Blockchain Project/Product Manager Salaries and Rates in 2024

Blockchain Project/Product Manager

Who are Blockchain Product Managers and What Do They Do?

Blockchain product management is a burgeoning role that sits at an interesting intersection of classic product management and the new field of blockchain. To better explain it, I’ll dissect the nomenclature to make it easy to digest.

Product Management: What you do when managing a product for business. Product managers work with diverse cross-functional teams to develop and execute a product or service through each stage of its lifecycle, from ideation to launch and ongoing improvement. Product managers oversee the creation and success of a product or product line within a company. They work with teams of engineers, designers, marketing, and sales to help companies determine what to build that will drive demand and meet customer needs.

Blockchain: Distributed digital ledger technology that facilitates secure, transparent and tamper-proof transactions and record-keeping. Most commonly associated with cryptocurrencies, such as Bitcoin. But potentially applicable to a much wider range of processes, from supply chain management to voting systems and digitally verified ID.

How to switch to blockchain product management?

Arguably, if one works hard enough and learns enough, one can become a blockchain product manager. However, a glance at some more conventional professions – such as IT project management – reveals that there are several careers that’ll give you a fine basis upon which to build a transition into blockchain product management: to a large extent, most of these professions are either based on or draw on the same technical or functional skills that blockchain product managers need to have. If you think that your job is among those described below – terms – you’re connecting the proverbial dots.

• Product Management: People with experience working in product management bring direct skills to the table; you’ve likely worked alongside product managers in the past. They focus on understanding user needs, how to develop a product roadmap and, equally critically, the ability to work cross-functionally with engineering and design, and across vertically integrated organisations.
• Project Management: Veterans of product management will serve the project well because they’re accustomed to operating at a breakneck pace with hard, inflexible deadlines; working with costs and interfaces for money, people, and technology; and navigating stakeholders and internal politics for worthies such as Salesforce colleagues or company executives.
• Software Development: This candidate has prior experience working with software development, from its functioning to its product design. Since software is a key element of blockchain technology, it is important to have someone on the team who is used to working with and developing software products. They can contribute knowledge about developing blockchains into new products.
• Marketing: Marketing professionals can contribute with useful blockchain product management skills such as market research, branding and positioning, and also some expertise with customer acquisition.
• Financial Services: Professionals with experience in financial services are a good match for blockchain product management: They have a deep understanding of financial disintermediation, the industry’s regulatory environment and the peculiar contributions the blockchain makes to the monetary side of business.

However, you can also pursue a professional path if you want to learn blockchain product management. First, you’ll need to fundamentally understand product management and blockchain both. Online courses can help you build the foundation in these topics. You can also earn a certification. But most importantly, remember to learn by networking with people around you, getting involved in community discussions and researching trends in the industry.

Combining Concepts: What Blockchain Product Management Entails

Blockchain product management is responsible for managing the development and success of products or services built on or using blockchain technology. Some of the specific responsibilities of a product manager may include:

• Market Research: The PM who is knowledgeable of the market is better prepared to develop a blockchain product that serves a genuine need in the market. Having a pulse on what potential users want, competitors have, and emerging market trends informs a PM of what products are available, what problems are worth solving, and what opportunities may exist.
• Specifying Product Vision: A product manager needs to specify product vision and then communicate it to the team in order to establish an understanding of the customer’s need and the business goal.
• Product Roadmap: PM creates a product roadmap(time duration attached) to plan the features, based on product vision and market awareness.
• Setting Product Requirements: Following the philosophy of working with stakeholders to provide the specs that a product must generate for its users. This would also require people who grasp the technical ins and outs of blockchain, such as making smart contracts, consensus mechanisms work, and performing cryptographic functions.
• Scheduling Product Development: A product manager represents the features to be built and then manages cross-functional teams to develop those features by the deadlines, for the costs, and to the quality required.
• Identifying Problems: Secondly, there is research and identify problems or opportunity where blockchain can provide a unique solution. Finance, healthcare, supply chain … and so forth.
• Feature Prioritisation: A PM walks his team and stakeholders through the product’s features – or what the product should include – and ideally decides which features are most important based on customer feedback, business goals and time and resources.
• Setting Price and Position: A product manager must determine the price and position of the product, typically based on market research as well as his own expertise.
• Evaluating Product Performance: This includes tracking metrics such as revenue numbers, time usage, and customer feedback and suggestions.
• Educating Stakeholders: As blockchain technology is relatively new, a PM often has to educate internal and external stakeholders about its benefits and use cases.
• Data-driven Decisions: The use of data in informed design decisions is a key step in a product manager’s work. The product manager might decide which features to prioritise, how to enhance user experience, or how to optimise the product for different markets.

Are Blockchain Product Managers in Demand?

Blockchain is being talked about in virtually all industries, and we’re now seeing many companies hire for the role of blockchain product manager, where we can see several of the new and promising roles mentioned above coming into play. Companies hiring for blockchain product managers may include but are not limited to:

• Crypto and blockchain startups.
• Big tech.
• Financial institutions.
• Supply chain and logistic companies.
• Government and related agencies.
• Consulting firms.
• Healthcare.
• Energy.
• Numerous other sectors.

The salary for a blockchain product manager depends on various factors, for example, their location, the size of their company, and the individual’s experience. The average salary for a blockchain product manager is about $167,000 per year in the US, according to Glassdoor, and it might go even higher over the next couple of years. Salaries for larger tech companies or for someone with a lot of experience can be several hundreds of thousand dollars more. Blockchain product managers can also receive non-equity compensation such as equity or tokens depending on the type of organization they work in. These figures are likely common in startups.

