The shortage of blockchain talents has become a major concern and a serious deterrence to blockchain technology adoption in businesses across related industries.The blockchain technology is a growing, diversified technology with its own set of challenges like transaction costs, scalability, governance, security flaws, legality and the rising competition. The technological development is an ever-evolving phenomenon with a continuity of problems being faced, like, attracting skilled workforce at every important stage and deploying the potential of the turbulent technologies like blockchain. The time’s come when it’s important to jot down the risk factor for companies that face shortage of blockchain talent.
The demand for it is going to increase exponentially as the blockchain technology industry has been forecasted to increase by 7 times by the end of 2021. Other risk factors that the companies are facing apart from the talent shortage, include;
- Government regulations
- Bank crackdowns
- Negative coverage in media
The companies which have good interest and funding in crypto are facing the maximum risk. Team building blockchain projects will find their growth hampered by the lack of the qualified blockchain coders and may cause investors to withdraw their investments owing to the uncertainty of returns. As and when more projects fail, it raises the risk of regulations’ intervention. The hiring cost of blockchain developers might rise to an extent that the regular companies are unable to afford, and the leaders in the industry like, the Facebooks, Amazons and Googles, will only have access to it, which would lead to another artificial revolution that would facilitate the rich get richer.
The crypto companies are put at risk due to lack of qualified blockchain talent. Having said that, it also brings with it a big opportunity for the blockchain companies, ICOs and professionals interested in making blockchain as their career, to learn to build the blockchain community together.