Every day we see news of new forays into research of blockchain technology, not just from the financial industry, but from all market sectors. Everything from fashion to online auction houses are investigating how they can make efficiency savings and operational improvements from blockchain technology, and with the utility on offer it is not surprising.
However with professional service firms now suggesting that they are finding it difficult to find the right talent in sufficient numbers, is this a problem that will slow the rise of blockchain technology?
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The growth in interest in blockchain technology is itself a fantastic indication of the health and viability of the digital currency platform. Indeed with so many financial organizations researching ways to implement blockchain and replace traditional systems, it is clear that this will have beneficial consequences for all cryptocurrencies in the longer term. However, there is an issue that is becoming more prevalent as more businesses seek to investigate the potential of blockchain technology, and that is finding the required talent to undertake it.
Professional service firms are now having trouble finding those with the talent and expertise in sufficient numbers, a situation brought into the light by PwC Fintech Director Jeremy Drane, who recently noted that recruitment is the number one issue facing the industry today. This sounds alarming, and with established organizations and startups having difficulties in recruiting the required skillsets, does this mean that blockchain integration, as has been constantly predicted and now expected over the next decade or less, will start to lose momentum?
Not necessarily, looking at the situation a little more closely and the situation is actually remarkably similar to that of the turn of the century, where the rapid growth of the internet itself led to a skills shortage, but here the solution is likely to take a similar route. At that time, organizations rapidly learned to train new employees themselves using the skilled people they actually had, and this saw a rapid expansion of the skill base throughout the industry. A similar solution is possible here, with plenty of opportunities for those seeking to learn the new skills required.
This does need the industry to help however, publicizing the opportunities and potential of a career in cryptocurrency technology to encourage current students to seek the skillset needed, and encouraging take-up of the in house training on offer are vital to grow the available talent pool to a level that can sustain the kind of growth being seen. With so many options available to the very best, it is essential that the specialization in blockchain technology and digital currencies is seen to be attractive and beneficial for long term careers, and the driving force for that has to be the industry itself.