Job postings saw a 37% annual jump in 2021 and have risen 138% in the three years since August 2018, according to an August 2021 report from job search platform Indeed.
The demand for these jobs among Indian software developers has soared 76% annually.
Anticipating high demand, leading edtech platforms, colleges and even institutes in India are launching blockchain-related courses.
The Indian Institute of Technology (IIT), Madras, for example, is about to launch a blockchain innovation center at its premises.
“Faculty members from different departments such as mechanical engineering, applied mechanics and computer engineering come together to create an interdisciplinary center,” said Prabhu Rajagopal, a professor in the Department of Mechanical Engineering at IIT-Madras.
The program will be supported by an Indian crypto exchange, which will help organize blockchain summits, fellowships in blockchain development, and fundraising.
The center, Rajagopal said, will not only work on research but also explore product development for the industry. “We’ll be looking at these products in terms of their particular relevance to the Indian market, where hardware hasn’t made much inroads, and while network coverage is increasing, bandwidth remains constrained. We will seek to work on this by leveraging blockchain technologies,” he added.
Rajagopal said the center would operate on a hub-and-spoke model. For example, interested companies could fund a center where professors lead research initiatives. Students working in these areas of research would then move on to create products and solutions tailored to the core needs of the company sponsoring the hub.
Other centers of this type could open, which would stimulate employment in India. In September 2021, a report by industry body Nasscom and Indian cryptocurrency exchange WazirX estimated that by 2030, India could have over 800,000 jobs created in blockchain and other related fields. to Web3. In January 2022, a Linkedin market report indicated that in the United States, blockchain and cryptocurrency job opportunities increased by 395% year-over-year in 2021 , outpacing job growth in the tech sector as a whole.
Edtech platforms said the first signs of this increase in demand for blockchain-related jobs in India are already visible. According to Byju-owned Great Learning, the startup has grown at an average rate of 129% every six months since launching blockchain courses in July 2020.
Arjun Mohan, chief executive of online education platform Upgrad, said the company has seen a 50% increase in demand for its blockchain-related courses over the past year and a corresponding increase in revenue. from these courses.
Upgrad launched its first blockchain courses in 2018. “We are seeing the more expensive courses seeing more participants among new registrations, and an almost 100% increase in revenue from these courses over the past year,” he noted.
According to Mohan, the increase in demand for these courses is usually linked to the increase in job opportunities, and the first applicants are mainly developers working in conventional or legacy technology fields who are looking to improve their skills. However, he also added that blockchain courses still represent less than 10% of Upgrade’s overall revenue, suggesting that the opportunities in the blockchain development space are not fully widespread at present.
IIT-Madras, for its part, is seeking to set up an alumni-focused cutting-edge technology funding initiative to support student projects in the development of blockchain and quantum computing, among others. Such funding efforts, according to Rajagopal, could boost the application of blockchain technologies in the Indian context, thereby boosting jobs.
This, in turn, would further increase student and professional interest, leading to the flourishing of a booming industry.
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