How To Become a Blockchain Project Manager?

Blockchain project manager career is still one of the most rewarding jobs that young people should certainly go for. We are here to make things easier for you concerning the career you are thinking of pursuing. In this article you will get to understand what skills you need to possess when choosing to specialize as a blockchain project manager. Let’s grab a cup of coffee and get into details!

In turn, blockchain technology disrupts nearly every sector and, along with it, galvanizes opportunities to engage people, make things happen, and transact business. All the same, no matter how automated your business processes may become, at the end of the day it will still always be people who take the initiative for business or personal rising needs.

Hence, project initiation phase of blockchain development life cycle is very vital which will always have the project managers, clients and all the stakeholders mapping the goals, purpose, roadmap and deliverables which in itself is an important task and therefore blockchain project manager will always be a requisite.

Who Is A Blockchain Project Manager?

A decentralised ledger project has a project manager in a lead position – a person acting as a bridge between developers and the client. You’ll make sure developers are clear on the scope of every project and make sure you have positioned yourself to deliver to the client requirements. The reality is you manage the team. You’ll have a team to oversee wise plus you’ll work on database structures, process systems and the project token economy. If the project is not based on a token economy, you will be overseeing the whole process of building out the blockchain infrastructure.

In other words, what the blockchain project manager job description involves is building monitoring tools, reporting tools, being responsible for security protocol, creating a system for transaction processing and developing any feature as required. In fact, the manager is responsible for whatever comes up from the blockchain process.

Since the ledger system and processing units are core components of all blockchain technologypowered projects, ensuring these computing processes are as efficient and stable as possible is super important. Thus, you shall strive to keep these processing capabilities at optimum efficiency and stability.

But, in fact, blockchain is a project and blockchain project management covers the entire life cycle of the project, from creating a roadmap to shipping the solution, and the blockchain project manager is the only one to ensure the success of any project you participate in, regardless of the industry.

Therefore, the reason that this career is important is that you have to do it, and it involves great responsibility, so in conclusion, this job is meaningful.

This is your chance now. Get this onto your resume and expect an secure career. But also, you will need to attain some specific skills in order to get started as a project manager. Here is a guide about what skills or qualification you would need to get a job as a blockchain project manager.

What Skills Do You Need to Become a Blockchain Project Manager?

You make it sound like there should be some sort of skills you should learn only for that kind of job.In reality, there are some skills one should master for a job for a project-manager position. Who is not looking for such professional experts nowadays? And of course, an enterprise needs to definitely see nice enriched resume.

Get thorough knowledge about Blockchain Essentials

The biggest question is, what do blockchain project manager jobs entail? Here’s my breakdown so far: As a blockchain project manager you will need to know about blockchain technology. In this case, blockchain technology may be a relatively generalised form of knowledge – it could be considered your ‘blockchain message consumer’ knowledgebase (BMC), or an expert level ‘blockchain message producer’ knowledgebase (BMP). The first order of business towards developing knowledge about the blockchain is to see how the technology ‘works’.

Generally, the basics will involve a definition of the technology in question, how it works, how X in Y typically works, and so on. Thus, you should begin with defining blockchain, and after that move on to more complicated topics like smart contracts.

Generally i would recommend taking a blockchain project manager course with a trainer, which would teach you from the very basics of the technology. In this way, you will surely become a blockchain pro.

Learn to Couple Business with Blockchain

As a project manager, you need to know how you can tap this technology in a business context. Let’s say your company wants to improve its business process using a blockchain solution. But since you might not be familiar with how blockchain is embedded in a business model, you won’t know how to do it.

In reality, it’s still one of the most important things at which you need to get good. So I’d recommend you start with trying to see if you can effectively overlay blockchain on existing business models. Once you’re able to do that, you can progress to trying to overlay new business models on top of the blockchain.

In the real world, it’s a skill that can get you paid six or seven figures because most enterprise companies have no idea how the tech can extend their business.

Learn to Develop Blockchain Implementation Strategy

It should go without saying that you’d better be already familiar with blockchain implementation strategies since, if you don’t start with one, you won’t know how the solution should deviate from it. Nevertheless, if you don’t know anything about the topic beforehand, then you should study some successful blockchain implementations first.

What’s the use? For starters, it will help you analyse how other enterprises organised their consortiums for blockchain solutions. As you learn how they thought about the problem, you’ll also pick up on special strategies.

or even a community to see how others work.In fact, even in the real world blockchain community is vast and supportive. You will have a good experience by getting from especially from these communities you’ll see.

Polish Up Your Leadership and Management Skills

This skill is going to be your bread and butter at work. And it had better be mastered. Make no mistake, you are going to be a people person. Along with project developers, product managers, designers, and other blockchain technicians, you will have a team under your wing as a blockchain project manager. You are going to be the one leading these people through the entire process for a blockchain project. In short, your team cannot function well without you.

Therefore, it is an imperative. There­fore, hone your leadership. For without your lead, the success for a solution becoming effective is challenging.

In addition, you are supposed to collaborate with the team members, and, as a manager, still more often, you are supposed to manage them, deciding what and how they should do, investigate their strengths and weaknesses and task them up accordingly. Moreover, stick up juxtaposed and contrasted with the friendly approach.

Overdo any of it, and your team may fall apart.

• Flexible Working Hours
• Opportunity in Various Industries
• Training for CEO Level
• Work on Unique Projects
• Opportunity for Learning