A research from the job agency Indeed.com revealed an increase of 90% in blockchain jobs postings in 2018 and 4000% for the past 3 years in the USA. Companies around the world are seeing a future full of Blockchain applications. Yet, a strong correlation still exists between Blockchain job opportunities and the recent crash of digital assets.
Jean-Armand started his Fintech journey in 2015 as a Credit Risk Analyst for a major IT & TelCo venture company in Zürich. He has worked for a decade in different countries before deciding to come back to Switzerland. His research and articles have been published across media agencies and cover the burgeoning Blockchain ecosystem in France, United Kingdom, United Arab Emirates, the Baltic regions, ASEAN countries, Russia and Switzerland.
Jean-Armand graduated from Lucerne University of Applied Sciences, Université de Neuchâtel and SOAS with a Post-Graduate in Economics of Banking, a Pre-Master of Quantitative Finance and a MSc. in Banking & Finance.
Big four consulting firms on the go
Four global consulting firms (Deloitte, KPMG, EY and Accenture) are among the Top 5 companies with the most jobs posting for Blockchain-related jobs (IBM is in 2nd position). According to the KPMG’s US Blockchain leader, Arun Ghosh, the reason for such is that “enterprise projects have matured over the past three years, moving from Proofs of Concept in 2017 to Pilot Projects in 2018 to production systems in 2019”
Consulting firms are pushing and supporting tech trends to change the way enterprises run their operations: it’s the essence of digital transformation. Jobs metrics represent a different but very meaningful perspective to observe the adoption of blockchain, so far dominated by price trends and on-chain transactions volumes.
Enterprises though are quite far from the “disrupt everything” ideals carried on by the early proponents of blockchain. Their challenge is extremely down to earth: leverage DLT technology to improve operations and this growth of job postings is the expression of the value they believe will be created in the future.
Still room for improvement
Despite the hype, numbers tell that blockchain jobs are still a niche. Indeed.com showed how blockchain jobs in February 2019 measured 88.4 per million of job ads, a much smaller magnitude compared to other IT figures. In the research released on last March 14 “The Best Jobs in the U.S.: 2019” (“best” is defined as those jobs experiencing the fastest growth and offering the highest pay) blockchain engineers are not even among the Top 25 jobs.
Among the Top 10 are machine learning engineers and full stack developers respectively with 179 and 828 postings per million of ads.
The case of UK
Deloitte UK recently released its “Digital Disruption Index 2019“, an overview of digital technologies’ adoption in UK that gathered data from 158 companies in different stages of digital maturity. Among the sample, 28% are in the early stage of their digital development, 53% are currently developing and only 19% declared they are able to adapt their strategies to execute on digital advances.
In this context, 8% plan to invest in blockchain in the next 12 months, 27% in the next 24 months; 35% already invested in robotics and cognitive automation (RCA), 44% in AI, 81% in cloud services and only 15% already invested in blockchain.
Within this 15%, 1% have deployed it across multiple functions, 3% only in certain functions, 9% are running pilots, 3% are identifying use cases.
This small sample tells us that enterprises still need to be educated on the advantages and use cases of blockchain tech. And it looks like that consulting companies are in the forefront of this mission.
Let’s hope that this focus on value production will soon bring tangible results across many sectors.
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