Blockchain technology is mainly known for powering cryptocurrencies like bitcoins and it works on a highly well-preserved and decentralized electronic system that establishes transparency and trust between two peers amidst the exchange of digital assets. Globally, it is reshaping the way information and data is being used, creating a huge number of blockchain technology jobs. Blockchain developers need skills in data science, algorithms and cryptography to work on these intricate platforms.
While the demand for skilled software developers in blockchain technology is rising, there are not enough experts working in this field yet. A research conducted by Belong, a hiring solution startup in Bengaluru, in the year 2018 stated that only one out of 400 software developers in India are qualified enough to work on blockchain technology. While there are many EdTech companies that are now providing certifications in blockchain development, the demand for skilled professionals in the field is also increasing rapidly.
According to NASSCOM and Avasant Blockchain Report 2019, there is a huge surge in blockchain technology applications. While the uses of blockchain technology are mainly known in the public sector banks and BFSI, other sectors including healthcare, retail and logistics are also investing heavily in it. This has led to a huge surge in blockchain technology jobs making it the number one in LinkedIn’s list of top 15 emerging jobs in India for the year 2020. According to the LinkedIn Report, the industries offering jobs in blockchain technology in India include Information Technology and Services, Computer Software, Internet, BFSI and Healthcare. Most of these blockchain technology companies are located in cities like Bengaluru, Hyderabad and New Delhi.
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Blockchain developers are required to develop and optimize blockchain protocols and design the architecture of blockchain systems. The advantages of blockchain technology are known in building associated products and services like contracts and apps. According to the 2019 Nasscom Blockchain Report, startups are involved in at least 50% of the blockchain projects in India and they are even signing on big enterprises for large-scale implementation. It has the potential to create more than 30000 jobs in blockchain technology in India, provided developers can gain the relevant skills needed.
With more and more startups operating in this field, the demand for blockchain developers has increased by 700% after 2017. According to a report by Applancer, more people in the workforce are also inclined towards blockchain technology jobs since the average salary is thrice as compared to a regular software engineer. However, out of two million software developers, only 5000 have sufficient knowledge and skills regarding blockchain.
As of now, due to the low supply and high demand, even unskilled professionals are working on blockchain platforms. Also, owing to the lack of regulatory clarity to experiment with blockchain and digital assets in India, proficient blockchain developers find it more lucrative to work on overseas projects which is leading to a brain drain. This two-pronged challenge of lack of enough skilled workers and the brain drain requires a concerted effort by various stakeholders to address it efficiently.
While there are some new age education technology companies that are guiding fresh engineers on how to start a career in blockchain technology and provide certifications in blockchain development, the upskilling process needs to grow rapidly. To address the growing demand of blockchain technology jobs, India needs to churn out trained professionals continuously and develop a wider pool of blockchain professionals. India’s blockchain industry is expected to grow rapidly in the coming years with the demand for talent growing every quarter. EdTech companies alone will not be able to bridge this demand-supply gap. Workplace programs must also be in place to ensure a long-term growth of the blockchain ecosystem.
It is also important that educational institutions introduce how blockchain technology works at the school and undergraduate level. Universities like IIT Bombay and IIIT Hyderabad have engaged with experts in the field to create private-academic partnerships that are essential to build a larger pool of blockchain professionals. It is a huge opportunity for educational institutions to upskill their students and create employment opportunities for them.
Considering India produces more bachelor degree graduates in science and engineering than most other countries in the world, the gap may decrease in the next few years. An upgraded curriculum by science and engineering colleges, certifications programmes by EdTech companies and workplace programs together have the potential to meet this humongous demand in blockchain technology jobs in India in the coming years.
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References:
- India Doesn’t Have Skills Set required For Blockchain Technology: Study- Itu Rathore, May 16, 2018
- Opinion: Has India missed the Blockchain tech Express?- Navin Gupta, July 12, 2019
- What does the future hold for blockchain in India?- Samriddhi Malhotra, February 24, 2020
- Blockchain developer demand has increased by 700% in India according to report by Applancer.com- Malaki Braydon, September 26, 2019
- LinkedIn 2020 Emerging Jobs Report India- LinkedIn
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