Talent crunch may slow down blockchain technology adoption

With blockchain fast emerging as a safe and secure technology, organisations across various sectors are exploring the option of using this in their operations.

Published: 03rd March 2018 01:27 AM  |   Last Updated: 03rd March 2018 04:46 AM   |  A+A-

By Express News Service

HYDERABAD:  With blockchain fast emerging as a safe and secure technology, organisations across various sectors are exploring the option of using this in their operations. However, there is hitch - severe shortage of blockchain professionals.

“It has been confirmed now that blockchain will have applications beyond Bitcoin. It is regarded as one of the safest and most secure technology and as a result, organisations not just fintech companies but also those from other domains are experimenting with it, necessitating the need for blockchain experts,” said Srikanth Srinivas, regional director, Andhra and Telangana, Nasscom. According to him, this trend is here to stay and more jobs will be created in the blockchain domain.

“Although the exact number of jobs that blockchain tech might create is yet to be ascertained, it’s sure that there is huge demand for blockchain professionals and organisations are unable to find the required talent.” HR experts see the increasing adoption of the technology as a positive development, especially in the light of other technologies such as artificial intelligence and robotics evoking fear of job losses. Blockchain technology is said to have the potential to create jobs in large numbers.

According to Ritesh Modi, lead faculty, Talent Sprint, there is huge demand from companies in India and abroad for blockchain prfoessionals. “Shortage of blockchain professionals is prevalent across the globe and not just in India. Therefore, we have just launched a fintech and blockchain training programme to train and skill job aspirants and make them ready for blockchain jobs.” He added that blockchain, which works with a distributed ledger model, is the safest technology that can be used in averting banking frauds, counterfeiting and others.

HR experts say it is mostly working professionals who are getting trained in blockchain technology as they want to upgrade their skill sets and further progress in their career. According to them, although blockchain is perceived as a sophisticated technology requiring higher ability and talent to master it, even freshers with exposure to basic science and maths will be better placed in the job market. “Blockchain is in so much demand that professionals are crowding e-learning platforms, portals and tutorials to beef up their resume with this skill.

Especially in metro cities, there has been close to 75-80 per cent growth in enrollment for blockchain courses over the past six months. Data collected by LinkedIn shows that blockchain saw a rapid increase in demand globally, with a 30 per cent yearon- year rise in job postings. Although demand is largely from fintech start-ups and certain IT companies at present, disruption is expected even in other industries, thus creating more opportunities for blockchain professionals,” explained Sudeep Kumar Sen, assistant vice-president, TeamLease Services.

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