What is Blockchain? BlockcWhat is Blockchain? Blockchain programming is a "money-making" profession?

What is Blockchain? Blockchain (or ledger) is a database system that allows storing and transmitting blocks of information (blocks) linked together through encryption. And what do companies require from a Blockchain Developer?
To help you understand more about what Blockchain technology is as well as the needs and salaries of the Blockchain industry compared to salaries in the information technology industry in general, Blockchain Developer recruitment trends, ITviec had an interview with:

Infinity Blockchain Labs (IBL)
Mr. Thong Nguyen – Senior Technology Manager at LogiGear
Mr. Carlton Pringle – Project Lead TumbleBit & Breeze at Stratis
See Blockchain jobs now on ITviec


What is Blockchain?
What is Blockchain? Blockchain (or ledger) is a database system that allows storing and transmitting blocks of information (blocks). They are linked together thanks to encryption.

These information blocks operate independently and can expand over time. They are managed by system participants, not through intermediaries.

This means that once a block of information is recorded in the Blockchain system, there is no way to change it. Additional information can only be added when everyone agrees.

The block of information we are talking about is real-life exchanges and transactions.
How does Blockchain technology work?
For a block – a block of information to be added to the Blockchain, there must be 4 elements:

There must be transactions: that means there must be buying, selling and exchanging activities taking place. For example, you make a purchase on Amazon.
That transaction must be verified: all information related to the transaction such as time, location, transaction amount, participants... must be recorded. For example, when viewing order status, you will know what you ordered, the total amount, when you will receive the goods...
That transaction must be stored in the block: at any time you can review the order information you have made. They are stored in the “Order Management” section.
That block must receive a hash (a function that converts one value to another): only when a hash is received can a block be added to the blockchain.
Blockchain technology allows the exchange of assets/transactions without the presence of a third person or without relying on trust. In other words, Blockchain is the foundation for the birth of smart contracts.
Real-life examples help you better understand how Blockchain works:

A and B play a game to guess C's check-out time. Each person bets 100,000 VND. If at the time C checks the fingerprint, the minute hand falls on an even number, then A wins. On the contrary, if the minute hand falls on an odd number, B wins.

To manage transactions, A and B have several options as follows:

Ask the third person, D, to keep the total bet amount of 2 people: 200,000 VND. The winner will receive the money back from D => If D turns around and does not want to return the money, both A and B will suffer losses.
Choose to trust each other => Even if you are a close colleague, there is still a possibility that the other person will not give you money
Obviously, the above two methods still face certain risks. Blockchain was born to solve the above problems.

Through a few command lines, both parties' money will be transferred into the Blockchain program. Collecting data from timekeeping software, this program will transfer money to the winner.

What are the applications of Blockchain Technology?
Based on the Blockchain platform, many applications have been born such as Uber, AirBnB... but the most prominent among them is Bitcoin (virtual currency). Blockchain technology is truly a bright spot in the 4.0 industrial revolution.

Blockchain technology trends
Although it has been around for more than 10 years, Blockchain technology is expected to have certain growth steps. This is still the foundation for many new applications to be born.

Below are 4 Blockchain trends predicted in the coming years:

Blockchain technology is more trusted: Because of state intervention, Blockchain promises to reduce fraud and lies.
Bitcoin and other virtual currencies continue to develop: Despite many bad rumors, many investors still believe in the development of virtual currencies, especially Bitcoin.
Expanding application: Besides the financial sector, Blockchain technology also has the potential to be applied to state management, elections and other industries.
The explosion of blockchain games: The excitement of games built on the Blockchain platform is attracting more and more investors.hain programming is a "money-making" profession?

What is Blockchain? Blockchain (or ledger) is a database system that allows storing and transmitting blocks of information (blocks) linked together through encryption. And what do companies require from a Blockchain Developer?

To help you understand more about what Blockchain technology is as well as the needs and salaries of the Blockchain industry compared to salaries in the information technology industry in general, Blockchain Developer recruitment trends, ITviec had an interview with:

Infinity Blockchain Labs (IBL)
Mr. Thong Nguyen – Senior Technology Manager at LogiGear
Mr. Carlton Pringle – Project Lead TumbleBit & Breeze at Stratis
See Blockchain jobs now on ITviec


What is Blockchain?
What is Blockchain? Blockchain (or ledger) is a database system that allows storing and transmitting blocks of information (blocks). They are linked together thanks to encryption.

