If you’ve been wondering why the past few years have been full of talks about the huge potential of blockchain technology, but there hasn’t been much investment or progress from major tech companies, you’re not alone. This may be due to a massive talent shortage in the blockchain community.
Without available and affordable developers, even the best conceptual projects are forced to stay on hold, and companies that might be interested in exploring the new possibilities of the technology are forced to wait. Fortunately, we may be nearing the end of this massive shortage that has affected the entire industry.
Why the Shortage Existed
Even companies that are not fans of cryptocurrency can make use of the blockchain technology in various ways. However, without the right people to design, implement, and oversee new blockchain systems, companies can’t make progress. Some of the reasons why this talent shortage has existed include:
- Fringe status. The blockchain technology has mostly existed on the fringes for several years. Developers didn’t hold it in the same regard as basic skills and languages like Python or C++, and its association with Bitcoin didn’t help either, discouraging developers from investing time and effort into it.
- High costs. Experienced blockchain developers are expensive, making it hard for small to mid-sized companies to afford their services.
- High stakes. Blockchain developers tend to work with high-stakes tech products involving financial transactions and sensitive information, which can be intimidating for some developers and increase the cost of development for companies.
- Future uncertainty. Developers are concerned about the long-term future of blockchain technology, its limitations, and the potential emergence of better alternatives.
Why It’s Coming to an End
Fortunately, this talent shortage may soon be coming to an end due to several motivating factors:
- More ways to find blockchain developers. Platforms like Coursera and CodementorX are offering courses and freelance opportunities, making it easier to learn blockchain-related skills and find developers with those skills.
- The blockchain has proven itself. Over the past several years, the blockchain has proven that it’s more than just a gimmick for cryptocurrency, gaining more credibility and driving developers to invest in their blockchain skills.
- More bounty opportunities. There are more opportunities for developers to gain real experience in solving blockchain problems through bounty programs, which have become more attractive as cryptocurrencies gain value.
- Developers see the demand.The high price tag associated with blockchain talent has attracted developers to pursue blockchain skills as a path to high-paying job opportunities.
Other Challenges on the Horizon
Despite the talent shortage being addressed, there are still other challenges to overcome before blockchain technology can see widespread adoption, including:
- The “everything at once” paradox. The blockchain can’t have all its desirable qualities simultaneously, making it less maneuverable and posing challenges for developers.
- Customers may not be ready for blockchain tech. Everyday users may not be ready for the new requirements that come with blockchain technology, posing a challenge for companies and developers to implement it seamlessly.
- Keeping up. Standards and features of blockchain technology are changing rapidly, presenting a challenge for developers and companies to stay current.
Despite these challenges, the talent shortage in the blockchain community is expected to fade away over the next few years, leading to a surge of new applications for the technology. From there, it’s only a matter of time before its other hurdles get resolved.
