About 60% of these 5000 developers are working at IT and IT-enabled services companies. Others are spread across software product companies and financial services providers.
The research report mentioned that they arrived at the number of people based on three key skills – data science, algorithms and cryptography – and an additional 10000 developers can be trained in given their track record in the fintech industry.
Unlike traditional data repositories, Blockchain is an infrastructure wherein information is shared with decentralised network and validated by the entire network of computers or nodes.
IT services companies such as Infosys, IBM and others are increasingly using blockchain technology for large-scale financial and non-financial transactions for their customers. At the same time, Indian government is currently exploring opportunities to bring more transparency in administration systems such as land records and registration systems.
At a time when companies across varied industries are looking to explore use of blockchain technology, they are facing challenges in finding right talent, said the Belong research report after a year-long observation.
Apart from the 5000 highly-skilled and 10000 developers with rudimentary skills in blockchain, according to the research, an additional 30,000 software developers are exposed to these skills in back-end technology roles and require extensive training and upskilling to be hired as a blockchain experts.
Bengaluru emerged as the top hub for blockchain developer talent followed by NCR, Mumbai, Hyderabad, Pune and Chennai.
“The demand for blockchain experts is only expected to grow,” said Rishabh Kaul, co-founder, Belong, adding that beyond cryptocurrencies blockchain is showing promises in industries such as manufacturing and distribution, virtual gaming, music.