Blockchain technology has made a huge breakthrough since its introduction, and more and more companies are moving towards the adoption of this technology. The market cap for services and products that use blockchain or are related to a blockchain is expected to reach $8 billion by the year 2022.
India has shown a keen interest in the technology as demand for blockchain developers has increased by 700% in the past few years. Many newly developed blockchain firms have emerged, and they are providing blockchain solutions and services to various business in India successfully.
— Applancer.com (@applancer_com) September 26, 2019
More and more people are leaning towards blockchain technology as the average salary package for a blockchain developer is thrice as compared to a regular software engineer. But unfortunately, out of 2 million software developers, only 5,000 have sufficient knowledge and skills regarding blockchain.
A report by Applancer.com has shown that the Southern region of the country has a higher demand for blockchain developers as compared to the Northern region. The banks belonging to the public sector are hiring the most number of blockchain developers. In 2017, there were 2,300 specialists involved in blockchain development, and now that number has increased by 75%.
Is there a shortage of blockchain experts?
Currently, 3,000 blockchain engineers are working in the non-banking finance companies, and 3,500 are working in the public sector. With the rise in the demand for blockchain practitioners by 700% since 2017, companies are worried that soon there will be a shortage of blockchain talent in the country.
Future of blockchain in India is increasing as even though the government has taken strict actions against the usage of cryptocurrency in India, they have agreed to explore and understand the blockchain technology. With the cooperation of the government, India might move in the direction of becoming the next blockchain hub along with the U.S.A, Japan, and Australia.