Formal Blockchain Education: A Stepping Stone to Thriving Industry Jobs and Future Innovation
Summary:
Amid indications of another cryptocurrency bull cycle, many are contemplating joining the booming blockchain industry. Universities globally now offer formal blockchain degrees, equipping individuals with a comprehensive understanding of the industry. Experts predict a strong growth for the blockchain industry, forecasting an average rate of 59.9% from 2023 till 2030, with millions of job opportunities expected to be created. While some believe formal degrees add legitimacy to the industry and provide a competitive edge in the market, others underscore the importance of understanding risk management and possessing the mindset to think decentralized. Blockchain recruiters indicate that formal degrees in blockchain may gain more universal acceptance in the future, making the industry more attractive to potential entrants.
Amid discussions of Bitcoin halving, potential exchange-traded funds, and other major factors indicating the dawn of another cryptocurrency bull cycle, many are contemplating a career switch to this digital industry. A lot of individuals who initially dipped their toes in the Bitcoin (BTC), blockchain or crypto waters as investors are eventually drawn to establishing a professional commitment towards the decentralized ledger and blockchain sector, spurred by the desire to learn new skills and secure a job in a thriving industry.
The early days of the blockchain and crypto universe predominantly attracted job-seekers through informal networks, or they showcased their skills to break into this space. Today, it's a bit more challenging to make a mark in the expanding industry. To address this challenge, universities globally are now offering formal blockchain degrees, equipping individuals with a comprehensive understanding of the industry's underlying concepts, along with networking opportunities to build connections.
Though the bear market in late 2021 caused crypto-focused firms like Coinbase, Gemini, and Consensys to scale back on hiring, growing anticipation in the second half of 2023 of another bull cycle is re-energizing the blockchain industry. This increase in activity hints at a surge in talent demand, and numerous individuals are keen to establish a foothold in a crypto company and stand apart from the rest.
However, not everyone has the traditional finance background of Jon Dalby, who left his role as Bridgewater Associates CFO to join New York Digital Investment Group (NYDIG) in 2021. While some degrees are transferable to the blockchain field, understanding the industry's unique value propositions requires thorough knowledge of both its technical and functional aspects.
Reports suggest a bright future for the blockchain industry, predicting an impressive average growth rate of 59.9% from 2023 till 2030. According to PwC, by 2030 there'll be more than 40 million global job opportunities related to the blockchain industry. Consider the average U.S. salaries for common blockchain jobs, and it's evident that the wider the job responsibilities, the greater the requirement for an advanced degree.
Many colleges and universities globally now offer programs focused on blockchain technology. Some specialize in technical aspects while others amalgamate business and tech disciplines. This leads us to question the real-world value of formal blockchain degrees in an industry that's still evolving. Do they provide a competitive edge in the present market? Are these degrees an indication of industry maturity and a testament to specific competencies? What's the opinion of blockchain educators?
In a chat with various global university program directors, Cointelegraph managed to gauge the objectives of formal blockchain education programs. Brian Houillion, the program coordinator at the University of the Cumberlands's master’s program in global business with blockchain technology, mentioned the program's aim to prepare business students for roles that enable them to collaborate with entrepreneurs and developers. He highlighted the critical need for in-depth understanding of regulatory complexities to ensure that innovation doesn't get hampered and can evolve with policy-makers' support as the industry matures.
Roman Beck, the head of the European Blockchain Center, emphasized the significant role of formal degrees in enhancing the visibility of the blockchain industry and legitimizing it in the world. He mentions the urgent need for professionals capable of developing economic models that support decentralized businesses and trigger value creation.
Director of the University of Cincinnati's Cryptoeconomics Lab, Michael Jones, believes formal degrees contribute legitimacy and credibility to the industry at large. Apart from endorsing the need for further research into blockchain and decentralized ledger technologies, he underscored the value of networking opportunities with students from various disciplines such as computer science, economy, and math. He also insisted on the importance of understanding risk management and risk assessment as critical industry skills.
Graduates from these programs have successfully secured jobs at companies such as Chainalysis, MakerDAO, Brainbot, TradeLens, ZTLment, Januar, Concordium, and Reality+. For instance, the European Blockchain Center and the University of the Cumberlands boast alumni like Demelza Hays and Michael Tabone, who currently work for Cointelegraph as economists and researchers.
The interviewed program directors presented varied views on how the blockchain industry perceives formal education. Jones expressed that while the industry doesn't particularly value formal degrees, universities haven't been effective industry partners. He noticed a reluctance among universities to introduce innovative curricula and pay competitive salaries to attract industry experts. Houillion stated that it appeared that the industry was open to hiring individuals capable of handling the job roles, with an apparent preference for a formal degree for non-developer or programmer roles. Beck echoed the sentiment, emphasizing the value of an education that encourages students to think from a decentralized perspective and visualize distributed value creation networks.
Blockchain recruiters have provided insight into the prospective future of formal degrees in the industry. All recruiters affirmed that they had clients who had landed jobs after obtaining formal degrees. Skills in cryptography, coding, and database management are currently in high demand and are easily transferable to the blockchain industry. This hints that the demand for technical skills coupled with other qualifications will likely increase as the industry continues to expand.
Ryan Hawley, head of recruiting at Crypto Recruiters, sees the establishment of degree paths as a factor that legitimizes the space even further and believes they will eventually gain universal acceptance. He mentioned that cryptography, smart contract skills, database management, and compliance were the top sought-after skills amongst employers.
David Lamb from CB Recruitment pointed out that formal blockchain degrees may currently be undervalued due to the rather informal reference-checking process in Web3. However, he emphasized that having formal degree paths not only adds credibility to the industry but also attracts individuals who may not have considered entering the space otherwise. Lamb suggested that there's a severe shortage of quality developers, making non-tech specialists like marketers, operations, finance, legal, sales, and research analysts equally essential as the industry matures into a multitrillion-dollar empire.
Connor Holliman from Proof of Talent underscored the importance of formal blockchain degrees for the industry's scalability. He believes they simplify the process for onboarding new users to utilize blockchain technology and highlight the need for skills such as efficient communication within different sectors of a Web3 business. As blockchain use cases expand, there will likely be more demand for engineers, cryptographers, and developer relations in Web3 today.
While obtaining a degree doesn't guarantee a job in Web3, it undoubtedly offers candidates a potential advantage over the competition in the future. A formal degree acts as a launchpad to network with other industry aspirants, potentially leading to the creation of revolutionary Web3 projects.
Published At
12/15/2023 5:01:00 PM
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