These information blocks operate independently and can expand over time. They are managed by system participants, not through intermediaries.

This means that once a block of information is recorded in the Blockchain system, there is no way to change it. Additional information can only be added when everyone agrees.

The block of information we are talking about is real-life exchanges and transactions.

How does Blockchain technology work?
For a block – a block of information to be added to the Blockchain, there must be 4 elements:

There must be transactions: that means there must be buying, selling and exchanging activities taking place. For example, you make a purchase on Amazon.
That transaction must be verified: all information related to the transaction such as time, location, transaction amount, participants... must be recorded. For example, when viewing order status, you will know what you ordered, the total amount, when you will receive the goods...
That transaction must be stored in the block: at any time you can review the order information you have made. They are stored in the “Order Management” section.
That block must receive a hash (a function that converts one value to another): only when a hash is received can a block be added to the blockchain.
Blockchain technology allows the exchange of assets/transactions without the presence of a third person or without relying on trust. In other words, Blockchain is the foundation for the birth of smart contracts.

Real-life examples help you better understand how Blockchain works:

A and B play a game to guess C's check-out time. Each person bets 100,000 VND. If at the time C checks the fingerprint, the minute hand falls on an even number, then A wins. On the contrary, if the minute hand falls on an odd number, B wins.

To manage transactions, A and B have several options as follows:

Ask the third person, D, to keep the total bet amount of 2 people: 200,000 VND. The winner will receive the money back from D => If D turns around and does not want to return the money, both A and B will suffer losses.
Choose to trust each other => Even if you are a close colleague, there is still a possibility that the other person will not give you money
Obviously, the above two methods still face certain risks. Blockchain was born to solve the above problems.

Through a few command lines, both parties' money will be transferred into the Blockchain program. Collecting data from timekeeping software, this program will transfer money to the winner.

What are the applications of Blockchain Technology?
Based on the Blockchain platform, many applications have been born such as Uber, AirBnB... but the most prominent among them is Bitcoin (virtual currency). Blockchain technology is truly a bright spot in the 4.0 industrial revolution.

Blockchain technology trends
Although it has been around for more than 10 years, Blockchain technology is expected to have certain growth steps. This is still the foundation for many new applications to be born.

Below are 4 Blockchain trends predicted in the coming years:

Blockchain technology is more trusted: Because of state intervention, Blockchain promises to reduce fraud and lies.
Bitcoin and other virtual currencies continue to develop: Despite many bad rumors, many investors still believe in the development of virtual currencies, especially Bitcoin.
Expanding application: Besides the financial sector, Blockchain technology also has the potential to be applied to state management, elections and other industries.
The explosion of blockchain games: The excitement of games built on the Blockchain platform is attracting more and more investors.
What are the advantages and disadvantages of Blockchain?
blockchain-la-gi
Advantages of Blockchain technology
The advantage of Blockchain technology is to ensure high security, eliminating theft or modification of information.

Thanks to the decentralized platform, information in the Blockchain is not controlled by a single party. It is also known as “peer-to-peer distributed consensus mechanism”.

However, Blockchain technology still has a few disadvantages that you need to keep in mind:

Vulnerable to hackers: despite being protected by the Proof of Work consensus algorithm, applications developed on the Blockchain platform are still "prey" of more than 50% of cyber attacks.
Modifying data is extremely difficult: once data is included in the Blockchain, it is very difficult to change. Stability is both an advantage and a disadvantage of Blockchain.
Inconvenience of private key: each Blockchain account will be given a public key (can be shared) and a private key (needs to be kept secret). Users use private keys to access their funds. If they lose their private key, their money will be lost and they can't do anything about it.
Salary for Blockchain Developer position
Infinity Blockchain Labs:
Salary will depend on the candidate's qualifications, usually fluctuating around 2000 USD gross.

Mr. Thong Nguyen, Senior Technology Manager of LogiGear:
Because most candidates are Developers without Blockchain experience, the company only wants to find Developers who are "interested" in Blockchain technology.

It is difficult for the company to "invest" 2000-2500 USD per month in a Developer who "does not know" what Blockchain technology is. Therefore, a level of 1000-1500 USD is reasonable for a Senior Developer to accept the challenge and prove his abilities to employers.

