information is accurate, checking references and achievement certificates. Unfortunately, recruiters can’t always validate information, so the right candidate isn’t always selected. 

The blockchain can help provide an unalterable or “untraced” digital record that allows employers to confirm the candidate’s information quickly. Automating this process can help boost productivity, which is crucial for small and medium-sized enterprises, which don’t have the resources to spare. Applicants can also benefit since details of their education and job history can be added to the blockchain and verified so that hires can occur much more quickly.

IBM and Sony have already begun the development of blockchain platforms that can share student records securely. Soon, this will be extended to relevant work experience and other background experiences as well.

Accelerated payments

A final area where blockchain can transform your experience is through employee payments. Today, employees may face difficulties when receiving payment if they work from a country that is different from the host country.

Fluctuations in currency exchange rates can result in unfair compensation, and traditional financial institutions may have slow bank transfer times. When dealing with international transfers, financial institutions are required to do a series of administrative checks that have the potential to delay the process severely.

The bottom line is that blockchain is a critical technology that can create a new labor market landscape. It may still be a few years before blockchain is used extensively since the cost to implement the technology doesn’t have a clear ROI. As large organizations continue to adopt this technology, blockchain-enabled hiring processes and careers will become a perceivably less risky endeavor. 

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