Technology is a big part of our lives. Without the Internet and modern devices, it is virtually impossible to imagine a modern world. Everything is heavily intertwined with each other, and a small mistake in the technological field can cause major damage to large businesses and industries.
When crypto first emerged in 2009, it was a massive innovation in the financial world. The prospect of having a currency that would provide a high level of anonymity security and speed was very attractive to many people. Bitcoin has significantly changed the meaning of finance we knew beforehand.
With its development, blockchain technology has also become widespread. And most recently, RMIT university from Australia announced two postgraduate programs in cybersecurity and blockchain respectively. On May 26, the university, which is focused on research, announced partnerships with IBM and two other companies to provide a certificate in blockchain and cybersecurity.
The programs will start in 2020 this year and last for nine months.
High demand for jobs
The demand for cybersecurity and blockchain professionals is increasing every year. There is always a scarcity for a decent developer and expert in this field. According to statistics, only one in 20 executives find a professional in this industry.
Cybersecurity and blockchain are gaining a foothold in every field. We can’t think of any industry that doesn’t require protection against cyberattacks. Especially in Australia, which is gradually becoming a breeding ground for the gambling industry, online casinos are popping up frequently. Successful protection is one of the key elements, as well as the integration of blockchain technology. Gradually, real money online slots and other games are being replaced by Bitcoin-powered platforms, which require a decent understanding of blockchain technology. Thus, they are willing to offer a high salary to experienced individuals.
According to experts, the courses will be useful for young students to successfully implement sophisticated strategies and emerge as capable leaders.
Lack of skills for blockchain developers
Currently, there are many blockchain jobs that require skills such as marketing, legal, regulatory and financial knowledge. Yet these are the blockchain developers who are proving to be a bottleneck for companies looking to develop solutions based on distributed ledgers.
Business Insider reported that companies in Australia are struggling to find the talent they need to fill critical positions. They even cite shortages across the Asian continent.
One of the reports said that blockchain developers in India with five years of experience could get the same salary as the general manager of a bank with three years of experience. The problem extends to other blockchain hubs around the world. In Switzerland, where Crypto Valley is located, companies hiring blockchain developers can expect to pay around $180,000. While this is at the upper end of the global salary scale for developers, it serves to demonstrate how demanding the skill set is.
Money isn’t the only issue
It’s important to remember that blockchain is still a relatively new technology. Developers who have been in the game longer are likely to have amassed a healthy bank balance by buying bitcoin and other major cryptocurrencies in the early days. Many of them were involved in their startups at the height of the ICO boom in 2017.
While the 2017 ICO boom created a lot of hype and short-term wealth, it did not create a sustainable future for blockchain technology. The long-term future of blockchain depends on the fact that businesses will start using blockchain. These are large technology companies such as IBM and Accenture, which develop blockchain solutions for major players such as Walmart. Thus, tech companies need to find a way to lure the talent of the blockchain developer.
Parenting the next generation of blockchain developers
If companies can’t attract experienced blockchain developers, even with a generous salary and benefits package, talent should come from somewhere else. Thus, there is currently significant investment in blockchain education. This should help create the next generation of blockchain developers. For example, Ripple announced last year that it has partnered with leading universities around the world to further research, technical development and innovation in blockchain, cryptocurrency and digital payments.
They recently joined a new group of partners including Cornell University and the National University of Singapore.
If we ever see blockchain fully utilized, the availability of blockchain developers is crucial.
Technology needs a talent pipeline that goes beyond the idea of being the next founder of a unicorn technology startup in the future, where blockchain forms the basis of business processes.