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Giant Revolution: Blockchain & India: 4 Must Known Facts!!

As we all know that Blockchain technology is rapidly gaining massive adoption across the globe but through this blog, would like to mention key points about Blockchain in India - its adoption and coder's statistics.
There is an intense (over a period of 6 months) research conducted by a Blockchain community "Incrypt" on how the current regulatory climate is affecting core development activity and Blockchain entrepreneurship in india. Here are a quick facts which came up through that:

Causing India to lose out on jobs:

Currently in India, out of 2 million software developers in India, meager 0.25% (5000 only) have the right Blockchain skills and they are also being forced to move to other countries (Singapore, Estonia, Dubai, Switzerland etc.) in search for the better opportunity which will further downside the IT sector as slow and steadily, the grip has been loosen up. Retaining talent is better compare to hiring talent but if the Indian government will not take immediate action (like regulation, banking support etc.) then it would be pretty tough to sustain a few Blockchain developers as almost 80% of software developers are forced to move out.

Setting up Regulations:

The RBI (Reserve Bank of India) on April 6, 2018 instructed banks to stop offering services to exchanges and crypto related businesses in India, this has created a major impact on entrepreneurs, software developers, traders and exchanges in India. Not only software developers, also exchanges are planning to shift their base overseas, that's why, unless and until, India won't move fast in setting up appropriate regulations to manage risks and attract global investments in Blockchain, it will affect the economy also at the certain extent. Even after setting up a comity "Niti Aayog" but still it's not helping the cause.

Freelance opportunity are spreading their wings:

  • World's largest job posting website "Upwork", recorded a steady growth of over 2000% in Blockchain.
  • Approx. 14 job openings for 1 developer.
  • 75% blockchain coders believes that open Blockchain projects are required to solve India's problems.
  • 88% believes that India should take a step in regulating utility, payment and security tokens.

Legalized solution to receive tokens:

All open source projects (Ethereum, Neo, Stellar etc) and thousands of other ICO (Initial Coin offerings) need technical marketing or advisory talent and many of these are tokenbased incentives which means, to work on these projects, developers get paid in cryptocurrencies.
The overall gist of the report is: The coders aren't finding any ways to convert it in INR, and afterwards they felt, it's worthless in India, whether the government will consider their non-compliant work in any or the other way.
  • As per you folks, what are the solutions to cut down the job losses?
  • What future are you seeing of Blockchain in India?
Please do let know your comments.
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