Building a Lucrative Career as a Blockchain Developer: Salaries, Roles & Responsibilities and Skills
The blockchain revolution came into existence more than a decade ago. It began to pique the interest of developers and tech powerhouses across the world after Bitcoin – the first blockchain-based cryptocurrency – took the markets by storm.
But what is blockchain?
Blockchain can be described as a decentralized, encrypted database that works as a digital ledger for all sorts of transactions, contractual arrangements, and other exchanges.
The fact that Blockchain is a decentralized, distributed ledger accessible from a vast number of computers is one of its main selling points.
Due to this, Blockchain is autonomous and can be accessed from any number of computers where users can check and validate the ongoing transactions but cannot alter them.
By incorporating digital currency like Bitcoin, smart contracts, and other cutting-edge, game-changing applications, blockchain technology has already begun to impact the banking, finance, and technological sectors profoundly.
Therefore, it stands to reason that becoming a blockchain developer is a fantastic career option if you are looking to enter a rapidly growing industry that utilizes exciting modern technology in its infancy.
Here is a brief about the developer’s everyday roles and responsibilities:
- Crafting the protocols for the blockchain and implementing them in the backend.
- Contributing to network architecture design that can be utilized for data centralization and decentralization.
- Designing user interfaces that meet specific client needs.
- Developing and keeping tabs on smart contracts.
Let us dive further into the numerous facets associated with a blockchain developer role.
Top Skills Required to Excel in a Blockchain Development Career
- Mastery of Coding Languages
You must have substantial expertise in programming to enter the domain of blockchain development.
A solid grounding in one or more programming languages is required to code and develop diverse blockchain applications from scratch.
- Deep Familiarity with Cryptography and Security Concepts
Blockchain technology is trustworthy since its foundation is cryptography. That is why it is crucial to have a thorough knowledge of cryptography and security to succeed in this track.
Data gets encrypted using cryptographic techniques that are nearly impossible to decipher. It protects the privacy of both the recipient and the sender of the data by prohibiting third-party access in transit.
To put it plainly, cryptography is a way to safeguard data without resorting to a trusted third party.
An increasing number of businesses will need developers with expertise in cryptography and security as blockchain technology evolves.
- Expertise in Data Structures and Algorithms
As a developer, you must be capable of developing algorithms for several operations, including:
- Confirming balances
- Executing operations
- Securing the network
- Maintaining the integrity of the blockchain by verifying and processing recent transactions
- Modifying consensus protocols
- Authenticating cryptographic signatures
- Developing decentralized applications utilizing the information stored in blockchains
- Proficiency in Smart Contracts, Peer-to-Peer (P2P) Networking, and Distributed Systems
A smart contract is a self-executing contract where the terms agreed upon by the parties involved are written directly into the code. Once the contract is enforced, it operates independently and without outside interference.
Every participant in a blockchain network is considered an equal peer; its flat structure eliminates the possibility of a monopoly or a level of malfunction.
Furthermore, distributed systems are computer networks that allow users to send and receive information with one another. In other terms, there is no master computer or a sole source of failure; the system is entirely distributed.
A developer looking to enter this arena must be thorough with these concepts.
Top 5 Indian Companies that Hire Blockchain Developers
- L&T Infotech
Through its many facilities around the globe, L&T provides a wide range of services centered on digital innovation.
The company has recently shifted its focus to providing blockchain technology solutions for global organizations, which will provide these institutions with simple and secure transactional records in the future.
- Hyperlink InfoSystem
Hyperlink InfoSystem not only offers website and application development services but also invests in building a competitive team to create blockchain-based solutions for their clients worldwide.
Infosys is creating significant incentive models for all partners in the ecosystem, hence accelerating the enterprise-wide implementation of blockchain-enabled corporate networks across sectors.
- Hashcash Consultants
HashCash is involved in the development of blockchain products that facilitate instantaneous cross-border asset transfers for applications, including remittances, trade finance, transaction processing, and more.
