Opinions expressed by entrepreneur Contributors are their own.
You are reading Entrepreneur India, an international franchise by Entrepreneur Media.
What do cryptocurrencies like bitcoin and ether have in common? Your underlying technology
is Blockchain. While it is true that blockchain technology is at the heart of cryptocurrencies, primarily Bitcoin, it is not limited to it. Created by Satoshi Nakamoto in 2008 to serve as
The public distributed ledger for the Bitcoin cryptocurrency, the technology has now spread its wings beyond that, finding its use cases in a variety of industries, from aviation to travel and mobility to infrastructure and energy to construction, architecture and construction on healthcare and public data.
“In recent years, blockchain has expanded its scope and gone beyond cryptocurrencies. Considering the benefits that technology offers in the form of transparency, trust, data security and privacy, we believe multiple sectors and domains will develop technologies.
ogy solutions using blockchain technology,” says Gunjan Tomer, Chairman of Information Systems Division, IIM Nagpur.
Hari Krishnan, co-founder of Great Learning agrees: “The scope of blockchain technology has applications across the board. It enables transparency, security and efficiency in business operations, which is why it is increasingly being adopted by various industries.”
market size to grow
According to market research firm Polaris, the global blockchain technology market is
expected to reach US$1,235.71 billion by 2030, up from US$5.85 billion in 2021, representing a compound annual growth rate of 82.8 percent. While North America is expected to dominate the global market throughout the projected period due to the presence of numerous major games
For companies such as Microsoft Corporation, IBM, AWS and others, the Asia Pacific region is expected to grow the fastest due to increased adoption of these technologies in emerging markets including India and China. The popularity of the emerging technology can be gauged by the fact that funding for blockchain startups grew 713 percent year-on-year in 2021 to $25.2 billion. Additionally, the technology is listed by the World Economic Forum as one of seven technologies expected to revolutionize various aspects of our lives.
In layman’s terms, the blockchain is an open, distributed ledger that records transactions securely, permanently, and very efficiently. It allows companies, individuals and institutions to exchange encrypted data about money and medical records. The information
is stored in groups called “blocks” and is shared across the network of computers.
Computers on the blockchain.
“Technology is mainly useful in financial and other services to reduce friction. If you consider traditional digital payments, there are multiple intermediaries that a single payment must go through, and each intermediary draws economic rents in the form of fees. Digital payments are quite expensive. Also, there is no transparency between these intermediaries – resulting in a lot of accounting, billing and settlement processes. Blockchain can short-circuit these to make digital payments cheaper, more transparent and accountable, according to Dr Sandeep Shukla, Professor of Computer Science and Engineering, IIT Kanpur.
A whopping 56 percent of Indian companies are predicted to use blockchain technology in some form. And the increasing use cases of blockchain technology in various industries mean that these companies will need a huge army of specialists in the coming months and years. The five in-demand blockchain jobs on various job sites include blockchain developer, blockchain engineer, blockchain quality engineer, blockchain designer, and blockchain legal adviser/attorney, etc. A 2021 report by industry association Nasscom and Indian cryptocurrency exchange WazirX estimates, that by 2030 this will be the case, India could have over 8
Lakh jobs created in blockchain and other web3 related areas.
To make a name for yourself in the emerging technology space, you first need to acquire the right skills. Surprisingly, out of the two million software developers in India, barely 5000 software developers in India have blockchain knowledge.
Certification from leading institutes
Academic institutions, including leading B-Schools and IITs, have recognized the gap between demand and supply and developed courses in blockchain technology. Take IIM Ahmedabad for example
conducts electives on Bitcoin and blockchain technology in its MBA program. IIM Nagpur, on the other hand, has launched a nine-month online postgraduate certificate program in blockchain technology in partnership with Times Pro. The course is primarily aimed at professionals
sionals. Commenting on the course, Tomer said: “Two things inspired us to create this program – first, blockchain technology, with its unique value propositions, is emerging as a significant driver of digital transformation across all industries. We have seen an increase in demand for skills. Second, we found a gap in the academic offerings that block
Chain technology from both a technological and a business point of view.”
Tomer says her program aims to combine both technological and business perspectives. “It will enable participants to design and develop technology solutions based on blockchain technology and develop creative solutions to current business problems. Unlike an elective, the program is more
rigorous and holistic experience for participants to understand and apply blockchain technology in different contexts and domains. Shukla says, “Our goal in creating a blockchain course was to educate software professionals who want to get into blockchain technology and understand it beyond the hype surrounding cryptocurrency speculation, gambling,
and various abuses of technology.”
“In 2020, we at Great Learning launched the ‘Advanced Certification in Software Engineering for Cloud, Blockchain and IoT’ program in partnership with IIT Madras,” says Krishnan.
courses at private universities
In addition to the IITs and IIMs, courses at bachelor level are also offered by some private universities. These include Sharda University, Bennett University in Greater Noida, Alliance University and Amity University. UPES, in partnership with IBM, offers a four-year full-time undergraduate course in blockchain technology. IIIT, Bangalore, in partnership with online platform upGrad, offers a PG program in software development specializing in blockchain.
Recently, MIT-World Peace University inaugurated a center of excellence focused on blockchain technology within the university’s School of Computer Engineering and Technology.
At least 50 percent have a diploma (10+2+3) or bachelor’s degree or equivalent, or they should have a two-year master’s degree or equivalent from a recognized university in any subject. Professionals are selected based on experience (minimum of two years) and familiarity with one of the programming languages (C++, Java, Python, etc.).
“While 68 percent of our learners come from the IT industry, learners from industries such as BFSI, manufacturing, telecom, automotive and even consulting also enroll in the program. Most learners work in technical/functional positions in large companies.,” says Krishnan.
What does the course include
In addition to the concepts of Bitcoin, Hyperledger, Ethereum, Ripple, and multichain blockchain platforms, the courses also help students set up a private blockchain network with Hyperledger Composer and deploy smart contracts on Ethereum. The curriculum ends with
graduation projects. A participant-driven capstone project is a key assessment parameter, where participants will design and build a blockchain-based technology solution,” adds Tomar.
The fee for blockchain courses varies between institutes. The fee for IIM Nagpur’s nine-month online course is INR 2.25 lakhs, while one can enroll in the four-month IIT Kanpur’s Professional Certificate Program in Blockchain in partnership with online learning platform Simplilearn for INR 1.69 lakhs.
salary and placements
With a skill in such high demand, what salary package can be expected upon completion of the course? “The existing talent shortage has created a huge supply-demand gap for professionals with blockchain development skills as well as functional expertise. This has also resulted in high salary premiums as many employers compete for a small pool of talent Blockchain developers vary by company, location and years of experience, in India they are paid 50-100 percent more than other developer roles. Salary varies depending on experience level and skills for blockchain developers in India according to Ambitionbox between 2.4 lakhs and 23.2 lakhs INR with an average annual salary of 6.6 lakhs INR”, says Krishnan.