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Bandwagon: Utah Senate Considers Blockchain Following Landmark Wyoming Legislation

Utah legislators are now considering blockchain treatment in a bill that goes before the state senate on Mar. 4

Following on the heels of a series of landmark bills passed by the state of Wyoming, which is now widely recognized as the first and only U.S. state to provide a comprehensive framework for blockchain technology, Utah is looking to get in on the action.

The bill being proposed today specifically centers on the definition of the technology, thereby providing a basis for potential incentives and special treatment that could be doled out by the state. Known as the “Blockchain Technology Act,” the bill was first presented by Republican Senator Daniel Hemmert on Feb. 25. If passed, the new legislation will exempt blockchain businesses from money transmitter compliance obligations, thereby easing the process of development in the state.

The ultimate goal for Wyoming, Utah and other states that follow suit is promoting an atmosphere of blockchain acceptance. According to one forecast published last November, the market for blockchain in global retail will increase twenty-nine fold over the next five years, giving some indication of the anticipation for the industry. States that can strike a balance now of easy to follow regulation are opening the door for both a flood of new employment and economic generation.

The specifics of the “Blockchain Technology Act,” also classified as Bill 0213, are as follows:

“This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill reads.

State senator Hemmert also intends to create a dedicated task force focused on exploring blockchain, in addition to improving the atmosphere for blockchain firms. As apart of his proposal, the taskforce will administer pilot projects, with the goal of reporting their findings back to the state by the end of the year.

According to the bill,

“On or before November 30, 2019, the task force shall provide a report on the task force’s findings and recommendations, including any proposed legislation.”

Compared to the existing framework in New York–through its convoluted and maligned BitLicense program–alternative locations are beginning to appear as the superior choice for blockchain based firm development. Wyoming legislators, who have already enacted 13 blockchain-enabling laws, are trailblazing the space of enticing developers and companies to operate in their state. Wyoming has become so progressive on the industry of blockchain that it has started referring to itself as the “Delaware of Digital Asset Law,” making a play on Delaware’s leading interest in corporate law.

More and more government regulators and politicians are coming to recognize the potential for blockchain development. While the narrative around the industry years ago may have centered on criminal activity, the conversation is moving towards fostering growth as opposed to stifling innovation. Should Wyoming’s position as the leader in blockchain law prove fortuitous for the state, it won’t be long before the series of legislation becomes popular across the country.


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Linkedin: Blockchain Developer is 2018 Most Growing Job Sector (33X)

Bearish about Cryptocurrencies and Blockchain Technologies? Think Again. Research conducted by the leading labor-oriented social network, LinkedIn, revealed that the Blockchain Development sector has experienced the fastest growth of all the emerging industries recorded by the portal.

According to the study, “Blockchain Development” has experienced a growth of more than 33 times compared to the number of existing offers during the year 2017.

The cities with more demand for this type of work are located in the United States: San Francisco, New York and Atlanta, while the skills with more demand are Solidity (the programming language used for development in Ethereum) Ethereum per se, Cryptocurrency, Node.js while the industries with more job demand are IBM, ConsenSys and Chainyard.

The need for experienced blockchain professionals is followed by engineers with experience in Machine Learning, Sales, Medical Representatives, Data Science, and other similar fields.

Blockchain is Here To Stay and Not Only LinkedIn Says So

These results corroborate other independent studies that have reached similar conclusions. Has Not only the number of offers for jobs related to this technology increased but also the number of freelancers who have adopted the use of crypto as a means of payment grew to almost 33% of the total market.

Last year, the freelancing-oriented platform Upwork, published the results of its annual research, showing how the demand for skills related to Bitcoin and blockchain technologies in general became the most active trend.

The cryptocurrency craze is only just beginning
Bitcoin (#1), the most searched Google term in 2017, was the fastest-growing skill in Q4. This was the same time period it hit record high after record high price and reached an all-time high of $19,783 (December 17, 2017). Since its peak, the price has dropped by more than 60 percent; but there is still demand for experts familiar with bitcoin as many look to develop their own cryptocurrencies”

The growth of this type of work is of particular importance especially for those traders who make fundamental analyses. The adoption of cryptocurrencies is critical given the emerging nature of the technology.

The LinkedIn research team was not overly excited by the results. For LinkedIn, no matter how much hype exists at present, it is crucial to be cautious before making any kind of prediction about the stability of blockchain technologies as areas of research that are worth developing industries in the near future:

“It also may not shock you that Blockchain Developer is topping the list following this year’s surge in interest around blockchain and cryptocurrency.
Only time will tell if blockchain will be a long-standing trend in the job market,”

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Cryptocurrency and Blockchain Technology Recruitment up by 50 Percent in Asia

Cryptocurrency and blockchain jobs have become some of the most popular positions in the modern-day business environment. As more enterprises attempt to adopt the emerging technology, the quest for qualified personnel in increasing the availability of corporate jobs in virtual currency and blockchain technology.

Cryptocurrency and Blockchain Roles Have Increased Since 2017

According to CNBC, cryptocurrency and blockchain technology has experienced an increased adoption rate in the global business setting. In fact, since late 2017 when crypto prices soared astronomically, more people have begun to pursue careers in the emerging field.

Recruitment giant, Robert Walters reports in Asia, crypto and blockchain roles have increased by about 50 percent since the previous year. Within this rapidly expanding industry, python coding skill appears to be the most sought-after competence. These positions aren’t limited to virtual currency companies but also to mainstream enterprises like IBM.

According to Indeed, a popular job search engine platform, candidates in Asian countries like India, Malaysia, and Singapore are increasingly seeking blockchain jobs.

Migration from Mainstream Finance

One profound aspect of the developing crypto/blockchain job narrative is the fact that the majority of the people coming into the space are from the mainstream business scene. Due to the nascent nature of the industry, there aren’t many fully developed core competencies. Commenting on this trend, TenX co-founder, Julian Hosp, said:

We hardly ever hire from inside of crypto because most people inside of crypto are very inexperienced. You have very, very few people who are experienced who get into the crypto industry.

For blockchain hobbyists, the problem usually lies in a lack of experience and actual skill beyond an appreciation of the technological process. Thus, crypto purists tend to play second-fiddle to the more corporate-savvy candidates from hedge funds, software companies, and business development firms.

While the technology itself might appear groundbreaking, the building blocks are predominantly tested concepts in the global business process. In a way, a blockchain firm is not much different from a tech company. Thus, they are a becoming a haven for tech, business, and finance professionals. Even legal experts, public relations gurus, and marketing executives are also migrating to the crypto/blockchain enterprises.

At the heart of the allure for these emerging companies is the loose regulatory framework which gives more room to maneuver regarding capital utilization. Commenting on this point, Wayne Zhu of NEO Global Capital, said:

You have a much harder time trying to close deals and making money in the capital market for the last several years, that caused people to think about, ‘Where (can I) actually close deals, (where can I) actually help companies to get money, to get liquidity and the money they need to grow their business.

What do you think is the next step in the evolution of cryptocurrency and blockchain technology jobs? Let us know your thoughts in the comment section below.

Image courtesy of Indeed and CNBC.

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