Blockchain was first introduced in 2008 and was initially used by the world’s first decentralized cryptocurrency, Bitcoin. A “block” is a permanent mode of storing data that can neither be deleted nor altered. The online community of “miners” are responsible for maintaining it. Several blocks linked together are known as a “Blockchain,” and a Blockchain developer is tasked with designing the protocols, maintaining pre-existing Blockchains and the like. Since Blockchain is a niche concept, Blockchain developers are in high demand in the market and this reflects upon the high Blockchain developer salary offered to experts in this field.
With more and more businesses and organizations trying to gain a significant edge over their competitors in the market, they are steadily adopting Blockchain technology. As a Blockchain developer, a qualification in any relevant field specializing in Blockchain is imperative. The more qualified you are, the more likely you will receive a high pay package even as a beginner. If you are a Blockchain enthusiast, you can excel in this field by taking a reliable Blockchain Development course.
What does a Blockchain Developer Do?
To explain in a nutshell, a Blockchain developer is one who develops Blockchain technology. With Blockchain gaining a significant amount of popularity in the market because of its unique and convenient features, several IT organizations are on the constant lookout for Blockchain developers because of their expert skill set in this field.
Blockchain developers help develop and optimize Blockchain protocols, including designing networks used for centralizing and decentralizing data and generating smart contracts. They help make the blueprint that enables others to build on it. Essentially, there are two categories of Blockchain developers:
- Core Blockchain Developers: Core Blockchain developers help in developing protocol designs as well as maintaining existing Blockchains.
- Software Blockchain Developers: Blockchain software developers are involved in the development of Blockchain applications, NFTs, and the like.
Factors Impacting Blockchain Developer Salary
With the rising demand in the job market for skilled Blockchain developers, the average salary of a Blockchain developer is also steadily increasing. However, many variable factors make an impact on the salary of a Blockchain developer.
Salary Based on Different Factors
A list of the variables that affect the salary for Blockchain developer have been consolidated below:
1. Blockchain Developer Salary: Based on Experience/Role
Experience is one of the best factors upon which the job position as well as the average salary of Blockchain developer depends on. The average Blockchain developer salary as per the level of experience can further be classified into two categories, namely:-
- Entry-Level Blockchain Developer Salary
An employee with no software experience and 0-1 year of experience in Blockchain technology is deemed as a beginner. The salary of a beginner therefore can be around 5,228 USD per annum which is the lowest recorded junior Blockchain developer salary.
- Senior Blockchain Developer Salary
An experienced developer with almost 2 to 4 years of experience in software and 0 to 1 year of experience in Blockchain technology gets an average annual salary of 1,64,761 USD per year which is the highest recorded senior Blockchain developer salary.
2. Blockchain Developer Salary: Based on Employer/ Popular Company
With NFTs currently ruling the online marketplace, the job market has seen a rising demand for expert Blockchain developers primarily in the IT sector. Some of the Blockchain developer jobs salary offered by robust organizations have been listed in detail below:-
Tata Consultancy Services is a leading service provider in consulting, business and IT solutions in the global market. They have a robust network of delivery centers and innovation hubs that have slowly begun integrating Blockchain development. The Blockchain developer average salary offered by TCS is 7,041.65 INR, starting from 4,734.90 USD to 10,441.07 USD.
b. Solulab Inc
With over 51,000 employees all over India, Solulab is a leading IT service provider and is known to be one of the top Analytics and KPO companies in India. It offers an average Blockchain developer monthly salary of 7,041.35 USD that can go up to 12,140.26 USD.
IBM is one of the top companies in the global market dedicated to coming up with innovative solutions that aim for nothing but the client's success. It offers nothing but the best IT consulting services in the global market and provides an average salary of 10,560.82 USD to a Blockchain expert with the Blockchain developer's highest salary being 23,066.49 USD and the lowest being 6,191.53 USD.
d. Tech Mahindra
Tech Mahindra is deemed one of the leading Consulting, Analytics and KPO companies in the world and has secured itself a place in the Forbes Global 2000 list of companies. The average salary for a Blockchain developer in Tech Mahindra is 7,283.32 USD. The starting salary is 4,855.55 USD and can go up to 13,838.31USD based on the experience.
Wipro also happens to be a robust business conglomerate and a tech giant in the global IT industry. It prides itself in being a house name provider of IT and consultancy services. The average salary of a Blockchain developer in Wipro is 9,104.68 USD with the starting salary being 4,977.22 USD. It can even go up to 18,209.36 USD depending on many variables and experience.
