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A seductive business

[Bit]coin flipping: The world is in dire need of blockchain developers

Gabriela Motroc
blockchain

Handwriting Talent Wanted image via Shutterstock

The blockchain is on the verge of outshining Bitcoin but even though many industries have now focused their attention on this distributed database, we may have gotten ahead of ourselves because it seems that we lack a strong enough workforce of blockchain developers.

IBM recently made almost 44,000 lines of code available to the Linux Foundation’s Hyperledger Project in order to help developers establish secure distributed ledgers which can be used to exchange most anything of value. A few months later, Jerry Cuomo, the company’s vice president of blockchain technology opined that blockchain “can be generously applied to many industries” and that its massive value has not been tapped yet.

Despite the fact that blockchain is now in the spotlight, there  is something which eclipses its ascension: there aren’t enough blockchain developers to make it truly successful. We knew this before though —The Wall Street Journal warned that companies which want to hire blockchain developers may have to find new ways to lure them because they are being showered with offers. The publication cited Bart Cant, a principal in Capgemini’s financial services practice, as saying that he’s heard people say there are probably less than 100 blockchain experts globally.

Untapped knowledge, untapped money

The other side of the coin is that these experts may have enormous expectations in terms of paycheck. The Wall Street Journal’s Kim Nash revealed that Lamar Wilson, CEO of blockchain startup Fluent, interviewed two candidates earlier this year and learned that Wall Street companies had offered them a pay package of $250,000.

Cant admitted that they keep an eye on GitHub and even Reddit and Twitter to examine prospective new hires. And let’s not talk about blockchain developers who specialize in security —they are definitely an endangered species.

SEE ALSO: Apache Foundation founder joins Hyperledger Project as executive director

IBM to the rescue

IBM released almost 44,000 lines of code to jumpstart the Hyperledger Project less than two months after revealing that it wishes to create an open-source implementation of the blockchain transaction process model. Senior Vice President of IBM Research, Arvind Krishna, said in a statement that the company’s advancements “are making it easier for developers to move from understanding the potential of blockchain, to actually using it to change their business processes in powerful new ways.”

Blockchain is bound to succeed, some say. The Hyperledger Project’s first executive director, Brian Behlendorf, recently told JAXenter.com that blockchain technologies will undoubtedly have a major impact on many sectors.

It’s hard to think of a major industry that couldn’t be significantly affected [by blockchain].  There are lots of projects and companies exploring the set of possibilities.  The good news is that there are plenty of advocates out there for the vision – we, in the project can focus on building a common software platform for all of them.

Author
Gabriela Motroc
Gabriela Motroc is an online editor for JAXenter.com. Before working at S&S Media she studied International Communication Management at The Hague University of Applied Sciences.

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