Since the beginning of the year, there has been a lot of pressure in the cryptocurrency market. The pressure increased these past month following the BCH fork war. Cryptocurrencies have been unable to recover since then and continue to trend in a descending channel. Even if things aren’t great in the cryptocurrency market, blockchain, the underlying technology is thriving.
Blockchain Ecosystem Continues To Thrive Even As The Cryptocurrency Falls
The information from LinkedIn Emerging Jobs Report is that the blockchain developer job growth is the highest this year. Released in December 13th, the report analyses the fastest growing jobs in the United States. It shows that the blockchain industry is the fastest growing job market.
The cryptocurrency market was on a rough patch from the early months of 2018 until now. Prices are now struggling to hold the mid-2017 lows. Since cryptocurrency is the most common application of blockchain technology, one would expect that the fall of these digital assets will have an impact on the blockchain industry. Instead of that, the blockchain industry as a whole is recording good progress and crossing new milestones on a daily basis.
The report from LinkedIn showed that there was a 33x growth increase for blockchain developers. This is incredibly high when compared to the second fastest growing job which is in machine learning. This segment of tech saw a 12x growth this year. Within the blockchain development sector, the highest demand is for people who have knowledge about smart contracts, cryptocurrency, Ethereum, blockchain development, and Node.js.
Bitcoin (BTC) Price Today – BTC / USD
Companies like IBM, Chainyard, and ConsenSys, had the highest demand for developers with knowledge of smart contracts and other technologies mentioned above. The three main cities with this demand are Atlanta, New York City, and San Francisco.
Cryptocurrency Struggle Still Affects The Growth Of Blockchain Technology
Even if there is an increase in the demand for developers, the challenges in the cryptocurrency industry has undeniably affected the growth of the technology. This is because many blockchain companies within the sector have suffered financially as a result of the fall in price. For example, ConsenSys, one of the blockchain companies with the highest demand for developers is reportedly letting 13% of its staff go because of this crisis. This is part of a restructuring project dubbed ConsenSys 2.0. It will help them focus their resources on projects that have long-term potential and cut off risky ones.
True, the cryptocurrency market saga has caused a lot of pain in the industry. However, the blockchain industry is here to stay. It is not going anywhere, anytime soon. The pressure from the cryptocurrency market crash will soon subside allowing the industry to grow at a more rapid pace.
Not too long ago, a blockchain and initial coin offering accelerator service, MouseBelt, funded the first ever accredited blockchain engineering course in UCLA. Lectures will resume in January 2019. It is an undergraduate course for students that are interested in computer engineering. Over the years, students have been able to enjoy cryptocurrency and blockchain related courses through Anderson School of Management. However, this is the first time in history that UCLA will be offering an accredited blockchain course.
The bottom line is that even if the cryptocurrency market is not at its best, the blockchain centric topics and the job market that keeps increasing shows that there is much more to come with decentralized ledger technology.