Salaries for Blockchain Developers Drop By 50% Due to Crypto Market Crash

During 2017 and early 2018, there were many companies that expressed an interest in exploring the potential benefits of using blockchain technology to streamline their business processes.

As different organizations throughout the world began to look into how distributed ledger technology (DLT) could be used to either save operational costs and make transactions more transparent, the demand for blockchain developers increased significantly.

Declining Cryptocurrency Prices Also Affecting Blockchain Job Market

However, the sharp decline in the prices of blockchain-based cryptoassets has also affected the job market in the digital asset industry.

According to a research report published earlier this year, the demand for blockchain-related jobs had increased by 636.83%. During Q2 2018, there were many firms in the IT services sector, fund & securities industries, and computer software industry that had been looking to recruit professionals who had experience working on blockchain-related projects.

Last month, however, the Tsinghua University and BlockData released a report which revealed that the demand for blockchain-focused jobs had dropped by up to 50%. An excerpt from the report reads:

It is worth noting that [there have been significantly fewer] initial coin offerings (ICO) [that have been launched] since March, and the entire market has gradually become more [critical of new projects]. The [crypto] industry is paying more attention to [real] developments. The … demand for core technologies developers now exceeds the supply. However, the demand for market and operation talent has decreased.

Baidu, Tencent, Alibaba Interested In Hiring Blockchain Professionals

Although the salaries for blockchain-related work may have dropped during the past three months, China-based IT giants including Baidu, Alibaba, and Tencent have all been looking to recruit blockchain developers.

According to job listings on large recruitment websites in China, there are many fintech companies that want to hire people that can help them develop blockchain-based solutions.

As CryptoGlobe reported in early September, both the supply and demand for cryptocurrency and blockchain-related jobs in Asia had been on the rise.

The dramatic increase in digital currency prices during 2017 and the excessive hype created by media outlets caused many firms in healthcare, logistics, and the finance sector to begin exploring use cases for blockchain technology. Due to the rise in the number of DLT-related projects, recruitment firm, Robert Walters, had found that there had been a 50% increase in the number of blockchain and crypto-related jobs.

More Companies Looking For Blockchain Developers, Fewer Seeking Jobs 

The managers of Indeed.com, a US-based employment-related search engine for job listings, had reported in mid-November 2018 that there were signficantly fewer people interested in blockchain and crypto-related jobs.

Indeed.com’s management revealed that online job searches for blockchain, bitcoin (BTC), and crypto-related roles had dropped by 3.06% during the time period from October 2017 to October 2018.

While there may not be as many job seekers, there seem to be many more firms in need of distributed ledger technology (DLT) developers. In fact, the number of job listings for crypto and blockchain specialists increased by 25.49% between October 2017 and October 2018.

Cannabis Shops Turn to Crypto Apps Amidst Coronavirus Cash Shortages

Michael LaVere
  • Cannabis shops in Boulder, Colorado are using bitcoin payment app Strike to conduct "contactless" exchanges.
  • Cash shortages and lack of sanitation are causing businesses to find alternative means for transaction. 

Cannabis shops are using bitcoin payment services to conduct business in place of fiat amidst the coronavirus pandemic. 

According to a report by CoinDesk, cannabis dispensaries in Boulder, Colorado have been onboarded to the closed beta for Strike, a bitcoin payment service application founded by lighting network supporter Zap. 

Zap, founded by Jack Mallers, has been operating a closed beta for the payment application Strike which allows users the option of sending bitcoin or dollars and receiving funds in their bank account. The application uses a simple QR code interface, similar to Venmo, that allows users to send funds without having prior knowledge or expertise with bitcoin. 

Mallers said, 

Every Strike user is given a public domain at strike.me. We’re using Lightning for really fast online settlement of value transfers. … It’s also beneficial for privacy on the sender’s side.

Johnny Kurish, general manager at Boulder’s Helping Hands Herbals cannabis shop, said the application allowed his dispensary to process $1,000 worth of purchases since being added to the beta last week. 

Kurish said the dispensary will switch to only accepting Strike payments, which allow for contactless exchanges in light of the coronavirus pandemic. 

He said, 

We’re really lucky to have curbside drop-offs. We check the ID through the roll-up window, deliver the cannabis to a podium in front of the car. We’re happy to reopen with an option that’s safe for our staff.

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