In spite of some aversion signaled by the government and regulators, Indian businesses have continued to adopt blockchain technology. A report by Coinnounce has pointed out that blockchain’s rapid growth in India has created a major demand for capable human resources.
Despite news that the Indian legislature has drafted regulations that could stunt cryptocurrencies and some aspects of blockchain technology in the country, businesses in the realm have continued to show strong interest.
According to the Coinnounce report, demand for blockchain developers in India has skyrocketed by 700% over the past few years, as the market cap for blockchain services and products worldwide is set to touch US$8 billion within 2022.
Much of the demand is from new companies set up specifically to provide blockchain services and to capitalize on the growing industry. The report cited figures from Applancer.com, indicating that demand for blockchain-capable personnel is higher in the country’s south than in the north, with most being sought by southern Indian banks.
Due to the high demand, compensation packages for blockchain professionals have swelled considerably, with developers being offered salaries three times that of other software engineers.
While only some 5,000 tech personnel out of India’s estimated 2 million software professionals are considered to have the required know-how, the lucrative field has compelled many to retrain for blockchain and explore the nascent technology. The latest polls indicate that blockchain specialists have increased by 75% from the 2,300 experts tallied in 2017.
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