- HCL Technologies
HCL Blockchain Labs is a solution-oriented venture that employs developer talent with command over all the prominent business blockchain systems.
Some other leading brands that employ blockchain developers in India are Solulab, Bitdeal, Middeft, Zensar Technologies, Accenture, etc.
How to Build a Successful Career in Blockchain Development?
If you see your peer developers succeeding in a blockchain-oriented development role and want to join them, here is a precise roadmap you can follow to achieve this goal:
- Academic Background
Studying computer science or a related discipline at the undergraduate or postgraduate level can provide you with a solid foundation for learning and mastering the skills necessary to become a blockchain developer.
Apart from the degree programs, enrolling in certain blockchain-oriented certification programs from leading LearnTech platforms like HeroVired can give you an edge.
- Technical Skillset
The prerequisite skillset we discussed earlier is a must to land a lucrative job in the domain. It primarily includes programming capability and hands-on knowledge of data structures and cryptography.
- Problem-Solving Approach
The future of blockchain technology is unclear because it is currently in its infancy.
Truly revolutionary applications built on blockchain are still far beyond the comprehension of most. Consequently, it should not be shocking that blockchain developers have a hacker mentality.
Since most developers in this domain are making stuff that has not been developed before, they continuously run into problems. They always experiment with innovative approaches to find ways to deal with issues they encounter daily. Such should be your process as well.
- Building an Impressive Portfolio
You must highlight the finest of your efforts in your portfolio. In each component, you should detail the time and effort you put into the project and the results you achieved for the client.
Some examples of high-quality portfolio features that can assist you in obtaining freelance business are case studies, reviews, data-driven solutions, decentralized applications, etc.
It is also vital to highlight the abilities that will enable you to succeed in the field of blockchain.
- Online Blockchain-Focused Communities
You may learn a lot more about blockchain if you become active in online communities populated by developers and other blockchain experts.
Participating in such forums is a wonderful way to gain access to valuable resources and expand your professional network. Interestingly, these groups can be excellent resources for learning about available blockchain dev positions as well.
Now, you are ready to launch yourself into the world of blockchain.
Blockchain Developer Salary Prospects in India
- The annual blockchain developer salary in India can range from ₹2.4 Lakhs -₹23.9 Lakhs, with an average compensation of ₹6.7 Lakhs.
- While the average blockchain developer fresher salary in India is around ₹5.3 lakhs, as you gain an experience of 7-8 years in the domain, you can command a higher salary with an average pay of ₹15.3 lakhs.
Let us do a quick comparison of the average annual salaries blockchain developers receive in other tech hubs of the world.
In the United States, blockchain developers may expect an average yearly pay of over $108,000, whereas in the United Kingdom, the compensation is around £52,514. Talking about Germany and China, the pay is around €60,421 and ¥355,000, respectively.
The above figures suggest the growth potential in the industry and the high demand for upskilled development talent in the blockchain technology domain.
Becoming a blockchain specialist is not a straightforward career path and will demand a lot of your time, effort, and persistence. The blockchain tech job market appears to be quite appealing and promising, especially considering the technology’s recent meteoric rise.
So, gear up to work on developing the requisite technical skills and mindset, and equip yourself with all the competencies necessary to land your dream job.
To step up to this challenge, you can endow yourself with industry-recognized blockchain developer certification to prove that you have the skills necessary to succeed.
HeroVired offers an extensive advanced Certificate program in FinTech, Blockchain, & Cryptocurrencies.
A 3-month program designed for freshers and industry professionals, it focuses on imparting project-oriented learning on the concepts and applications of blockchain, cryptocurrencies, NFTs, and AI in financial technology from the ground up.
Our program includes mentorship and 20+ live learning sessions from global and Indian industry experts. Furthermore, the industry-validated curriculum emphasizes delivering a hands-on learning experience through real-world projects on fraud detection, the banking credit scoring model, developing a DLT platform, and much more.
So, what are you waiting for? Visit Hero Vired now and start your upskilling journey today.