Based in Dublin, this Irish-American business conglomerate has made itself a name in the global IT market. It has employed over 1 lakh employees in India and has several job openings for blockchain developers as well. The average salary of a Blockchain developer in Accenture is 7,647.93 USD with the starting salary being 4,855.83 USD. The highest recorded Blockchain developer pay at Accenture is 12,139.57 USD.
Cognizant is a robust business conglomerate that has secured a place in the top 19 Best Mega Company 2022 and the Forbes Global 2000. The average salary of a Blockchain developer at Cognizant is 8,740.97 USD. The starting salary is 6,070.12 USD and can go up to 12,747.24 USD with experience.
Infosys is a house name as a global leader in IT and Consultancy services. With over 1 Lakh employees in the nation, Infosys has numerous job openings for Blockchain developers and offers an average salary of 9,105.17 USD. The starting salary of a Blockchain developer at Infosys is 5,098.90 USD and can go up to 12,140.23 USD.
i. McKinley Rice
McKinley Rice is a Seoul-based tech giant that has successfully permeated into the Blockchain market. The average salary of a Blockchain developer in McKinley Rice is 11,896.24 USD with the starting salary being 8,498.16 USD and the highest recorded salary is 19,422.43 USD.
j. Suffescom Solutions
Suffescom solutions is an India-based IT company that has garnered quite a fame over the years in the IT sector. It offers an average starting salary of 7,282.92 USD to Blockchain developers.
As a globally leading business conglomerate that has provided IT and consultancy services since 1967, Capgemini boasts an employee count of over 1 Lakh worldwide. As a leading service provider, it offers an average Blockchain developer salary of 13,352.02 USD with the starting salary being 7,647.07 USD and the highest recorded salary being 22,455.67 USD.
3. Blockchain Developer Salary: Based on Skill-Set
(Blockchain skills are valuable considering the demand surge for experts in this field.)
Skillset is a driving factor in determining a Blockchain developer’s average salary. As a Blockchain developer, you need to have a holistic understanding of the following:-
- Distributed systems
- Networking systems
- Data Structures
- Design of the Blockchain Architecture
- Decentralized applications (HyperLedger, NEO, Ethereum and EOS)
- Smart Contract Development
- Web-Development, Frontend and Backend Programming
- Distributed Ledgers
- Various Blockchain Platforms
- Open Source
- SQL Networking
With a professional certification, the salary of a Blockchain developer can reach up to 36,414.60 USD per annum in the US.
4. Blockchain Developer Salary: Based on Certifications
As a Blockchain enthusiast, the best Blockchain professional online course will give you the skillset and the leverage you need to secure yourself a good job role and a high Blockchain developer starting salary. For an average Blockchain developer with substantial knowledge in this field and relevant certification, the salary can range from 3,034.55 USD to 29,131.68 USD.
5. Blockchain Developer Salary: Based on Location
The demand for Blockchain developers and engineers has seen a steady rise in the global market. With NFTs suddenly taking up the online market by storm, it has continued to rise, offering Blockchain developers the choicest job prospects and high pay scales. This phenomenon in the job market is not just stipulated to one geographic area but on a global scale. Some wages for Blockchain developers in different areas of the globe have been listed below:-
The IT industry in India is steadily adopting Blockchain technology with more IT companies integrating it into their systems. The average salary of a Blockchain developer in India is around 8,574.15 USD per annum.
Blockchain has earned quite a significance in the US online market leading to numerous job openings by top companies in the US. The average salary of a Blockchain developer in the US is 1,08,539 USD.
With the growing popularity of NFTs in the online market all over the globe, Blockchain development has permeated into the UK business sector as well. The average salary of a Blockchain developer in the UK is 75,123 USD.
With UAE being one of the most tech-advanced countries in the world, the demand surge for Blockchain experts in the job industry was an eventuality. The average salary of a Blockchain developer in the UAE is 4,764.37 USD.
The Australian job market has seen a steady rise in demand for Blockchain developers due to numerous companies wanting to adopt this technology in their operations. The average salary offered to a Blockchain developer in Australia is 83,707.84 USD.
Blockchain technology has made it big in Canada making it a great career to pursue if you are looking into it. With more and more tech giants and business conglomerates adopting this technology, there has been a rising demand for Blockchain developers in the country. The average salary offered to a Blockchain developer in Canada is 100,000 USD.
Singapore is known to be one of the leading markets of Blockchain and has opened up numerous opportunities and job prospects for aspirants in this field. The average salary offered to a Blockchain developer in Singapore is 95,865 USD.
Blockchain development is a prospective career choice if you are looking for relevant jobs in Germany. The average salary offered to a Blockchain developer in this country is 60,000 USD to 1,50,000 USD.
