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Booming Blockchain Sector Offers Top Salaries
U.S. blockchain spending could skyrocket to more than $41 billion by 2025.
2 Min Read
Blockchain to rescue IoT?
The mission of the Trusted IoT Alliance, founded in 2017, is to leverage blockchain infrastructure to secure and scale IoT ecosystems.
As an early member, Cisco and others are asking just what role blockchain plays in IoT security.
“What this group is looking at is defining the solution, or at least getting some standards around, how you deliver integrity in the IoT space,” said Anoop Nannra, technology strategist at Cisco.
In a recent joint study by The Boston Consulting Group and Cisco, the findings show that IoT and blockchain use cases – of which only a small number of firms are experimenting – prove substantial advantages can be achieved in certain application areas: High trust and transparency is needed across devices managed by multiple parties; reliance by multiple stakeholders is required on a single version of the truth; device authenticity is critical to prevent the tampering of devices; and autonomous decision-making is need in a decentralized fashion.Shutterstock
Blockchain is hot in the channel, and demand for IT pros in this sector is high with median salaries exceeding $100,000.
That’s according to Janco Associates‘ new Blockchain Job Descriptions Bundle, which provides concise job descriptions that can be used in the recruiting process and for compensation planning.
Janco’s Victor Janulaitis
“In a review of compensation for 12 comparable blockchain-related positions at a number of our clients, we found that 10 of the positions surveyed had median salaries over $100,000,” said Janco CEO Victor Janulaitis. “The two positions that did not reach that threshold were ones that have been around a while and are just now seeing the impact of blockchain.”
According to a recent TechInsight360 report, blockchain spending in the United States is expected to skyrocket from $3.12 billion this year to more than $41 billion by 2025, reaching a compound annual growth rate (CAGR) of 44.5 percent.
A manager of blockchain architecture commands a median salary of $142,000, while a blockchain project manager is at $120,000. A blockchain analyst has a median salary of $123,500 and a blockchain developer commands $127,000. All are at the upper end of salaries for IT pros.
“Also, all of these positions are in short supply,” Janulaitis said. “This, in turn, is putting upward pressure on salaries and increasing the requirement for outside consults who have the skills associated with blockchain. We see this trend continuing.”
The blockchain bundle includes the following job descriptions: vice president of strategy and architecture; chief security officer; blockchain architecture manager; blockchain project manager; blockchain analyst; blockchain developer; project manager of enterprise resource planning (ERP); project manager – enterprise architect; data scientist; database administrator; database manager and director of electronic commerce.
“Positions that tangentially are impacted by blockchain are also in high demand,” Janulaitis said. “It is for that reason that we included them in this bundle and analysis of compensation. As this technology progresses, we believe that ERP and enterprise architecture disciplines will merge with blockchain. And we think that is not too far into the future.”
More data will be available on compensation levels for blockchain once Janco completes it midyear IT salary survey.
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