
Cash Rich, Developer Poor: Blockchain Projects Struggle to Find Developers
The Potential Of Blockchain Technology
Blockchain has been at the center of global tech news lately, and it’s not hard to see why; this technology has huge potential.
As the backbone of cryptocurrencies like Bitcoin, Ether, and countless others, blockchain has already revolutionized the way people manage their money. In fact, blockchain is one of the first technologies to prove that decentralized money systems can work.
But the possible uses for blockchain reach far beyond currency. The list of applications for blockchain goes on and on, from helping protect the environment to streamlining financial markets. In fact, the potential for blockchain is so big that leading banks like UBS as well as the Chinese government have devoted entire labs to the ongoing research and development of blockchain technology.
And investors have definitely caught on. In 2017, blockchain startups attracted over $3 billion via ICOs, or Initial Coin Offerings, a means of raising capital via cryptocurrency crowdfunding. That’s an increase of 3000 percent over 2016 figures.
The Catch: Blockchain Developers Are Scarce
Despite all the hype surrounding the potential of blockchain, there is one major problem hindering the technology’s development: there aren’t enough blockchain developers to build the projects that realize blockchain’s potential.
According to William Mougayar, author of The Business Blockchain, the world is already experiencing a huge lack of qualified developers to help set blockchain projects in motion.
In mid 2016, Mougayar estimated that there were only around 5,000 developers in the world dedicated to writing software using blockchain technology.
The numbers don’t stack up when compared to the 9 million developers worldwide working with Java, for example.
And while it’s likely that more developers will begin working with blockchain in the near future, the lack of dedicated blockchain developers is already affecting business looking to leverage this technology.
Steven Nerayoff, Founder and CEO of Maple Ventures (a venture capital firm focused on blockchain technologies) says he has experienced this first hand:
“If you take high level programmers and cryptographers, like Gavin Wood, or someone who works for DARPA or NSA out of the equation, you’re now talking about only a few hundred people that truly understand this blockchain development at a foundational level,” he told Bitcoin Magazine.
Dealing With The Blockchain Developer Shortage
The solution to the lack of trained blockchain developers seems simple; just train more. Unfortunately, training people in this new technology is far from easy.
Today, anyone who has even limited exposure to blockchain technology is considered an expert. There are a number of non-accredited blockchain crash courses popping up in order to take advantage of high demand. But without standardization or accreditation, it’s debatable as to whether “graduates” of these programs are qualified to take on multimillion-dollar, mission-critical, cutting-edge projects.
So, what options are there for companies looking to hire blockchain developers? Here are a few tips to help companies like yours make informed decisions when hiring new blockchain experts:
- Be skeptical. Always ask for specifics about past projects and tasks when hiring, and look for a proven track record of success. Dig to see what a candidate’s experience with blockchain really is, and ask for references.
- If you’re looking for a ready-made expert, expect to spend. Blockchain is worth big money, and developers know it. According to Financial News London, top blockchain developers are demanding annual salaries of £250,000-£500,000, or $334,435-$668,870USD.
- Think about investing in training. Don’t expect to find a highly-trained blockchain expert right off the bat, particularly if your budget is tight. Instead, hire someone who shows potential and invest in them, or tap into your current employee base for people who are interested in tackling blockchain, and then train them up to speed.
- Choose training programs carefully. Be wary of coding “pop-up shops” that claim to be able to train blockchain experts in a weekend. With so few real experts available, it’s doubtful that the curriculum and program offered by an unknown entity can deliver what your organization needs. Instead, look for an educational institution with a good reputation, a standardized training program, and accreditation.
Without a reliable source of blockchain developers, the expected growth in blockchain-based projects may stall, hampered by the availability of qualified developers. That’s why Kingsland University — School of Blockchain has stepped into the gap. Kingsland addresses the shortage through accredited programs that deliver the high-level curricula needed to train the blockchain developers of tomorrow.
Moe Levin is responsible for the first global bitcoin conference in Amsterdam and is the founder of the North American Bitcoin Conference as the CEO of Keynote — a global events company. Levin serves as an advisor and board member for a number of blockchain companies including Unsung and RSK Labs. He is also a Co-Founder of Kingsland University — School of Blockchain, the world’s first accredited blockchain training program. To find out more about how the Kingsland University — School of Blockchain. Find out more about Kingsland’s leading-edge education at KingslandUniversity.com
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