The online market in the Philippines has embraced Blockchain technology with enthusiasm. With more and more users wanting to invest in NFTs, the job market in this country has left many openings for Blockchain experts. The average salary for a Blockchain developer in the Philippines is 8,201.70 USD.
Blockchain Developer in Top 10 Industries
The top Blockchain development companies in the US specialize in offering end-to-end encryption security. They also offer seamless asset traceability that helps new companies to amalgamate capital with new investment strategies. Here is a consolidated list of the top 10 most relied upon Blockchain development companies in the USA:
- Hyperlink InfoSystem
- HData Systems
Blockchain developer Salary Based on Education Background
This degree provides the students with the ideal starting point for their career because of the well-recognized and on-demand degree in their hands. A blockchain developer having a B.tech degree earns 5-6 LPA in India.
BCA is one of the most popular graduation programs among students after they finish high school. Yet, most BCA graduates are ignorant of their job prospects. The impact of constantly expanding technology on enterprises has increased the demand for technically sound people. Acquiring the necessary information and technical abilities during your BCA degree opens up many job prospects, like blockchain developer and earning 3-6 LPA in India.
MCA is an abbreviation for Master of Computer Applications. It's a PG course that teaches students about computer science, organization, and applications. A blockchain developer with an MCA degree can earn around 7.94 LPA. An entry-level candidate might earn around 6.31 LPA in India.
Why are Blockchain Developers Paid So Much?
Some of the reasons why there has been a surge in high-paying job roles of Blockchain Developers have been elaborated below:
- Due to Talent Scarcity: Blockchain development is fairly new to the masses, making it a niche in the market. Businesses and conglomerates are slowly and steadily moving in this direction and are constantly in demand for blockchain experts. Since their skillset is high in demand in the job market, their salary incentives are automatically raised at the highest possible rate against the expertise they have to offer to the company in this sector.
- To Combat Cyber Crime: The amount of assets and data security that Blockchain offers is unrivaled. With cybercrime being one of the biggest concerns online, it is a well-needed form of technology that offers end-to-end encryption that delivers the promise of maximum security. This is one of the main reasons why Blockchain developers are required to be at the top of their game when it comes to their expertise in the field.
- Involved with Securing Money: Blockchain is primarily used for business purposes especially in the finance, banking, and insurance sectors. It involves handling tokens like cryptocurrencies. Therefore, Blockchain developers are handsomely paid because they are tasked with developing and designing high-grade protocols that succeed in meeting the said security needs for finance-related tasks.
- Requires Multiple Skills: Blockchain engineers and architects build and implement solutions for organizations with the help of unique and new technology. They are also tasked with h analyzing a company’s technological requirements and developing applications in accordance. They also need to have an in-depth understanding of databases, data structures, and cryptography. Their complex work structure, the nascent nature of this technology along with the scarcity of talent makes this job position a rewarding one.
Future of Being a Blockchain Developer
Blockchain, in recent years, has undoubtedly become the most secure way to store online assets and data and make transactions. As a matter of fact, the net global expenditure on blockchain solutions is estimated to reach up to 15.9 billion by the year 2023. With the blockchain acceptance rate and usage steadily increasing in the Internet of Things (IoT), there has been a surge in demand for blockchain developers in the job market. As per the forecasts, nearly 50 billion IoT devices will be active globally by 2030. This means that there will be more and more job prospects for blockchain developers in the upcoming future.
What is the Average Salary of Blockchain Developer?
The average salary of a blockchain developer is variable based on their expertise, experience, skills, qualifications and can vary from country to country. The average salary of a blockchain developer in the US has been elucidated below:
A Blockchain developer hourly rate is 57 USD in the US.
The average Blockchain developer salary per month is 688.19 USD per month.
The annual salary of a blockchain developer in the US is 1,08,539 USD.
How to Increase Your Salary as a Blockchain Developer?
If you are an enthusiast of blockchain technology, you can easily secure a high-paying job position as a developer in this field. The salary depends on several factors like certification, qualification, background, experience and skill set of a candidate. The best way to start is by taking up a professional certificate course that will provide you with sufficient knowledge and skills to acquire a job with a substantial pay package.
With blockchain technology gaining a significant amount of popularity in the online market on a global scale, the job market has seen quite a demand surge for blockchain experts and developers. Taking up KnowledgeHut Blockchain Development course is the best way to get started if you are an aspirant looking to kickstart your career in this field. This course will help you gain all the necessary skills and in-depth knowledge to secure a stable job with a high-pay package.