Block Chain professional programmers are now in huge demand. They are primarily sought by banks, global in-house centers, non-banking financial firms (NBFCs), and public sector companies for their programming services. With this, blockchain experts will get double to triple of the salary a software engineer can get. Three years of expertise can get as much as $64,000 or more which is more than enough to cater to the needs of a single family. It is a salary comparable to a techie with five years of working experience.
The blockchain is a network technology that empowers people to connect and collaborate with sufficient precision towards building industry infrastructure. These include companies for global commercial banking. It also creates an environment that can promote wide-scale participation platforms for more company-friendly usage.
There is a massive demand for blockchain developers led by public sector banks that gave rise to a 75% increase in the number of blockchain developers from the year 2017 to 2018. It increases estimates from 2,300 to 4,000 qualified experts shown in several surveys from Teamlease – an online job portal.
Cause Of The Salary Explosion
Paul Dupuis, a managing director in Randstad India, said that only 5000 out of two million software developers have quality blockchain skills. By this, the salaries of blockchain-ready programmers reach twice the amount of non-blockchain experts over the last year with no signs of stopping. Companies are increasing the wage yet unable to find qualified individuals to fill the gaps in their blockchain technology improvement.
The sky-high salary increase is directly accountable to the need of increasing layers of security for financial sectors and protection data for fraud incidents. Non-blockchain expertise at senior level was recorded to be $210,000 to $350,000 till the recent year. However, it touches a new record of $561,000 per annum. The executive search firm is currently scouring for top tech talents with blockchain knowledge. Therefore, analysts presume that blockchain experts with five years of experience earn equal to that of a general manager with banking experience of over three decades.
Blockchain Developers VS Non-Blockchain Programmers
Non-blockchain programmers, on the other hand, lack the knowledge of the new programming languages. Therefore, it will take a lot of time to learn the fundamentals of the new ones. It creates the discrepancy between the skills and demands toward the two different developers. It is a hard hurdle to overcome even with online programs, workshops, and university courses that teach the new required languages.
The ICICI Bank is currently using blockchain for its domestic trade and remittance transactions. Though the process is on its potential peak, upgrades are still necessary. It is because blockchain technology is showing its viability towards industrial practice and productivity. However, the considerable lack of capable and skillful elites can hinder its future development. It is due to the low number of qualified blockchain techies that can do the job. Only by continuous training and global exposure can we assume a more significant potential for skilled developers in the future.
The government of India needs to start a robust regulatory framework as soon as possible. It is because more than half of blockchain developers in the country will be forced to work abroad for international projects. The delay in working out a framework for blockchain is causing India to lose in a lot of developmental aspects. Issues regarding jobs, talent flight, drag in capital infusion, lack of solution of local problems, and setback in global positioning start to become significant. That’s why the blockchain community comes up with a result throughout six months of surveys. It focuses on how the current regulatory environment affects the core development of blockchain entrepreneurship.
The non-availability of blockchain technology talent and the problem in the regulatory framework is getting worse. That’s why the Nasscom (National Association of Software and Services Companies) is trying to figure out a new way to define job roles in the blockchain technology. So until a new equilibrium sets out, nothing can stop the gap and loss.
The high salary can increase the number of individual interest in learning the new technology. However, it is not the solution towards the supply and demand regarding quality blockchain experts coming in and out of the industry. Many will try to learn and become a blockchain developer, but their qualifications will be hard to verify. So, it is a better way to hasten the implementation of a regulatory system and ensure the increase of blockchain developers while maintaining job qualifications. It is the most feasible long term solution towards the current issue.