Only 5000 of India’s estimated two million software developers are equipped to work on blockchain platforms, according to a recently conducted research by outbound hiring startup Belong. This implies that only one out of every 400 software developers in India can work on blockchain technology, which could potentially be the backbone of many large financial transactions in the country, reported Economic Times.

About 60% of these 5000 developers are working at IT and IT-enabled services companies. Others are spread across software product companies and financial services providers.

The recruitment firm further stated that the parameters of the research included three key skills -- data science, algorithms and cryptography. The report also said that an additional 10000 developers can be trained based on their track record in the fintech industry.

according to the report, top notch IT service companies such as Infosys and IBM are increasingly adopting blockchain technology for large-scale financial and non-financial transactions for their customers. Along with IT companies, Indian government too is increasingly exploring opportunities with the blockchain technology to bring more transparency in administration systems such as land records and registration systems.

At a time when companies across varied industries are looking to explore use of blockchain technology, they

The companies are facing challenges in finding right talent in blockchain as these companies are exploring use blockchain technology, said the Belong research report after a year-long observation.

Stating about current workforce in blockchain tech, the report further said that there are about 5000 highly-skilled and 10000 elementary-skilled developers in blockchain technology, and an additional 30,000 software developers are exposed to these skills in back-end technology roles require extensive training and upskilling to be hired as a blockchain experts.

“The demand for blockchain experts is only expected to grow,” said Rishabh Kaul, co-founder, Belong, adding that beyond cryptocurrencies blockchain is showing promises in industries such as manufacturing and distribution, virtual gaming, music.

In February, the Indian branch of the global job site Indeed reported that the number of job postings related to cryptocurrency and blockchain has increased by 290%, along with its job searches containing crypto related keywords, which have risen by 52%.

Earlier, in January 2017, IT industry analyst firm CompTIA, in its IT Industry Outlook 2017, said that the emergent technologies like blockchain & IoT are going to have a good run in coming years, it also mentions that these technologies will be facing a strong opposition from some of the most oldest and pervasive problems of the industry: less inclination towards security issues, lack of qualified people, and whether or not they represent solutions still looking out for a good problem.

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