A report by Juniper Research recently said that 57% of large companies are considering, or about to implement, blockchain technology. In fact, 90% of the major North American and European banks are exploring blockchain solutions. The problem is that 94% of Fortune 500 executives with plans to implement blockchain technology have also reported that they will have trouble finding the talent needed to implement their plans.
The skills gap is prominent in the blockchain world. Companies all over the world end up competing for the same talent. While this means that blockchain developers have their choice of jobs, companies are looking for other ways to protect blockchain candidates.
A report by the World Economic Forum predicts that by 2027 10% of global GDP will be stored on a blockchain. As more and more organizations start testing and piloting blockchain technology, a significant talent shortage has been created. TechCrunch reported that for every existing qualified blockchain developer there are 14 open jobs. And while both training camps and university courses are trying to bridge the skills gap, it will probably remain for years to come.
Fortunately, organizations are overcoming the challenge of securing blockchain talent, and they are doing it by perfecting or training their current employees. Other viable options that are gaining popularity are outsourcing, which uses a combination of upskilling and outsourcing and the use of blockchain-as-a-service.
Each of these options has its benefits. Above all, each of these options allows companies to continue innovating in the blockchain world, instead of stopping IT production due to lack of talent. Here's how these tactics can help bridge the gap of blockchain talent, depending on the project and business needs.
Upskilling and internal training
Building a team to develop and implement blockchain projects requires a wide range of skills that a limited number of professionals currently own. From software development and engineering to security expertise and regulatory awareness, finding talents that include just a few of these skills is extremely difficult for both human resources departments and IT managers willing to use blockchain technology. .
For this reason, organizations that already have a development team are in a good position to avoid having to compete with external talent. Depending on the project, it may be possible to provide the existing development teams with the resources to cultivate their blockchain skills internally.
Blockchain is mainly known as the technology behind cryptocurrencies; however, professionals with knowledge of data science, algorithms and cryptography are well positioned to understand and develop blockchain skills and help organizations take off projects.
Companies interested in helping their workforce develop these skills mainly use training programs and development bootcamps to grow their talent internally. The coding schools say they are getting a lot of demand from employers who sign up for their team for blockchain programming courses that can be completed in a few weeks. There are now blockchain-based training camps around the world, developed to help meet this skill demand. Many companies choose to collect the expenditure, which can be quite high, for employees who want to train and return to the company to undertake blockchain projects.
Outsourcing and blockchain-as-a-service (BaaS)
The new blockchain development services are constantly emerging as a practical solution for organizations that need to go beyond their internal capabilities. The collaboration with an experienced external team that already has some years of experience in the development of blockchain has its advantages. For example, the use of external teams can help companies in fast-moving industries keep up with their competitors. Working with an outsourced team can also help companies avoid costly hiring mistakes.
In addition to the traditional outsourcing model, many organizations are turning to another feasible option: blockchain-as-a-service (BaaS). Similar to the SaaS (software-as-a-service) model, BaaS enables companies to leverage cloud-based solutions to create and host their own blockchain apps, smart contracts and blockchain features while the service provider charges a fee to manage and maintain cloud-based blockchain infrastructure. Typically, support activities such as hosting, bandwidth management and security features are all managed by the BaaS provider so that organizations can focus on the effective functionality of their product.
In recent years, Microsoft, IBM, Oracle and Amazon have launched their blockchain cloud hosting services. The success of BaaS suppliers could be what finally leads to the mass adoption of blockchain technology in a variety of industries. Instead of developing its own blockchain products or services internally, organizations of all sizes will be able to outsource almost all the complex technical aspects of their projects efficiently and economically.
A blended approach
A blended approach, or the choice to outsource while building the skills of internal teams, could be the best route for organizations looking to integrate blockchain technology into their long-term strategies or offers. Unless it is a single project, providing opportunities for internal teams and external expertise to collaborate can help internal teams accelerate the internal workings of blockchain technology much faster. Employees will have the opportunity to observe and learn new techniques, tools and processes used by outsourced teams and then be able to apply these learnings to future projects, adding tremendous value to your team with a lot of skill. sought.
Large companies still deal with the human resources department with blockchain talent research, but these other options help ensure that output continues. Companies that want to be fast on the market can not always expect a qualified blockchain talent. Instead, due to the competitiveness of the market, companies must find other ways to stay on track. Upskilling, outsourcing and blockchain-as-a-service offer just that.
As blockchain cases continue to emerge in almost all sectors, organizations will continue to look for ways to exploit the value created by revolutionary technology. Fortunately, from training and internal training to outsourcing and BaaS, there are now many ways to distribute blockchain projects without making a risky hiring decision or moving to the extremely limited and expensive open labor market.
Nacho De Marco, CEO, BairesDev
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