Skip to main content

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.
Labels:

Comments

Post a Comment

Popular posts from this blog

Fourth and Final important step of Confidence: To create an instant impression

We have to learned to be assertive, we've become an effective communicator and also understood, how to make balance in our earlier 3 steps. Now, here we'll be learning 8 techniques to create that instant impression, it just doesn't matter with whom you are; whether it's your office, home or any other place. After leaning these techniques, you can gain the knowledge to create that instant impression. you’ll discover some non-verbal forms of communication that help to inject emotion and energy into the way you communicate. I’ll share some techniques you can use every day. They won’t only help you to come across assertively but they’ll help you to feel more confident too. Let's begin leaning it one-by-one: Eye not only sees, speak also a lot: How many times you've felt that your colleagues are talking to you without looking at you? There are two reasons behind lack of constant eye contact: Shyness Distraction It doesn't matter though but in both...
Post a Comment
Read more

First important step of Confidence: Being Assertive

In the earlier blog, we've understood, What is Confidence? but here we'll be learning it step-by-step that how and where to use it in the corporate world to fight for your right. Imagine you've studied extremely hard and because of this, you got good marks too. You've always dreamt of becoming an Architect, so after finishing up your Architecture from one of the top-notch university, you are going to start your career by getting a job for getting the practical exposure but on the very first day of your job & it happens, that you tend to feel a bit shaky and nervous. So, now the questions arises that, Are you a kind of person who hold yourself from taking initiatives and grabbing opportunities? It's quite usual, that it's the first time you are meeting all new Individuals but if you think it in terms of being an opportunist, this is the time where you can create that solid impression. let's understand in detail: there are some common mistakes ...
Post a Comment
Read more

Attitude - 3 Ultimate Winning Strategies

Do you really want to become a superhuman, Do you really want to earn handsome money and living & Do you want to balance both i.e. Mental & Physical life, perfectly? Then, i suggest; you must read ahead!! The are 3 ways which we (common man) uses and your life will prosper or not depends; which way you will choose?   Bob down by inculcating fear : This is the most dangerous way, you will never be able to overcome your thoughts even it would be very tough to achieve the tiniest tasks. Overall, you will be completely ruined yourself and your career. It's totally your choice, whether you want to run this way but majority of people are running this way.   Greed/Avarice : Too much money in too short span of time, get rich quick. There's a say: "Rome wasn't built in a day", Most of us wants to have everything in our life without paying correct price for that. For e.g. In share market, we just invest some money and expected to grow it ex...
Post a Comment
Read more