A recent research conducted by Belong, a hiring solutions Bengaluru based start-up, stated that only one out of every 400 software developers in India are qualified enough to work on the recent technology of Blockchain. With a growth of Blockchain Technology and its worth estimated to be as high as US$7,683 million by 2022, it is obvious that the demand for skilled software developers in the stream will be on a high. The report gives out that 99.75% of software engineers in the country lack skills to work in the Blockchain Platforms.
For a nation that claims to be the next IT hub, it is surprising to learn that only 0.25% of its software developers are eligible to work on blockchain technology while the rest 99.75% of the developers are reportedly unqualified to work on skills set for the aforementioned.
The Belong study depicts that an additional 10,000 developers can be trained to work in Blockchain Technology while 30,000 developers require extensive training to set foot in this area of technology.
On further research, it was also noted that IT companies like IBM are on an ever-increasing rise on employees that can work in Blockchain Technology while a mere 1% of Chief Informative Officers in India encourage the use of Blockchain Technology in their organization. When it comes to state-wise distribution, Bengaluru, the rightfully claimed IT hub of the nation, tops the list while next in line are NCR, Mumbai, Hyderabad, Pune, and Chennai.
“Blockchain is primarily known for powering cryptocurrencies like bitcoins, and developers must essentially have skills in data science, algorithms and cryptography to work on such platforms. Having said this, the demand for Blockchain experts is only expected to further grow,” says Rishabh Kaul, co-founder of the startup Belong.
The Belong study also highlights that only 5,000 developers in India are skilled to work in areas like data science and cryptocurrency fields that are required in the Blockchain development.
An article in Techcrunch claims that there are 14 job openings for every single blockchain developer at the worldwide level and the profile is reported to be the second fastest growing in the current tech labour market.
Let us start off with what exactly is a Blockchain and why it has gained immense popularity in such a short while. The blockchain is a digital medium of transactions of cryptocurrencies between two peers. Basically, it works on a highly preserved decentralised electronic system which establishes transparency and trust between two peers while the exchange of a digital asset.
The gap is sure large to fill and India still has a large way to go to actually form its place in the Blockchain Technology and moreover to work in a manner where it can compete against Blockchain developers from abroad. With reports that showcase 5.2 million developers in India and claims of overtaking the US when it comes to developers, there is no such use if we cannot match up to the global standards.
This is not the first time when tech talent in India faced severe criticism. In 2016, another study claims exposed the concerning state of the engineering graduates in India. The study tagged 80% of engineering graduates unemployable.
Sure, companies are now actively participating and looking forward to working in this new technology with areas like transportation, government and utilities sectors not lagging behind but we still need to quicken our pace to reach to the race in time to at least be able to participate.