How to Become a Blockchain Professional? [UPDATED]

Blockchain technology is one of the fastest emerging techs in the present IT scenario. Its market grew to an enormous 7.4 billion US dollars in 2022 and is expected to reach 94 billion US dollars in 2027, exhibiting a CAGR of 66.2%. Several businesses and enterprises, including giants like Samsung, IBM, Capgemini, etc., have adopted Blockchain technology. Blockchain technology is also widely used in finance, real estate, and manufacturing for its efficiency and security.

The opportunities in the domain are endless. According to a report by LinkedIn, knowledge of Blockchain is one of the most required skills in the market right now. But, so far, there has been a lack of talented and passionate individuals who can take advantage of this scenario. Although, it can be changed, as anyone with the right guidance and Blockchain training can fill important roles in the market. 

This article aims to provide an in-depth understanding of Blockchain technology and the essential skills and knowledge required to become a Blockchain professional. We will discuss the roadmap to becoming a Blockchain professional and career paths.

Definition and concept of Blockchain technology

Blockchain technology is a modified database system that records transactions in a secure, decentralized, and transparent way. It comprises a computer network that works together to validate and record transactions. Each block in the chain contains a hash of the previous block, creating a chain of blocks that cannot be altered without consensus from the network. The Blockchain cannot be corrupted and altered, which helps maintain the chronological consistency of the data. As a result, Blockchain technology is extremely useful in maintaining and creating an online ledger for storing data or making secure transactions.

Basic Elements of Blockchain Technology

The basic elements of Blockchain technology include blocks, transactions, nodes, and consensus algorithms. Blocks are linked together to form a chain, transactions contain information that is recorded on the Blockchain, nodes are the computers that participate in the network, and consensus algorithms are used to validate transactions and maintain the integrity of the network.

Blockchain use cases

The immutability and consistency of data stored on the Blockchain make it valuable for different businesses and enterprises. Blockchain technology has been applied in various industries, including finance, where it is used to manage payments, make trades, or keep track of transactions; in healthcare, it is used to manage and store the data of the patient along with other important information related to management, or supply chain management where this technology is being adopted to ensure an efficient system of verification of the products at different storehouses or terminals. 

It’s also being implemented in other industries like energy and education. Some of the most common examples of Blockchain use cases in these industries include digital identity verification, peer-to-peer payments, supply chain transparency, and smart contracts. 

Advantages of Blockchain technology

The advantages of Blockchain technology include increased security, transparency, efficiency, and faster auditing. Blockchain technology provides a tamper-proof and transparent way to record transactions, which can help reduce fraud and increase trust in the system. It also eliminates the need for intermediaries, which can reduce transaction costs and increase efficiency. The data on the Blockchain is immutable and consistent, which makes it possible to reconstruct the data exchange that happened in a particular period and helps in faster auditing. 

Limitations of Blockchain technology

The limitations of Blockchain technology include scalability, energy consumption, and regulatory challenges. Blockchain networks can be slow and have limited capacity, making it difficult to handle large-scale transactions. The energy consumption required to maintain the network can also be significant. Additionally, regulatory challenges can create uncertainty and slow down adoption. Despite these limitations, there is no reason to doubt the technology itself, which will only improve with time and solve these issues.

Who is a Blockchain Professional?

Before discussing the roadmap to becoming a Blockchain Professional, it is necessary to understand who is a Blockchain Professional. It will help to understand the roles and responsibilities that you may have to handle in the future. A Blockchain Professional is someone whose focus area includes a specific job role like a Blockchain Auditor, a Blockchain Architect, or Blockchain Developer. 

Being a Blockchain professional requires you to constantly learn new technical and soft skills to help your enterprise build faster and more efficient solutions with the advent of new technology in the market. Once we know what a Blockchain Professional is, we will discuss the key skills you require to become part of this rapidly growing sector.

Essential Skills and Knowledge for Blockchain Professionals

As a professional in Blockchain technology, an individual should be proficient in combining different essential skills, including technical and soft skills. These skills help you become a valued individual in your company, interact with the community, and understand what solutions are needed to make your product more viable and ludicrous for the consumers. Now, let us take a closer look at these skills, which will help you grow quickly in the domain.

Technical Skills

Programming languages

It is essential to have a sound knowledge of different concepts related to programming to excel in this field. Blockchain technology requires a thorough knowledge and a strong understanding of programming languages such as Java, Python, and Solidity. Java is a widely used programming language that can be used to develop Blockchain applications, while Python is used for data analysis and machine learning. Solidity is a programming language to develop smart contracts on the Ethereum Blockchain. 

