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

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

Step three of confidence: Maintaining balance

Earlier, we've learned to be an effective communicator by changing style of handling critical situations. In this blog, we shall understand in depth that how to maintain the balance in thoughts. Let's take 'brain' for example to understand, we all know that a human brain has two parts: Right brain and left brain. Right brain thinks creatively while your left brain thinks from a critical side of life. Often, we tend to commit such mistake; where-in we jumbled up the thoughts in our mind and by doing this, either we couldn't able to come to a concrete decision or we messed things up & both the situations won't take you anywhere. Whether it's your personal of professional life, communication clashes will always be there. It's not a situation, where-in the other person is right and you're wrong or vice-versa, its just the fact that both are not understanding to settle this clash through effective communication & sometimes, it reached to a s...
Post a Comment
Read more

Way to 'Financial Freedom': read top 5 books

If you are of 30 years of age and wants to become a successful businessman, then we've got some perfect books for you which will surely help you. Whomsoever wants to become self-dependent, successful and a business magnet, one must read 1.  The wealth of Nations: Adam smith wasn't in the favor of trading infact he always wanted regulations to be in place so that the monopoly can be controlled. 2.  Extraordinary Popular Decision and the Madness of Crowds: Charles Mackay has mentioned that the activities are being affected by emotions and wrong company which we are into. Charles explained about the stock of South Sea company and called it a 'bubble'. The terminologies which is being used in this book still being used today. 3. How to win friends and influence people: Dale Carnegie clearly explains the characteristics of a businessman. The tricks and traits of business relationship can easily be understand in a systematic step-by-step manner. Case study...
Post a Comment
Read more