Take for example an iPhone. It is the most successfully sold technological product in the world. Its success is undoubtedly thanks to the work of the product manager. Here are some questions that product managers both asked and answered continuously before the launch of the iPhone… 

• How do we ensure the satisfaction of the consumer? 

• How do we make it simple to use? 

• How will the iPhone outperform its top competitor Samsung? Through processing power or simplicity and aesthetic? 

• For what demographic do we market and create this product? 

You can see that the role of the product manager is unique because it is essential for him to have a deep understanding of the product itself. The role is heavily integrated in both the process of production and the launching, branding, and selling of the final product. In brief, product managers are involved in both the technology and marketing of the product.

What the Product Manager Must Be Familiar With:

• Technology of the product 

• Marketing

• Consumer

The importance of a product manager is even greater for Blockchain products than for traditional products. Demand for Blockchain based jobs grew by 2000% from 2017 to 2020 -- growing nearly 3X greater compared to the next largest industry grower -- AI. Demand for product management positions in the Blockchain industry has grown at a similar rate, if not greater.

Blockchain based jobs outgrow machine learning jobs by nearly three times in the past 2 years.

A product manager in today’s Blockchain world must guide both the production and marketing of the product. Similar to the internet in the 90’s, most people don’t understand the role Blockchain will play in our future. A product manager in this growing industry will be involved in educating the public on the product as well as the Blockchain technology behind it.

With accelerated technological growth, the demand for Product Management Jobs out-paces overall U.S Jobs significantly.

Working as a product manager in the Blockchain industry can be exciting but also incredibly complex. Since Blockchain is experiencing both immense growth and change, the product manager is forced to constantly adapt, create and discover new ways to produce and sell the product. Working with Blockchain demands a close understanding of the backend team. The backend team is responsible for the physical construction and design of the product. The frontend team is responsible for the branding, marketing, and ultimate sale of the product. 

The project manager is the liaison between the backend and the frontend team. The project manager must understand the limits, goals, and possibilities of the backend team. He must also communicate the goal of the product to the backend team. He must work with engineers, developers, and designers to create a product that the frontend team can sell.

Despite the growth of Blockchain, many of its products just don’t sell. The hype Blockchain has created led to crazy competition and a constant output of new products. A project manager must work hard to develop a unique and beneficial product and must ask questions like:

• Is the design flawed?

• Is the interface user friendly?

• Is the product marketed to the right audience? 

• What is the best timing for the launch?

The ICO boom rode the wave of the Blockchain hype. ICOs (Initial Coin Offering) are public offerings of a new cryptocurrency backed by a Blockchain network. While thousands of coins and Blockchain-based products were being sold following the cryptocurrency bubble in 2017, many have been labeled as fraudulent, overvalued, and scams. This has created a strong negative stigma around cryptocurrencies and Blockchain, which has decreased the market demand for new Blockchain products. 

A top challenge for a product manager in the Blockchain industry today is to navigate the stigmatized market and launch products that stand out as reliable, innovative, and stable products. Following the bubble burst of cryptomarkets, it has been particularly difficult to brand and market Blockchain products as legitimate items. Today, a successful product manager will help build a product that is upheld by not just a structured idea, but by an organized team of intelligent designers, engineers, and marketers that guarantee the success and customer satisfaction of the given product. Structured planning and a strong knowledge of previous Blockchain developments is essential in tackling the largest challenges in the Blockchain industry. Overcoming and circumnavigating the negative stigma of Blockchain and cryptocurrencies is a crucial task for the project manager that determines the success of the product.

As discussed, the rapid growth of Blockchain has led to an increased demand for product management. The tech boom in the early 2000s brought on the first wave of the need for product managers. In many aspects, the product manager brings the confusing digital world to the general public by simplifying and explaining the powers and purposes of the technology. Blockchain demands a liaison to the common public more than anything else. Its complexities and underdevelopment means it needs people, like the product manager, to connect the confusing Blockchain environment with the common consumer. Where we are today, it is yet to be done. Therefore, the role of a product manager will be ever more important for the Blockchain industry. Translating and building Blockchain products in the future will demand comprehensive understanding of both the technology, and more importantly the state of the consumer. 

Recognizing how to both educate the consumer and sell Blockchain products is likely the primary role of a product manager. It is easy to sell an iPhone today, because consumers know exactly what they are buying and how to use it. But it sure wasn’t easy to sell a smartphone in 2006, as customers didn’t quite understand the technology available or how it worked. Product managers stand in the same shoes today in the Blockchain industry. How can I sell a product that the consumer is yet to understand? This may be the vital question for product management in Blockchain for the future. As Blockchain is expected to grow to new heights, the education and marketing of Blockchain products will demand product managers to function as translators from the confusing Blockchain space to the rest of the world.

1. Who is hiring? 

Businesses from a large variety of sectors are hiring product managers in Blockchain, including but not limited to:

• Financial institutions 

• Bank of America

• CitiGroup

• Wells Fargo

• Supply chain based companies

• Walmart

• Amazon 

• Smaller Blockchain companies

• Kraken

• Gemini

•  Stellar

• Chronicled 

2. How strong does my knowledge about Blockchain have to be to enter the field?

Not very strong. Though many employers have mentioned that it is preferable that product manager candidates have a decent understanding of Blockchain, the technology has only existed for less than a decade, and wasn’t popularized until 2017. Most candidates likely have a general knowledge of the Blockchain framework and how it works, but very few are professionals in the space prior to entry. Employers much rather prefer experience in product management in the appropriate sector, rather than just having knowledge about Blockchain.

3. What are the costs and benefits of working for a “big name” company vs. new Blockchain based company?

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