Mr. Carlton Pringle, Project Lead Tumblebit & Breeze of Stratis:
The salary will be high if you pass the long learning period of about 6 months to 1 year and can contribute significantly to projects.

According to the information technology industry salary survey in 2022 - 2023 conducted by ITviec itself:
“How attractive is the salary of the Blockchain profession?” It must be a concern of many people. Understanding that need, ITviec conducted a survey on the average IT salary in the Blockchain field and had the following results:

In the city. HCM: 41 million VND/month
In Hanoi: 38 million VND/month
In Da Nang: 36.4 million VND/month
See the full information technology salary by location, field of activity, city, language,... now!

Demand for recruiting Blockchain Developer
Infinity Blockchain Labs:
The potential of Blockchain-based systems is increasingly recognized. The need to create pilot projects and products has increased rapidly. The demand for recruiting Blockchain Developer has been increasing since then.

Currently, Infinity Blockchain Labs is designing more training programs for new graduates. This is a move to help supplement human resources for the company.

Mr. Thong Nguyen, Senior Technology Manager of LogiGear:
Blockchain is a new technology, but not a “silver bullet”. This technology needs to continue to be "upgraded" to promote all its advantages.

The demand for Blockchain Developer at LogiGear as well as the Vietnamese market is very promising. Mainly to meet the needs of outsourcing Blockchain applications in the future.

Mr. Carlton Pringle, Project Lead Tumblebit & Breeze of Stratis:
The demand for recruiting Blockchain Developer in the current market is high. However, there is quite a bit of competition for starting positions. Many developers without Blockchain experience still want to join this field.

Regarding future prospects, Blockchain technology will continue to be applied although we do not yet know how successful it will be.

What requirements does Blockchain Developer need to meet?
Infinity Blockchain Labs (IBL):
We look for candidates who understand Blockchain technology and have knowledge of cryptography.

Candidates are also required to be proficient in one of the following languages: Python, Go, and Javascript.

In addition, we appreciate candidates who are capable of self-research and like to explore and learn new technologies.

Mr. Thong Nguyen, Senior Technology Manager of LogiGear:
To become a Blockchain programmer, candidates must first have the skills of a Developer. That means, candidates must have logical thinking and programming thinking. In addition, it is necessary to master programming methods and basic concepts in programming.

In addition, Blockchain Developer needs to have more knowledge about network programming, synchronization, and information security knowledge. Especially hash functions and asymmetric encryption, electronic signatures.
Mr. Carlton Pringle, Project Lead TumbleBit & Breeze of Stratis:
When interviewing Blockchain Developer candidates for Stratis, we look for people with hard software programming skills and an interest in Blockchain.

A Senior Developer who has done many successful projects will have 95% of the skills applicable to Blockchain. Problem solving, coding, testing, understanding requirements, source code management, and DevOps are all skills that can be applied to the Blockchain field.

I will then ask the candidate:

Explain how the candidate understands how Blockchain works.
Why is Blockchain safe and why has it never been hacked even though it has been in operation for 10 years?
They need to explain what Blockchain actually means and how it is built and how transactions take place. Maybe they need to explain mining too. I expect them to at least understand the basics.

Anyone looking for a Blockchain job should understand how Blockchain technology works. There is a lot of good information out there for Developers. I want to find evidence that they care and think about Blockchain.

It's very difficult to find developers who have experience with Blockchain. You must help developers who have no experience in this field "enter the game".

Furthermore, Blockchain is not difficult. Unlike AI, the technologies used in Blockchain have existed for 20 years. You will find many contents of Blockchain technology that are easy to understand during the process of learning Blockchain.

Blockchain technology reference documents
Do you want to learn what Blockchain technology is and want to become a Blockchain programmer in the future? Below are resources that you should not ignore:

Blockchain technology from A to Z: Vietnamese textbook for beginners. Answering all your questions about Blockchain, Bitcoin and Crypto Currency.
Blockchain: Blueprint for a New Economy: A great book for those who want to dig deeper into how Blockchain works and the potential applications it brings.
Down The Rabbit Hole: (Discover The Power Of The Blockchain): Understand the power of Blockchain and how to utilize that power in practice.