Only 0.25% of the software developers are suited to work on blockchain
As companies are looking forward to exploring the use of blockchain technology across industries, a study by Belong reveals that only 0.25% of the two million country’s software developers are equipped to work on blockchain platforms.
Rishabh Kaul, Co-founder, Belong said, “India does have the potential to train another 10,000 developers to work on blockchain as they have prior experience of working in the fintech industry.
However, an additional 30,000 software developers, while exposed to these skills in back-end tech roles, are still not entirely capable of working on blockchain platforms and require extensive training and upskilling to be hired as a blockchain expert.
With the advent of bitcoins, blockchain has overhauled the online financial landscape. And beyond the world of cryptocurrencies, blockchain is showing promise in some industries. E.g., In manufacturing and distribution, blockchain is enforcing greater transparency into the supply chain, making it easier to audit and verify the origin of goods and the real cost of production.
- At present, only 5000 developers in the country are technically equipped to work on blockchain platforms. (Skills: Data science, algorithms and cryptography), potential to train 10000 developers to work on blockchain as they have prior experience of working in the fintech industry and 30000 software developers are exposed to these skills in back-end tech roles.
- ITES appeared as the top recruiter of blockchain talent at 60% followed by computer software at 28 percent and financial services at three percent.
- Bengaluru emerged as the top hub for Blockchain Developer talent followed by NCR Mumbai, Hyderabad, Pune, and Chennai.
Kaul further stated, "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 grow further.