As knowledge about blockchain technology has spread far and wide in recent years, the demand for smart contract developers has skyrocketed. And as the market heats up and competition increases, these developers continue to be a hot commodity! With this in mind, many open positions are available for these web3 jobs today. All the big tech companies endeavor to let their talent thrive and succeed.
If you are eager to eventually become a professional smart contract developer, this article can help you decide why this job is the ticket for you in every way! So below, we have mentioned four key reasons why Smart Contract Developers are in demand:
Adoption Of Blockchain Technology
The adoption of blockchain technology is increasing in various industries, including finance, healthcare, and supply chain management. This drives demand for blockchain developers with expertise in smart contracts, as they are a key component of many blockchain-based systems. The right developer with a solid understanding of the technology can significantly impact the future of blockchain.
Companies are fast espousing the most valuable practices to keep them up-to-date with blockchain technology. Thanks to the flexibility of blockchain technology and the smart contract developers who enter the new world increasingly today. According to reliable recent reports, several developers are progressively turning up to develop decentralized apps (DApp) on a blockchain platform and deploy and maintain smart contracts. If things continue to be well, then, by all odds, the blockchain industry will rise to power increasingly.
Increasing Use Of Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They automate many processes, including supply chain management, real estate transactions, and voting systems. This increasing use of smart contracts is driving demand for Smart contract developers with the skills to create and maintain them. Healthcare & Life Sciences companies are among the employers seeking to hire such professionals, and their demand is expected to rise even more in the coming years.
According to PwC’s “Future of Fintech Report,” smart contract developers are already in huge demand. The report estimated that the number of people working in this growing field would increase by nearly 290% between 2017 and 2022, adjusting for labor market growth. Those in supply-chain management, opposite field of healthcare & life sciences, will also see increased hiring during that period.
At the moment, there is a global shortage of more than 200k smart contract developers, according to International Data Corporation (IDC).
Shortage Of Skilled Developers
The demand for skilled, smart contract developers currently exceeds the supply, making it difficult for companies to find qualified candidates. This triggers a high need for developers with the necessary skills and experience. After all, the blockchain developer community still needs to be fully established but evolving. That is why there needs to be more talent available to develop new projects. The need for talented programmers with the right skills to build and manage a blockchain-based solution is a critical challenge for companies to meet. This pressing problem has urged companies to outsource to meet their needs but has failed to succeed.
As there is a critical lack of the right talent for developing smart contracts, new projects being launched regularly are held up, and the industry has to go through financially too. This is because only a few “true believers” are willing to use their own money to invest in new technologies.
This market will skyrocket as business and technology experts continue to realize and tap the potential of blockchain technology. However, the lack of proficient developers may trigger a hike in the price of these services.
High Salaries
The high demand for smart contract developers and the shortage of qualified candidates has led to high salaries for developers with the necessary skills. According to data from Glassdoor, the median salary for a blockchain developer is around $115,000 per year.
This readily implies that Blockchain developers with the right skills and experience have the great opportunity with jobs in web3 to earn high salaries since they are sought after by companies excited to implement new digital solutions that use this technology. The number of companies seeking skilled programmers is expected to increase significantly over the next decade, leaving fewer candidates for the labor pool. This will lead to a need for more top talent and higher wages for people with blockchain-related skills.
Wrap-up
Overall, the demand for smart contract developers is driven by the increasing adoption of blockchain technology, the increasing use of smart contracts, a shortage of skilled developers, and high salaries for those with the necessary skills.
The demand for smart contract developers will likely continue growing due to the increasing popularity of blockchain-based platforms.
Smart contract developers typically earn more than an average IT developer. It is important to note that they are not just blockchain developers who can create smart contracts; anyone with an understanding of and interest in programming languages can write them. However, if you want to learn how to code smart contracts and be able to adapt your skills and knowledge in a rapidly changing environment, then consider becoming a blockchain developer once and for all.
On the other hand, if you are already a good smart contract developer and searching for the best blockchain recruitment agency, which can provide you with the most cost-effective job opportunity, then Blockchain Staffing Ninja is right up your alley. Blockchain Staffing Ninja is tied up with several prominent international companies specializing in areas, for example, FinTech, DeFi, NFT, cryptocurrency, and blockchain, offering very cost-effective jobs in web3 for smart contract developers. Visit the Blockchain Staffing Ninja site to learn how it can be useful.
