A Juniper Research report recently affirmed that 57 percent of large corporations are either actively considering, or are in the process of, deploying blockchain technology. In fact, 90 percent of major North American and European banks are exploring blockchain solutions. The problem is 94 percent of Fortune 500 executives with plans to implement blockchain technology also reported that they’re going to have problems locating the talent needed to make their plans a reality, that’s why software outsourcing can be a solution.
The skills gap is prominent in the world of blockchain. Companies around the world end up vying for the same talent. While this means blockchain developers have their pick of jobs, businesses are looking at other ways to secure blockchain candidates.
A World Economic Forum report predicts that by 2027, 10 per cent of the global GDP will be stored on a blockchain. As more and more organizations begin testing and piloting blockchain technology, a significant talent shortage has been created. TechCrunch reported that for every qualified blockchain developer that exists, there are 14 open jobs. And while both boot camps and university courses are trying to close that skills gap, it will likely remain for years to come.
Fortunately, organizations are overcoming the challenge of securing blockchain talent, and they are doing so by upskilling or training their current employees. Other viable options gaining popularity are software outsourcing, using a combination of both upskilling and outsourced development, and using blockchain-as-a-service.
Each of these options has their benefits. Most importantly, each of these options allow companies to continue innovating in the world of blockchain, instead of halting IT production due to lack of talent. Here’s a look at how these tactics can help fill the blockchain talent gap, depending on the project and company needs.
Upskilling and in-house training
Building a team to develop and implement blockchain projects requires a diverse range of skills that a limited number of professionals currently possess. From software development and engineering to security expertise and regulatory awareness, finding talent that encompasses even just a few of these skills is extremely challenging for both HR departments and IT managers eager to make use of blockchain technology.
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