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Why Accenture Has The Most Blockchain Job Openings In The World

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  • Why Accenture Has The Most Blockchain Job Openings In The World

    Global companies are making massive investments in blockchain, the digital ledger technology that underpins cryptocurrencies and allows information to flow securely between different parties. The total number of blockchain-related job openings more than doubled in 2017, reaching 4,918 postings by year’s end. And consulting giant Accenture is hiring more blockchain jobs than any other company.

    In English-speaking countries, Accenture had 537 blockchain job openings in 2017, compared with 237 for IBM and 157 for cryptocurrency consulting firm and startup incubator ConsenSys, according to job-market analytics firm Burning Glass. Deloitte and SAP rounded out the top five companies hiring blockchain jobs, with about 100 openings apiece.

    While Bitcoin is based on a public ledger that anyone can use to make secure financial transactions, Accenture is focused on building private blockchains that only its clients, their business partners and customers can access. It’s seeing the most demand in three areas: financial services, supply chain and identity. And it’s hiring primarily for roles like software developer, technical architect and business strategist. Accenture generally provides consulting and technology implementation services, while companies like IBM build the technical tools that Accenture often uses.

    But why does Accenture need to use blockchain to link entities together privately, instead of a simple database? According to David Treat, managing director and co-head of Accenture’s global blockchain practice, it comes down to trust. Historically, organizations have rarely trusted one company to become a central data repository, “either because of the proprietary value of their data or due to a lack of trust in others.” With blockchains, multiple parties maintain a replica of recorded transactions that can't be changed.

    Financial services was the first sector where Accenture saw major traction in its blockchain business. The technology is particularly helpful for efficiently settling transactions between banks. “Imagine a scenario where banks A, B, C and D each owe each other different amounts of money, all at the same time,” Treat says. “They need a mechanism to resolve that A owes B $10, C owes D $12, and C owes A $5 … In a typical process, that’s lots of messaging going back and forth between the central system and each bank about what funds they have, what funds they need and their liquidity.”

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