Blockchain is a new technology which opens up a new segment in the IT sector, creating more jobs while doing so. Blockchain, or rather DLT (Distributed Ledger Technology) is a new invention which has been advertised heavily as a technology responsible for the creation of Bitcoin (which it is), and ultimately a Scam. The main reasons here are that this new technology is the creation tool of multiple cryptocurrencies, Initial Coin Offerings (fake), and this opened up a new type of frauds being conducted through tokens and tokenization used by ‘Bad Actors‘.
But the matter of fact here is that the technology is never to be held responsible for crimes being conducted using that technology. A technology is simply an algorithm put in place and used as per a company/ individual’s liking. That is something that only some stakeholders (users/ authorities/ companies) seem to know and care about. But to most of the people in the world today, ‘Blockchain‘ is just a new innovation which might or might not be of any use and they won’t care much in the end.
Our realization, working with this new technology, is that they should or will have to at a later development/ implementation stage. The reason is pretty simple and as explained in our previous featured posts – “The Internet was here to publish Data, the Blockchain is now here to secure that data through distributing control back to the original Data creators.”
Now people might say, “but that happens already, I control my own data as I created it.” That might be true for an offline drawing but it is not the same for s document you create online. We are moving into a ‘Digital Era‘, where all the ‘privacy rights‘ are being controlled by central organisations. Now taking control off of these organisations is one step towards decentralization and a world where the distribution of power goes to the people, not to one single authority.
I think I have explained enough about a new tech innovation, which needs attention and development to implement. The work has already been started by various start-ups, companies, institutions, development centers, and many more stakeholders which gain to benefit from implementing this new technology. We have diverted from our main topic as to ‘How do we get a job in this new segment‘, but worry not as I will help you understand this through an educational perspective which will explain the factors in a definitive order.
The three Basic layers controlling a variety of stakeholders are Application, Networking and Protocol layers. Below is an explanation for each layer:
- Application Layer –
The stakeholders here are:
- Entrepreneurs and Start-Ups – Build products and services
A job in a Start-Up/ Entrepreneurial environment is focused on people who want to implement their ideas, creating jobs in different segments (IT, Finance, Management) while doing so. Basically every area which needs control from an executive with the specific skill set.
2. Corporate and Institutions – Solve Business Problems through Blockchain
Big corporate and institutional companies focus on deriving profit and efficiency from any new technology. The same is happening with Blockchain, that will create multiple corporate jobs for people holding credentials certifying them to be able to apply their skills.
The stakeholders supporting this growth in jobs are Investors and Venture Capitalists (VCs) as they provide capital to fuel the onward journey.
- Networking Layer –
- Exchanges and Traders – Provide access to tokens
Trade Exchanges provide a platform for buying/ selling tokens while speculating on price. This creates a new financial segment in the fintech industry, creating multiple jobs for people with different financial skills (traders, analysis, financial inclusion). Trading is a great Freelance segment.
2. Miners – Validate Transactions
Mining is a term used to describe the transaction validation which takes place for transactions which hold financial data for tokens on the Blockchain and store that data on a Distributed Ledger. Mining takes place through different proof consensus mechanisms such as PoW, PoS, DPoS, etc. Ex. Proof-of-Work needs hardware machines (computers) which run algorithms which solve mathematical calculations encoded on the transactions in order to validate them. The validator receives a transaction fee and a Block Reward for solving a Block with transactions. The motivation here is purely financial. Mining can be done using hardware or holding tokens by becoming an investor in the token. This creates a part-time working capacity which generates monetary value.
- Protocol Layer
- Academia – Drive knowledge and body of research
Education is a key factor in introducing a new technology, that is how new minds can be taught about this new technology and its role, fostering the growth of jobs in a variety of sectors. Academia in itself creates Full Time opportunities for people who want to teach and distribute knowledge.
2. Developers – In charge of development roadmap and upgrades
Driven by intellectual curiosity, developers are the main persons responsible for creating/ adding new innovations to the market. There are multiple opportunities for development as every company building a product based on/ with the Blockchain need developers to build the core layer.
These were the three basic layers which carry the potential to create multiple jobs in different sectors ranging from Financial to Core Technical Development. Blockchain technology will create multiple opportunities in the near future, you just have to give it time, as slowly the world educates themselves on this new invention.
As an addition, Humans of Blockchain is taking the liberty of introducing you to a Resource drafted for People wanting to execute or think of a use case in the Blockchain segment – CryptoControl Blockchain Strategy Framework– You can click the link which will redirect you to a scribd PDF Resource document