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Cryptocurrencies were riding high at the start of 2022, following a significant rise in popularity and adoption, especially with the increasing interest in non-fiat digital assets.
Bitcoin, the largest and first cryptocurrency, reached an all-time high of over $65,000, leading to a surge in institutional investment and public interest.
Other cryptocurrencies like Ethereum saw substantial growth, with the rise of decentralised finance (DeFi) platforms built on its blockchain. But while 2022 may have started off well, things had gone badly wrong by late spring, when cryptocurrencies Terra and Luna failed, as did the trading platform Voyager.
More failures included crypto hedge fund Three Arrows Capital, BlockFi and Celsius. In November 2022, crypto giant FTX collapsed, and the shock of its failure deeply impacted the volatile crypto market, which lost billions and fell below a $1 trillion valuation.
Job losses hit hard with around 23,600 employees losing jobs in the crypto sector up to December 2022.
Extensive use cases
Given that environment, it could be easy to assume that a job in blockchain, the technology underpinning Bitcoin, is not a safe career path. While cryptocurrencies are what brought the existence of the blockchain to widespread knowledge, there in fact are many other industries making use of it too.
Blockchain technology is extensively used in the wilder finance sphere for payments, remittances, digital identity and asset management. It has applications in manufacturing and supply chain management, offering better ways to do traceability, transparency, and accountability.
These days, you’ll find blockchain technology used in the day-to-day operations of many big and household name companies, including Microsoft, Oracle, JP Morgan, Amazon and Facebook.
It has applications in manufacturing and supply chain management, offering better traceability, transparency, and accountability.
The healthcare sector is using blockchain’s ledger technology for secure sharing of medical records and data management, and global governments are utilising it for voting systems, land registry, and identity management.
There are numerous other applications too, across real estate, where it can be used for property listings, property transfers, and mortgage processing, and in education, retail and gaming.
It is no surprise then that the global blockchain market was valued at $7.18 billion in 2022. It is set to grow $163.83 billion by 2029, exhibiting a CAGR of 56.3%.
Read more
We’ve covered the topic extensively across our partner network.
- You can read lots more on the future of a career in blockchain on Euronews, in a piece titled “European countries are banking on blockchain. Here’s how jobs in the sector are growing”.
- On TechInformed, we’re covering blockchain as the next big tech career trend.
- Over on Information Age, we look at blockchain technology in the context of Web3.
- We also cover blockchain’s potential for our new partner, Journal Du Coin.
