A recent study undertaken by Financial Express has found that while the blockchain technology industry is growing rapidly, there is a significant shortage of developers that have the requisite skills to power this industry forward.
According to the report, the annual growth rate of the blockchain industry is at an astounding 45% each year. At the current availability levels of developers, the future may see an immense talent shortage if the industry sustains its current level of growth. This study looked exclusively at India. India is miles ahead of other countries in Asia in terms of adopting blockchain as well as digital assets, and its local industry is thriving.
In India, blockchain is being deployed in diverse industries such as agriculture, e-governance, finance, insurance, banking, pharmaceuticals and healthcare. Securities transactions are being documented using distributed ledgers by the Securities & Exchanges Board of India (SEBI) while the Reserve Bank of India is using blockchain or distributed ledgers to keep records of all transactions completed using the digital rupee.
According to the study, India currently has 2 million software engineers. Out of this number, only a paltry 5,000 engineers are skilled enough to find employment in the distributed ledger technology space within the country or elsewhere. To bridge the skills gap, higher education institutions in India have started offering courses in distributed ledger technology (DLT) so that more talent can be availed for this burgeoning industry.
Dr. C. Wright, a chief scientist at nChain who lectures on blockchain at different institutions in India, says he wants his students to grasp the endless possibilities that blockchain encompasses. He adds that his job is to equip students with skills that will enable them to think of new ways that blockchain technology can be used. He wants students to come up with and own solutions developed using blockchain tech.
Across the globe, leading academic institutions such as MIT, Harvard and Cambridge now offer courses in DLT. India is marking itself out as a hub, with a current population of 75,000 people employed in the digital asset industry. This gives India an 11% share of the worldwide workforce in this industry. There are 450 startups in India in the web3 space, and out of these, four have already grown to the level of unicorns.
This underscores how important this industry can be, and it also gives an idea about how much growth potential industry players such as Coinbase Global Inc. (NASDAQ: COIN) have as the world adopts blockchain technology at a higher pace.
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