JP Morgan, the largest bank in the nation, continues to hunt down blockchain experts with the most job postings of anyone in the industry. Indeed.com reported that while JPMorgan Chase has posted jobs with keywords such as “cryptocurrency,” “blockchain,” or “bitcoin” in the past year, other top ten corporations have not.
JP Morgan's Has Its Own Coin
JP Morgan Chase launched the JPM Coin in February as part of a plan to simplify payments between clients using blockchain innovations. The company earlier created Quorum, an ethereum blockchain that lets corporations experience the benefits of a shared ledger with greater privacy and faster speeds than traditional blockchain sites.
Tech firms Cisco and IBM posted more blockchain jobs than JP Morgan Chase, as did firms such as EY, Deloitte, Accenture, and KPMG--with Deloitte posting more than any of the others. Other companies still trolling for blockchain workers include the ethereum incubator ConsenSys, Microsoft and Conduent, the emerging firm that broke off from Xerox in 2017 that creates platforms for governments and big businesses.
Why Aren't More Banks Hiring Bitcoin Experts?
Oddly, not all that many banks and financial institutions are hiring workers who specialize in digital coins made to take the place of money. However, there were more job postings than searches for the first time ever in this emerging field.
Between February 2018 and February 2019, job searches per million users went down 67%. This correlates to price declines for cryptocurrencies in general and Bitcoin in particular. Job seekers aren't likely to express much interest if the trend continues. However, job searches will spike again once the price of cryptocurrencies heads north.
Other Applications of Blockchain
One possible reason that the job postings for blockchain are increasing despite the devaluation of bitcoins lies in other uses for the technology. Recently, there has been an uptick in interest among large companies that want to explore non-cryptocurrency uses of blockchain capabilities. This runs counter to the very reason bitcoin was created -- to let individuals move and create value without using agents like banks. Now, the shared, decentralized ledger is of more interest to companies (mostly financial institutions) that want to move value without using third parties.
The Larger Picture
The Indeed.com survey reveals an increase of 4,086% in these postings since 2016; however, job searches have increased by just 553% in the same period. This gap presents a challenge to employers and an opportunity for candidates looking to switch careers. This gap in demand versus supply may be partially filled as traditional universities like UC Berkley and customized schools like Blockchain Education Network emerge to train blockchain workers quickly.
The largest demand for blockchain workers lies in San Francisco and Silicon Valley, followed by NYC; however, pockets of interest also lie in cities around the Big Apple, including in Jersey City and Newark. Other cities with plenty of job postings for “bitcoin,” “blockchain” and “cryptocurrency,” include Austin, Denver, Texas, Seattle, Boston, Washington, D.C., and Los Angeles.
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