Verizon On The Hunt for Blockchain Experts

Verizon (NYSE: VZ) has reportedly started hiring for jobs in blockchain-related technology. The communications corporation seems to be developing a blockchain-based system for payments, security, and privacy. The company’s job site has noted that they are looking for five blockchain engineers, with a total job count of thirty-five when the keyword “blockchain” is mentioned. The job postings are vague but do suggest a consumer-facing product and multiple use cases for the resulting technology.

Not Too Late to the Party

Blockchain technology has already made inroads into the telecommunications space. AT&T mentioned that the company was willing to accept payments for services in bitcoin earlier this year. Speculation about the innovation that Verizon is planning suggests that the company intends to leverage this technology for more than just payments.

A Direct Competitor to Facebook’s Libra?

The advertisement of these jobs comes on the heels of the revelation by Facebook that they are working on their own cryptocurrency called the Libra. There are distinct differences between the technologies, most importantly, the distributed nature of Libra. Little is known about whether Verizon will be the sole owner and operator for this blockchain as yet. Libra’s announcement may have pushed Verizon to start development on their own blockchain technology.

The attractive salaries that Verizon seems to be offering for these positions are on par with what Microsoft, Alphabet, and Facebook are providing for their blockchain-based development. An industry source revealed that these companies have taken the majority of the talent within the industry and that companies investing in the blockchain may have a hard time finding candidates that are skilled and competent on the same level as the “cream of the crop” taken by these big tech corporations. Verizon’s product might be in jeopardy before it even makes it out of development.