Though blockchain sills have been rising in the global market, some countries like China have seen reduced salaries offered to blockchain professionals in FY 2019. The new report released with the title “2020 China Blockchain Professional Development Report” says.
Per the report, the average salary offered to any blockchain industry employee in China has dropped 37% year-over-year since 2018.
Imbalance in demand and supply of blockchain talent increases
The report published on March 19 was produced under the supervision of the Internet Industry Research Institute of Tsinghua Universit. A report got first published in a local publication, Sina Finance. The report was provided jointly by the blockchain professional information service platform “Interchain Pulse” and Beijing-based talent hunting agency Liepin.
Though China sees a record low decline of blockchain job salaries in FY 2019, the report still continues to describe an increasing demand for blockchain talents and skilled professionals in several industries. But the increasing demand is going along with the surging imbalance between the demand and supply of blockchain talent, the report outlines.
Job Seekers with blockchain-focused professional skills are too weak, the report says
Per the report, a few of the talents have matched the job requirements of the companies though there has been a rapid increase in job seekers, the report outlines. In addition, the lack of important and high-end professional skills is the biggest hindrance to the development and adoption of the industry.
The report highlights:
In the supply-side market, a large number of practitioners blindly follow the trend, their professional skills are weak, and there’s a serious shortage of practical compound talents.
President of China Considers Blockchain in Late 2019
Considering China’s blockchain adoption and strategies to strengthening it, the President declares that the country should accelerate the blockchain use cases in October 2019. However, the decrease in the average sum of blockchain job salaries is quite a shock. But the recent study still correlates with some reports earlier this year.
Per the previous report in January 2020, China’s spending on blockchain in areas of investment and financing deals tumbled more than 40% in FY 2019. As per the data received from China’s government-run financial information and media firm Xinhua and financial data platform Rhino Data.
Earlier in mid-January, LinkedIn released a report citing that blockchain will be the most demanded hard skill in 2020 alongside cloud computing, artificial intelligence, and analytical reasoning.