Hype about Blockchain but no real job

Business Technology

Companies that are undertaking an increasing number of blockchain-based projects are in demand in the Indian market.  Blockchain and cryptocurrency-related professions and courses are increasing in India.

Bengaluru: Dushyanth Chowdary, who is an engineer, did an expensive Blockchain developing course that cost him Rs. 8 lakhs. But he did not land any job. According to him though cryptocurrencies and blockchain projects are always in the news no companies are hiring freshers in this sector. Even a job description for a fresher asks for two to three years of work experience in the industry.

Chowdary said that the companies ask for employees to work in Java, C++ and Python programming languages. He added that “There are openings for blockchain developers but there are no real blockchain developer’s jobs.”

Gaurav Pant, a software engineer posted on a social media platform that there is a lot of hype about blockchain these days. The cost of blockchain courses considerably outweighs the value they provide in terms of training. Free online blockchain courses would be enough if a person has previous management experience.

The global market for blockchain solutions is expected to reach 6.6 billion dollars in 2021. According to projections, spending on blockchain solutions would increase in the next years, reaching about 19 billion dollars by 2024.An analysis on Indeed –a job finding platform– found that a developer earns an average of Rs 25,000 per month in the blockchain industry. Meanwhile, IT engineers make between Rs 10,000 and Rs 35,000 a month on average.

A 29-year-old married man said that he pursued the year-long, four-lakh rupee blockchain course, after working in information technology for a multinational company for five years. He hope to earn double his existing salary after completing the course. But he was offered the same amount as his previous job, which was Rs.  5.5 lakh per annum.

The average cost of a blockchain course in India is Rs. 6 – Rs. 7 lakhs for a two-year course. Salaries, however, are in the range of of two to six lakhs per annum, according to a survey. The same numbers are true for any four-year engineering degree.

Meanwhile, Raj Kapoor, a blockchain expert and founder of India Blockchain Alliance, who also closely works with NITI Aayog, said that the government is completely outsourcing its Blockchain project.

He added that opting for certified Blockchain courses will definitely help freshers land a well-paid job. Online courses are good for information but learning Blockchain is more about getting hands-on experience.

A study published by job search platform Indeed in August 2021, states that the Blockchain job postings climbed by 37 percent annually in 2021 and by 138 percent in the three years after August 2018. Meanwhile, in 2021, demand for Indian software engineers surged by 76 percent in the Indian market.

Many EdTech (education technology) platforms and institutes in India are ramping up on blockchain courses. A search for Blockchain courses in India throws up lmost 50-70 Edtech platforms.

The demand for Upgrad’s blockchain course has increased by 50 percent in the last year, said Arjun Mohan, Chief Executive Officer of the online education platform in a report. He also said that high-priced courses had seen a surge in enrolment and income of about 100 percent in the previous year.

India ranks second in global cryptocurrency adoption after Vietnam, according to blockchain data provider Chainalysis’ 2021 Global Crypto Adoption Index. Around 15 million Indians have invested in Blockchain and cryptocurrency projects.