Fri, 12 Aug 2022

The cryptocurrency boom

Posted on Monday, February 5, 2018

Sathvik Vishwanath, shares how the booming cryptocurrency space is giving rise to new jobs and careers

It would not be an overstatement to say that 2017 was the year of Bitcoin, as hardly a day went by without the cryptocurrency making the news. The Bitcoin phenomenon, in turn, has brought the entire world’s attention to cryptocurrencies, which are increasingly gaining favor among investors and businesses globally. This year – 2018 - might be the year when cryptocurrencies go mainstream; along with the technology underpinning them all – blockchain. There are already thousands of start-ups across the globe that are creating new market opportunities through this technology. However, what they need is a substantial talent pool equipped with the right technical skills to truly capitalise on the opportunities coming their way. Along with the vast prospects for businesses, the cryptocurrency boom will also throw open the job market as demand for various job roles in the cryptocurrency space rises.

The blockchain is the common technology connecting all cryptocurrency-based start-ups, in that they essentially use a vast, globally-distributed ledger that runs on millions of devices and can record anything of value. However, digital ledgers are not limited to simply recording Bitcoin and cryptocurrency transactions. In fact, they can be programmed to record virtually every valuable piece of information that can be expressed in code. Furthermore, the use of blockchain technology has several positive implications for the banking and financial services industries. Among them, probably the most significant application is the ability to record and authenticate each transaction without sharing any personal information, and without the need for a bank or broker as a third party.


Opportunities to build careers in the cryptocurrency space

As the global cryptocurrency market continues to evolve, there will be a significant demand for technically skilled individuals, especially in the areas of blockchain and cybersecurity. Skills pertaining to the field of blockchain-based applications, such as programming and knowledge of cybersecurity and cryptography will be extremely useful to aspirants in landing a job in this segment. Also, with the growing traction for digital asset investments, the primary concerns for cryptocurrency trading exchanges will be to ensure investor protection and effective tackling of cybersecurity vulnerabilities. Hence, these companies will look to build more robust tech teams comprising UI/UX developers, cybersecurity experts, coders, etc. to sustain the rising scale of transactions involving digital assets. Furthermore, as we gradually progress towards a decentralised and transparent financial system through blockchain, the ubiquity of AI-driven solutions in banking processes will also increase.

All of this, therefore, presents a significant opportunity for aspirants to either apply their existing knowledge or acquire new skills to capitalise on the various prospects in this emerging sector.


Learning new skills

There is a considerable number of online education portals that now offer courses and certification programs, both paid as well as free, for aspiring professionals to train in blockchain applications. Online learning platform Coursera, for instance, offers a certificate course on Bitcoin and Cryptocurrency Technologies to help candidates understand how digital assets work at a technical level. Similarly, Cryptoversity is an online learning platform that is entirely dedicated to building a strong global talent pool of skilled professionals by educating entrepreneurs as well tech experts on how to tap into the opportunities offered by Bitcoin, crypto-currencies, and blockchains.

Also, the potential of blockchain is immense, and disruption through this technology is inevitable for any industry that deals with transactions. While the world is still in the process of working out the intricacies of the Internet of Things (IoT), blockchain has already facilitated the creation of what can be termed as the Internet of Money. From cryptocurrency start-ups to established companies, the job market has never looked better for blockchain and cryptocurrency enthusiasts.


The author is CEO and co-founder of Unocoin – a Bangalore-based bitcoin wallet



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