Blockchain Capacity Building
Gartner predicts that the business value-add of blockchain is set to exceed $3.1 trillion by 2030. There is soaring demand for talented blockchain experts’ familiar who can help demystify and explore potential use cases but 53% of hiring managers surveyed by Upwork cite access to skills as biggest hiring challenge. Infact, hiring start-up Belong reports that for every 10 jobs in blockchain development, there are only five people eligible to take up the job.
Although, blockchain developers are some of the top paid roles in software development earning between $150,000 and $175,000 in annual salaries on average there is an acute shortage of blockchain experts. Firstly, the fringe status of blockchain, where developers don’t consider blockchain in the same esteem as Python and C++ has affected the availability of talent in the industry. Secondly, blockchain developers are scared of working with legal and security experts which is an essential part of blockchain development in the financial industry. Another major reason for shortage of blockchain developers is that developers understand that blockchain is not a universal solution and standards are still evolving.
Organization have adopted multiple strategies to combat the industry wide shortage. Organization like IBM are developing their talent in-house by creating training centers and providing personalized online training for its employees who are interested in blockchain. Similarly, blockchain platform IOHK provides free blockchain training to computer science graduates to create job-ready employees it can hire. Secondly, some companies are outsourcing to agencies and freelancers that specialize in blockchain development. Another strategy that companies have adopted is to hire “now-collar jobs”, a term indicating a job class that does not require a college degree but has some training.
However, courses on blockchain by platforms such as Coursera help develop the talent required by the industry while CodementorX allow companies to hire freelance developers on their platform. Also, the development of the blockchain community has helped companies find recommendations or referrals for blockchain developers. Blockchain has proved that it is here to stay and companies are planning multiple blockchain projects, the recognition of blockchain’s capabilities have encouraged more and more developers to invest in their blockchain skills.
In conclusion, the evolution of blockchain has made it imperative for organizations to innovatively incentivize and hire talent. The hype surrounding blockchain has reduced and the technology is finding applications in multiple industries and generating revenue while reducing costs. The industry is set to soar and create trust in a trustless world.