The importance of Blockchain technology is paramount and there is a huge demand for Blockchain developers by tech-based companies that relies on using cutting-edge progressive technical solutions. Before jumping over to the remuneration offered to a Blockchain developer let’s understand what this technology entails and what these Blockchain developers do.
Understanding the Blockchain technology
Blockchain can be explained as a decentralized digital ledger that captures digital information mainly related to economic transactions of high value which can’t be altered later. The use of cryptography and decentralization to record data makes it impossible to alter the data recorded at any given point of time.
It is extremely helpful when it comes to recording public information and establishing accountability and transparency in the process.
Blockchain is based on a peer to peer technological model that allows information to be stored on multiple servers globally. Anyone who is a part of the network can see the updates in almost real-time and the source of input can be easily verified.
The participants in the network are given a unique identification number that can help to trace the identity of the person responsible for any updates in the blocks. The whole system comprises three important elements; the block, the nodes, the miner.
Blockchain is growing to become a disruptive technology much like the internet and has the power to transform the world for good. It will revolutionize the way information is shared among people and instill more accountability with transparency in the process.
Many companies in industries such as healthcare, finance, and supply-chain are keen on finding out the other possibilities with this revolutionary Blockchain technology and this has created a spurt in the demand for Blockchain developers.
Responsibilities & remuneration of Blockchain developers
What do the Blockchain developers exactly do? Well, Blockchain developers are responsible for a wide range of activities involved in developing a Blockchain application. A Blockchain developer is responsible for the development and optimization of Blockchain protocols that require an in-depth understanding of the core principles of this revolutionary technology.
Their main function can be understood in the light of the various applications of this remarkable technology that includes building the model of Blockchain systems, developing smart contracts, building applications based on Blockchain technology, etc.
Blockchain developers can be divided into two categories; blockchain core developers and blockchain software developers.
The roles of these two developers are interconnected and both have a different area of specialization. The core blockchain developers are responsible for the overall design and framework of blockchain technology. The blockchain software developers do not have to work on the design of the model, they have to develop blockchain applications using the design and framework created by the core developers.
As per global estimates, the average salary for a blockchain developer is far higher than the average salary for a normal software engineer. The annual average salary for blockchain developers or experts lies in the range of $150000 to $175000. The average annual figures for other software engineers is somewhere around $137000.
As per research reports, the median annual salary for blockchain developers is in the range of $127000 to $172000 making it one of the most lucrative career options for tech professionals.
In India, the blockchain developers’ average remuneration ranges between Rs. 500,000 to Rs. 30,00,000. This is almost double the average salary earned by other software engineers. With some experience in the professionals can earn as high as Rs. 45,00,000 annually.
Senior-level blockchain professionals can earn much higher in this industry, companies are even willing to pay over Rs. 3 crores given the value they’ll be adding as senior professionals.
If you are interested in choosing blockchain technology as a career option then you can easily work on the technical skills required to do the job by opting for a Blockchain online course. The course will impart you with relevant technical knowledge and give you a practical understanding of the functioning of this technology.