Australia can’t keep up with skyrocketing blockchain skill demand

The demand for blockchain skills has skyrocketed over the last two years throughout Australia. The surging requirements are creating a job market wherein developers command a premium salary of $300,000 and above. However, the lack of blockchain developers has left Australian enterprises fighting over skilled individuals in a small talent pool.

The continuous boost in the field of blockchain technology and cryptocurrencies has captured the attention of enterprises and organizations around the globe. Primarily focused solely on the transaction of cryptocurrencies, blockchain technology is now being accepted worldwide. It is seriously considered by governments, agile startups, and large corporations and influential business tycoons.

Finding individuals that possess the required skillset to create enterprise-grade blockchain solutions is proving difficult for Australia. LinkedIn 2018 Emerging Jobs lists Blockchain developer as the number one emerging job of the year. The sector reported a growth rate of 33X over 2018. Despite the rapid growth rate severe lack of skills in Australia and Asia has made blockchain developers difficult.

Blockchain Job Market Explodes

The blockchain technology-related job has marked a dramatic increase since the beginning of 2018. Data available from the analytics firm demonstrates a 316% increase over the total number of job postings requiring blockchain skills in US markets, representing tens of thousands of blockchain jobs. The surge in demand for blockchain skills is driven by a huge interest by significant organizations that represent compelling use of distributed ledger technology. There are currently a few Australian platforms explicitly focused on blockchain development. The fast-moving, progressive nature of blockchain technology leads many startups to seek talent via remote job boards and LinkedIn.

Enterprise interest in blockchain technology is growing following the anticipated financial gains. The efficiency of distributed ledger technology can optimize existing business architecture and add value to the system. A report predicts that the cumulative business provided by blockchain technology shall exceed $360 billion by 2026 and subsequently skyrocket to over $3.1 trillion by 2030.

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