A few years ago, even technical people really only associated blockchain tech with electronic currencies. Most developers who knew anything about it gained their experience from fiddling with it on the side. Most of them did not consider it a core skill that would lead to employment.Today, even major banks and other large companies have begun to consider blockchain as a way to process many different kinds of critical applications. While the demand for blockchain developers and associated professionals has spiked, the supply of experts hasn't kept up.
The Limited Supply of Blockchain Professionals
According to "The Business Blockchain," the author estimates that the supply of blockchain developers is very limited:
- In 2016, there may have been 5,000 experienced blockchain software developers. In addition, most of these developers' experience was focused on alternative currencies.
- At the same time, there may have been another 20,000 developers who had limited experience. They may have gained some working knowledge from fiddling around with side projects or writing interfaces for other kinds of software.
These numbers are not just for the United States; they are for the entire world. The author points out that this supply of experienced blockchain technical talent really appears small when it's compared to an estimate of about nine million Java developers in the world.
Hiring Blockchain Developers in the Future
The situation has created a great employment situation for talented and experienced blockchain developers at almost any level. It has also created opportunities for programmers who are interested in gaining the training and experience to help companies with this new technology. Of course, even the supply of teachers who can pass on skills is limited. This technology is likely to attract billions' in investment dollars over the next few years.
At the same time, it makes the market very competitive for companies that need to hire blockchain developers to work on their projects. Also, as the book cited above points out, it's important to remember how many experienced blockchain tech developers gained their skills. The primary focus of early blockchain development was to decentralize computing. It was a bit of a rebellious notion.
It's very possible that quite a few experienced developers have an independent streak. These early developers worked on projects that were a bit out of the mainstream. Many gained their skills out of interest more than the idea they would make a lot of money. Companies may need to adjust their recruiting strategy to appeal to these individuals. A good developer may be able to command a decent salary, but a blockchain developer may be even more motivated to do something different or even to make a difference.
Blockchain Tech Requires More Than Tech Talent
Of course, businesses won't just need technical talent to master blockchain. Current applications are not limited to alternative currencies. They extend to legal contracts, different areas of finance, and even energy trading. Companies will also need professionals who can help develop the business side of these applications.
Since security is a concern with all types of technology, including blockchain, companies will also need help to develop specific IT governance policies that can help them conform to regulations and keep their systems safe. Any serious business that involves blockchain technology will probably need input from lawyers, accountants, security specialists, writers, and other professionals who understand how blockchain technology works at some level.
We Can Find Blockchain Professionals for Your Company
Blockchain technology has the potential to change the way that businesses use computing power to process transactions and store data. Alternative currencies simply provided the driver applications for early work. This is similar to the way that web historians conclude that email drove early adaption of the internet. Blockchain technology isn't limited to electronic currency any more than the internet is limited to email or streaming videos.
Like most new technologies, it has tremendous potential for profit and pitfalls. Without trained people, companies are also likely to experience problems before the technology matures. Here at ICS, we're already scouting blockchain developers and other professionals for our clients. This is just one example of the many ways that we stay ahead of the curve to make sure we can satisfy both our business clients and the talent that we work with.
We're excited about the future of our business, and we'd love to share your excitement about yours. Contact us today, so we can put you in touch with the best people in the business. We can offer you salaried employees, temporary workers, and contract-to-hire employees.