There is demand for blockchain experts across sectors and specialists are needed by numerous companies.
In February 2018, Prime Minister Narendra Modi launched NASSCOM’s Future Skills Platform where it is anticipated that 4 million Information Technology (IT) professionals will be trained in eight new skill-sets including artificial intelligence (AI), virtual reality, Internet of Things (IoT), big data analytics, among others.
During the event, Ravi Shankar Prasad, Union Minister of Law & Justice and Electronics and IT had said that with the advent of new technologies like AI, blockchain and IoT, it it important to reskill young professionals in the country.
While on one hand there is a rise in the number of courses available to cater to the demand for blockchain courses, on the other, institutes are seeing an increase in interest among both students and working professionals.
Vikalp Jain, co-founder and president of edutech startup AEON Learning said that it is a given that people are finding it difficult to survive in the market with basic skills.
“The bar has been raised across corporates and automation has replaced a lot of regular processes that required human intervention,” he noted.
The application of blockchain has extended much beyond the regular IT and technology companies. Sectors like banking and insurance are depending heavily on blockchain technology to simplify processes and make customer interface user friendly.
A blockchain can be defined as a set or list of continuous records, called blocks, which are securely linked using cryptography.
Large financial institutions such as ICICI Bank and State Bank of India (SBI) have stated that they are betting big on blockchain technology. In fact, a few months back, SBI said that it was looking to implement the technology in its know your customer (KYC) process. In 2016, ICICI Bank had executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD, a leading banking group in the Middle East.
In 2017, Bajaj Allianz General Insurance launched Travel Ezee, an application that uses blockchain technology to disburse travel insurance claims even before a claim is reported.
Also, about 15 life insurance companies, including ICICI Prudential Life, HDFC Life and SBI Life Insurance, have partnered with IBM and blockchain solutions provider Cateina Technologies to come together as a consortium to share data with respect to medical records.
A report by job site Indeed had earlier said that there has been a big jump in the number of jobs related to cryptocurrency and blockchain had seen a rise of almost 300 percent in the June-November 2017 period. Further, they said that there was a 52 percent increase in the job searches using keywords related to blockchain and cryptocurrency.
The courses related to blockchain have seen a rise. Professional education institute Imarticus Learning has a programme called FinTech Prodegree (in partnership with Rise Mumbai) which includes a 30 hour deep-dive on blockchain.
Similarly, certification and training provider Simplilearn has a Blockchain Certification Training course, specially meant for developers.
Jain said that their blockchain certification course is primarily targeted towards IT sector specialists and developers. In the near future, they would add introductory courses to their platform.Industry estimates suggest that India could need at least 30,000 to 50,000 blockchain experts in the near future across sectors. Salaries for these experts would also be at a 40-50 percent premium as compared to other professionals.