Last year, JP Morgan Chase, the largest American bank led in listing more jobs in blockchain compared to other Wall Street firms. According to Indeed.com, the financial institution advertised jobs with search words Bitcoin, Cryptocurrency and blockchain.
According to Andrew Flowers, an economist at Indeed.com:
“It’s notable that there’s a lack of financial and banking companies hiring for something that’s made to replace money.”
The blockchain industry is still young and getting the best talent is a big challenge. The financial institution entry into the crypto sphere with their JPM coin has been anticipated. The JP Morgan ecosystem borrows from Ethereum and Bitcoin and this may mean a job shift from the two market leaders.
JP Morgan Bowing to Consumer Demands
Shifting focus from fiat to crypto is not a matter of chance for the financial institution; consumers are demanding for better services and privacy and speed. Solving this problem could be the basic JPM coin mission.
The team behind the JPM coin copied Bitcoin distributed ledger and the Ethereum’s platform version; the Quorum, which is assumed as ideal for enterprises. These two offer the user the enhanced privacy and faster speeds compared to what the typical bank or SWIFT can provide.
It might not be clear why the job postings grew in 2018 at a time when the crypto price was headed south but one thing is for sure: more players are interested in crypto and blockchain supported apps compared to several years ago.
Increased Demand for Blockchain Related Jobs
According to Indeed.com survey, there has been a job posting increase in for blockchain and crypto niche estimated by 4,086% since 2016. This has seen new opportunities arise and institutions like the Blockchain Education Network that specializes in training upcoming talents come up.
Most of these job openings have a peculiar trend with most targeting where demand is with Silicon Valley and San Francisco taking the lead. However, the industry is just beginning to take shape with more crypto and blockchain real-life use cases on the rise.
Shift From Value to Real Life Solutions
As opposed to eight years ago, more people are adopting crypto, not for the value proposition but to resolve the problems that technology is able to solve. Virtually every industry has been shaken by the innovation and no one wants to lag behind the revolution.
From supply chain management, auto, apparel, wines and healthcare, blockchain is taking over and JP Morgan jumping in is seen as a strategic move to avoid being rendered absolute. Other multinationals are also heading the crypto route; trends that will see some institutions miss out on the pie.