The demand for blockchain technology is on the rise in the United States. According to Deloitte’s 2020 Blockchain Trends report, approximately 86% of US companies are either building or planning to establish blockchain teams in 2021. As blockchain continues to grow, new career opportunities are emerging, one of which is the role of a blockchain consultant. If you hold an online Bachelor of Science in Computer Science degree, this career path might pique your interest.
Various Work Environments for Blockchain Consultants
Blockchain technology provides a secure and digital method of recording data. Consequently, blockchain consultants find employment in a wide range of industries, including banks, accountancy firms, oil and gas companies, insurance agencies, retailers, law firms, startups, technology companies, blockchain consulting firms, and government agencies.
Understanding Blockchain Technology
Imagine a database where information is stored in a unique manner. Instead of preserving data in a single file, a blockchain organizes information into a series of interconnected blocks. The decentralized nature of blockchains ensures that no single individual can manipulate or alter transaction data. Every participant in the network can access and view all transactions that occur.
Each block, or record, in a blockchain is linked to the preceding and subsequent blocks. When new blocks are added, multiple computers in the network verify the accuracy of the information. If an attempt is made to tamper with a single block, thousands of other computers cross-reference the data and correct any inconsistencies. This advanced technology safeguards the integrity of the entire chain.
Blockchain and Cryptocurrency
Blockchain technology is particularly popular in the cryptocurrency market due to its ability to permanently record transactions. For example, Bitcoin users can rely on blockchain technology to carry out a series of transactions that are permanently recorded. Bitcoin transactions can be conducted 24/7, and most transactions are completed within an hour. Access to the blockchain network and the ability to make transactions is available to anyone with an internet connection and a digital device.
Industries that Employ Blockchain Consultants
Various industries recognize the potential of blockchain, including finance, insurance, healthcare, agriculture, retail, and law. Consequently, the job market for blockchain consultants is expanding rapidly.
In the financial sector, banks often seek the advice of blockchain professionals to determine the most effective ways to transition banking processes online. Other industries utilize blockchain technology to store supply chain information, patient healthcare records, and legal documents.
The Role of a Blockchain Consultant
A blockchain consultant plays a vital role in assisting new blockchain companies in developing growth strategies. They offer guidance on the development and implementation of key blockchain strategies to optimize business efficiency. To begin, consultants analyze a company’s operations and assess how blockchain technology can improve them. Identifying potential obstacles and participating in ongoing discussions with business managers to develop solutions are important aspects of their work.
Tasks of a Blockchain Consultant
Blockchain consultants tackle various technical tasks, including cloud integration and prebuilt solutions. They create proof of concepts (POCs) to demonstrate the practical applications of blockchain to a company’s operations. Additionally, they provide risk factors and management advice. Blockchain consultants may also offer legal guidance on managing identities and financial transactions that involve blockchain technology.
Essential Skills for Blockchain Consultants
As blockchain is a relatively new field, the demand for professionals with the skills to harness its potential is growing rapidly. More and more organizations now recognize the numerous benefits of blockchain technology, such as cost reduction, decentralization, transparency, security, and efficiency. Consequently, these organizations are actively seeking to employ blockchain consultants and professionals who possess the necessary skills.
Key Skills for Success
To excel as a blockchain consultant, the following skills are essential:
- Technological expertise
- Analytical skills
- Programming proficiency
- Software development capabilities
- Innovative mindset
- Quick adaptability to new technologies and trends
- Understanding of the legal and financial implications of blockchain
If you are interested in pursuing a career as a blockchain consultant or in the blockchain industry in general, consider earning an online Bachelor of Science in Computer Science degree. Maryville University offers such a program, featuring a blockchain concentration. The curriculum includes courses like Blockchain Networks, Ethics and Legal Aspects of Blockchain, Applications of Blockchain Technology, and Blockchain Cryptocurrencies. These courses will equip you with the core competencies needed to succeed in the field of blockchain consultancy.
The Salary of a Blockchain Consultant
As of December 2020, individuals with expertise in blockchain technology earned a median annual salary of approximately $107,000, according to PayScale.com. Factors such as education level, years of experience, organization size, industry, and job location can influence compensation in this role.
In addition to the role of blockchain consultant, there are other potential career paths within the blockchain industry, such as blockchain developer, blockchain solution architect, blockchain project manager, blockchain quality engineer, and blockchain UX designer. Salaries can vary for each of these positions.
Embrace the Opportunities in an Emerging Field
Organizations are increasingly recognizing the benefits of investing in blockchain technology for data validation, identity protection, data access, and more. According to Deloitte, 40% of US companies plan to invest at least $5 million in blockchain in 2021, indicating a significant increase in demand for blockchain consultants in the coming years.
If you’re intrigued by the prospects of a career in the blockchain industry and wish to start by earning a degree in the field, consider Maryville University’s online Bachelor of Science in Computer Science program, which offers a specialized blockchain concentration. Explore how this degree program can help you pursue your ambitions in the high-growth field of blockchain.