By India Today Web Desk: At present, cryptocurrency and blockchain technology has become the talk of the town and will create employment for the youth because of their high demand. The last few years have been so high-yielding for the crypto industry that many financial institutions started implementing new blockchain technology as their business strategy.
According to NASSCOM, by 2030, we are going to witness a massive surge of $241 million in the crypto-tech industry of India. In addition, the pandemic compelled people to tilt towards adopting digital assets such as crypto coins and Non-Fungible tokens. Blockchain is a decentralised technology and is necessary for cryptocurrency transactions. Thus, it is no wonder right now that the number of required skilled employees is increasing day by day.
Let us learn how blockchain and cryptocurrency create a huge employment demand from India’s vast talented young minds. Before we learn about the booming crypto industry, let us clear our notions regarding Blockchain applications and cryptocurrency.
WHAT IS BLOCKCHAIN?
Blockchain is a digital, immutable ledger that aids the process of transactions, storing transactional records, and keeping track of the digital assets of a business. As it is decentralised, Blockchain technology nullifies any supervision from a central authority. This obviates that decision-making is evenly distributed in a network of computers and negates any chances of corruption.
The Blockchain’s network is connected using various nodes, which makes the blockchain super secure for the user. If one had to manipulate its system, one would have to exploit all of its blocks, which is almost impossible.
That is why transactions using Blockchain are safe and end-to-end encrypted. Miners and investors find it easy to access all data restored in Blockchain in real time. Blockchain transactions are faster than traditional banking procedures due to the lack of intermediaries.
Depending upon the type of organisation, we can categorise it into 4 main types: Public, Private, Hybrid, and Consortium blockchain. Blockchain’s application is not limited to the transaction only but also encompasses a wide array of sectors like real estate, the health sector, IoTs, keeping an immutable data backup, supply chain management, NFT, and a lot more.
CRYPTOCURRENCY AND ITS VARIOUS TYPES
Cryptocurrency is a digital currency and an alternative way of payment that is secured by cryptography. Blockchain is a peer-to-peer network that monitors cryptocurrency. One can buy, sell or transact with the cryptocurrency, for which transaction fees are also negligible.
As it is encrypted, cryptocurrency can be used both as a currency and a digital accounting system. Cryptocurrencies offer faster and less expensive financial transactions as well as decentralised systems without a singular point of failure. Cryptocurrencies allow for safe online transactions without the need for middlemen.
There are various types of cryptocurrency available, but Bitcoin is the most popular for its modes of usage. In 2008, Satoshi Nakamoto founded it and made it public the following year. Bitcoin’s success made other altcoins take place. Such altcoins are Solana, Cardano, Ethereum, Litecoin, etc.
HOW IS CRYPTOCURRENCY SHAPING THE INDIAN JOB MARKET?
The soaring crypto industry of India is likely to create more than 8 lakh jobs. Global financial experts foresee that an additional $184 Billion economy will rise in India resulting from investment and cost saving by 2030. Hence, an individual who is seeking a placement in this revolutionising financial industry will surely get a chance to prove themselves by recruiters.
Many experts see the crypto industry as a maturing one with knowledgeable investors and their constant contribution is beneficial for economic evolution. Rajagopal Menon, WazirX Vice President, pointed out how cryptocurrency increased by 394% from 2020 to 2021. The surge in the job sector occurred even without any proper regulations from the government.
Also, the onset of Web 3.0 is leveraging the possibility of lots of job creation in the near future. Crypto unicorns are concentrated in big cities like Bangalore, Mumbai, and Delhi. The spread of this industry will be so fast that many individuals will get employed in their coveted organisations in various other cities of the country.
SKILLS THAT CRYPTO COMPANIES ARE SEEKING FROM THE INDIAN TALENT POOL
If you are interested in a career in the field of cryptocurrency, you must start developing skills that the crypto organisations are looking for. Apart from sound technical knowledge, you need to hone several crucial skills to land your dream job.
As cryptocurrency is based on Blockchain development, you need to learn everything about artificial intelligence, JAVA, Machine learning, Python, C++, Node JS., AWS, and more. Other than technical knowledge, you should have command of your communication skills, and problem-solving.
The top 5 crypto-based jobs that you may find lucrative are Data Scientist, Financial Analyst, Security Architect, Research Analyst, and Machine Learning Engineer.
ROLE OF CYBERSECURITY IN THE BLOCKCHAIN AND CRYPTO INDUSTRY
Cybersecurity is one of the essential ways to protect one’s online transactions. As the crypto industry is solely based on the internet, it must be protected from digital attackers. Cybersecurity runs a protective barrier between crypto users and hackers. It will provide cryptographic security, data backup, threat modelling, identifying bugs and reducing vulnerabilities, guard against any
unnecessary access, and more. With the help of Cybersecurity, one can protect the IoTs, the integrity of the software downloads, encryption of confidential data, avoid DDoS attacks and restore DNS security.
HOW CAN THE BLOCKCHAIN APPLICATION AND CRYPTOCURRENCY BRING A CHANGE IN THE JOB ROLES IN THE FUTURE?
The crypto concept was a bit controversial in the beginning as lots of intellectuals perceived it a threat to the traditional banking sector. But people’s perceptions of crypto and blockchain have changed to a great extent over these years. As a result, crypto firms are offering excellent career choices for young aspirants.
As several organisations across the world are ready to expand their business into this crypto world, you can choose any one from the plethora of career options. The IT sector of India is a great supporter of this rapid growth and encourages people to build up Blockchain talent by providing industrial training.
Article by Harsh Bharwani, CEO & MD of Jetking.
source : fastmlsflyers.com