You can start your journey with any of these languages, as they will help you advance your career. But Python is usually preferred by beginners as its concepts are easy to understand, and you can learn it quickly in a short period. Blockchain Council has Blockchain courses online that can help you start your coding journey for Blockchain today. As you gain more experience, you must learn and code in multiple languages, as you may have to work on different Blockchain networks.

Blockchain platforms and tools

Understanding different Blockchain platforms and tools is essential for you as a professional, as it helps you to understand different aspects of the Blockchain. To run a Blockchain platform, coordination among different platforms and tools that makes distribution and decentralization possible in the first place is extremely important. 

Blockchain platforms and tools such as Ethereum, Hyperledger, and Corda are important examples of such tools as platforms. Ethereum is a popular Blockchain platform that supports smart contracts and decentralized applications, while Hyperledger is an open-source Blockchain platform used for enterprise applications. Corda is a Blockchain platform designed for use in the financial industry.

Cryptography

We talked a lot about the immutability of blocks in the Blockchain previously, but how is it done? The answer is cryptography. Cryptography ensures that once the data is shared on the Blockchain, no one can alter or change it, hence maintaining the security of its assets.

Blockchain uses a different form of cryptography, and as a professional, you can use cryptography to protect your platform from malicious attacks and protects its data. You should know cryptographic algorithms such as SHA-256, RSA, and ECC and understand how they encrypt and decrypt data.

Smart contracts

Smart contracts are self-executing contracts. The terms between buyer and seller for such an agreement are directly written into lines of code. Smart contracts enable transparency and trust when a transaction occurs over a Blockchain network, making it extremely viable for real-life applications.

Blockchain professionals should know about smart contracts and how they are used to automate business processes. Suppose your job role as a Blockchain professional is Smart Contract developer. In that case, you will have to build smart contracts, deploy them for your enterprise, and keep track of the operations facilitated through them.

Business and Industry Knowledge

Understanding of Blockchain’s potential applications

Blockchain technology is creating a new frontier for businesses and enterprises to cover and new infrastructure to facilitate it being created daily. As a Blockchain professional, you must understand and learn where Blockchain technology can have applications and build solutions according to it. Integrating different platforms and making more efficient use cases can not be underestimated. It helps improve the technology and may help create more viable solutions and potential applications that could have been missed earlier.

Understanding of the Blockchain ecosystem

Blockchain professionals should understand the Blockchain ecosystem and the components that make the technology viable and functioning. They should know the different Blockchain platforms, tools, and protocols and understand how they interact. Blockchain applications rely heavily on other tools and platforms for all their operations. Each tool and platform act as a component in a complex machine that facilitates the whole process. There are Blockchains like Ethereum, then different platforms provide services to facilitate user interactions, and so on. 

Familiarity with industry regulations and compliance

Blockchain professionals should also know industry regulations and compliance standards, such as KYC and AML. They should understand how Blockchain technology can be used to comply with these regulations and ensure that their solutions are compliant with industry standards. 

Soft Skills

Analytical thinking

Analytical thinking is one of the most sought-after skills in the job market. As a Blockchain Professional, analytical thinking can be crucial as you must look for solutions while solving a complex problem and make decisions regularly. You should be able to analyze data and identify patterns to understand an underlying issue and mobilize a solution.

Attention to detail

We have already talked about how you need to keep track of transactions over the Blockchain as a Blockchain professional. But that is not as easy as it sounds. You need to focus on small details so that any irregularity doesn’t miss your eyes. Having a keen eye on the Blockchain is important as every transaction is saved chronologically. If you miss it once, finding it again can be a complicated process that wastes many resources and time.

Communication skills

Communication skills are important to excel in any field, and Blockchain is no different. You need to have good communication skills to interact with your team members, clients, and community members to gain feedback on your product and understand their needs to improve the product. While good communication skills can be developed over time, you should integrate them as early as possible to grow rapidly in your enterprise.

Teamwork

It is crucial to have the ability to work as a team if you want to build a great product and also make your job easier. Good teamwork helps to decrease the workload on the shoulder of all the team members, and a good bond also helps increase their productivity. Interaction among team members promotes a relaxed work environment and reduces stress.

Steps to Becoming a Blockchain Professional