The lack of skilled IT workers is hurting the deployment of emerging technology, according to a new survey from Gartner. In areas from cloud to cybersecurity, this crisis is expected to last for years to come.
What is the Blockchain?
The blockchain is a decentralized digital ledger where transactions are recorded chronologically and depending on the cryptocurrency, displayed publicly or not. This digital ledger was first created for Bitcoin (BTC) in 2009. However, over the last nine years, there have been many other developments in the sector. One major competitor is IOTA’s Tangle which looks to achieve the same immutable outcomes in a much different way.
Up until recently, BTC was considered as an outdated coin having the slowest and most expensive blockchain on which to transact, and thus turned to being used as more of a store of wealth (like gold) than anything else.
Since BTC’s most recent updates
and forks, it is likely the view of BTC has shifted significantly. The pioneer
currency may have been the first cryptocurrency to implement the blockchain,
but the technology has progressed rapidly since its inception. Recently, the
author looked in depth as to how best expose oneself to these revolutionary
technologies without taking on the risk of owning actual cryptocurrencies.
Demand Soaring for Blockchain
It would also be advantageous if they understood HTML and CSS to have a general idea about the different core technologies used in the World Wide Web. BTC’s source code, for instance, is in C++ and remains a favorite for blockchain developers.
Recently the demand for individuals in the blockchain talent pool has been soaring. Initial Coin Offerings (ICOs) raising capital in the United States have already passed the $3.7 billion milestone. This need provides an opportunity for all individuals connected with ICOs, predominantly blockchain developers.
Teams of different ICOs are
always unique but what they all have in common are multiple blockchain experts.
These experts form the core of the ICO while “expert” advisers and team members
shape the face of the company. Each ICO needs blockchain talent specifically
focused on their project. But with such a slim market of developers to choose
from, coupled with increasing demand, salaries for developers have nearly
Current Demand Ratio 14 to 1
The current ratio for job openings in the blockchain space to the available talent pool is 14 to one. That means there are 14 blockchain job openings for every one blockchain expert seeking employment. Overall, the current blockchain talent pool is less than ten percent of the current job placement advertisements for the sector. This ratio demonstrates that capital has far outpaced talent in the blockchain technology space.
Another critical point to highlight is that many ICOs and companies do not want multiple blockchain experts on salary as they are getting more and more expensive. What is developing is a world of on-demand talent or a circulation of the oft-cited “gig-economy.”
When tasks are generated that require a blockchain expert, an organization goes to an on-demand tech marketplace to “rent” the time to complete the task. Toptal, for instance, is one of the most well-known, on-demand tech talent marketplaces. Toptal currently represents about 50 percent of on-demand tech engineering labor by total revenue.
Companies searching for
blockchain talent are increasingly sourcing talent “on-demand” to accomplish
short-term tasks while not having to pay long-term salaries.
On-demand Blockchain Services
Toptal has commented that since January 2017, demand for blockchain talent has grown by more than seven hundred percent. These numbers are impressive, but what is even more impressive is that forty percent of the projects currently listed require blockchain skills to partake in them. It does not seem the blockchain is fading but instead solidifying itself as a revolutionary technology.
An analysis of Total’s most requested fields sheds light on which strengths employers are most interested in:
The demand for blockchain
engineers is so significant that it has driven Toptal to create another career
vertical along with a training regimen for existing engineers to become
Upwork, More On-Demand Freelance
Upwork is another freelance on-demand talent website. The firm has commented multiple times regarding how “blockchain” rose to the fastest growing skill sought by companies out of a total of five thousand total skills. Regarding freelance billings for those that have blockchain in their repertoire, there was a year over year increase of thirty-five thousand percent (35,000 percent). These numbers are not specific to blockchain architects but include blockchain consultancy and ICO advisory services as well. The entire blockchain sector is growing at a rate that outpaces every other market currently.
Blockchain is Here to Stay
It is incredible that individuals still doubt cryptocurrencies and blockchain technology. Of course, scam coins still float among the fifteen hundred coins out there, but there are also companies that get in trouble for scams and fraud all the time out of the thousands listed on the U.S. and foreign exchanges.
The capital flowing in even after the occasional scare far outpaces the current talent pool available to fill requested positions. These employment opportunities range from consultancy positions, engineering, coding, to advising ICOs.
Blockchain technology is the economic revolution of our current generation. The capital flow from companies and ICOs shows society is not fighting blockchain’s adoption but is rapidly trying to catch up.