The blockchain industry has been facing a meteoric phase of growth over the past several years, and it appears that the demand for those who are well-versed in blockchain technology has exceeded the supply of skilled workers.
One executive at blockchain-focused FinTech company Ripple is now explaining that this labor shortage stems in-part from a lack of blockchain-related educational courses at universities.
Massive Workforce Shortage Plagues Blockchain Industry
Ken Weber, Ripple’s head of social impact, addressed how he views the current state of the blockchain industry in a recent post on Open Access Government titled “Closing the blockchain skills gap.”
In this post, the first problem that Weber identifies is a massive workforce shortage, citing a report that shows that there has been a 517% increase in demand for engineers with knowledge of blockchain technology – a demand that he claims has largely gone unfilled.
“But the issue is that demand is far outweighing supply. Just 11% of UK businesses expect to employ an adequate number of technology professionals this year, and the number of companies that can recruit the right blockchain professionals is even lower,” Weber explained.
He further explained that the need for workers well-versed in DLT technology extends far past just software engineers, as company’s need to fill “non-technical roles with senior employees who can make decisions involving the application of blockchain to business objectives.”
What is the Solution to This Problem?
As for what could solve this workforce shortage, Weber notes that changes to the education system could drive a change that results in a more robust blockchain workforce.
“Education and training must be the driving factor behind addressing staff shortages and the skills gap in blockchain-based roles,” he said.
As for why the world of academia has been slow to introduce more robust offerings for blockchain-related courses, Weber notes that the parabolic rise of blockchain technology has outpaced the rate at which academic institutions have been able to develop courses that will educate the next wave of blockchain talent.
“However, the pace of change in technology – and the ascension of blockchain – has meant there is a lag between the skills required today by forward-thinking companies and how quickly the educational system can educate the next generation of blockchain talent.”
It is important to note that nearly half of the world’s top 50 universities have begun offering classes relating to blockchain technology to interested students, and a significant amount of blockchain clubs at universities have helped drive this.
In order for the industry to continue growing by leaps and bounds on a year-to-year basis, it is critical that academic institutions begin offering more educational course relating to blockchain technology, or else a continuous shortage of workers may hamper the industry’s future growth.