23 September 2023
Based on a 2019 LinkedIn survey, blockchain is one of the fastest-growing talents in the Asia-Pacific (APAC) area. The top 10 growing talents were determined by an analysis of LinkedIn user profiles from the Asia Pacific area over the last five years. According to the survey, blockchain is the most rapidly expanding skill in Singapore and one of the top 3 in China, Japan, Taiwan, South Korea, Hong Kong, as well as Vietnam. LinkedIn claims that the most common use of blockchain expertise is in the construction as well as administration of decentralized public ledgers. Blockchain designers, CTOs, and consultants are common occupations for those with these talents.
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Before moving further, let us take a closer look at the definition of Blockchain Technology in simple terms. Let’s start.
What is Blockchain Technology?
When it comes to recording trades as well as keeping tabs on assets in a corporate network, blockchain is the shared, unchangeable ledger that makes it all possible. Real estate, vehicles, money, and land are all examples of physical assets, whereas trademarks, patents, as well as copyrights are examples of intangible assets. Blockchain technology allows for the secure and cheap tracking and trading of almost any asset. In the corporate environment, data is king. Information is more useful if it can be acquired quickly and accurately. Since blockchain delivers instantaneous, shareable, and entirely transparent information recorded on an immutable ledger accessible by only permissioned users on the network, it's well suited for providing this data. Transactions, finances, inventory, and output may all be monitored through a blockchain network. Since everyone in the network sees the same, unchanging data, you could review every step of a trade with complete clarity, boosting your trust in the process as well as opening up novel avenues for improvement and growth.
More on the Topic
In no particular order, the other nine fastest-growing fields include blockchain, AI, frontend web development, human-centered design, RPA, workflow automation, social media marketing, continuous integration, and gesture recognition technology. As compared to LinkedIn's average skill set, demand for experts with these talents is quite high. According to the research, mass acceptance of the technologies driving the current surge in demand for these competencies will only accelerate in the future. Not surprisingly, the study's findings do not even shock us. Since the region's initial rejection of Cryptocurrency, blockchain technology has seen heightened interest across Asia. The report said that the rise of automation and artificial intelligence has increased the importance of "soft skills," such as the ability to think creatively, critically, and come up with solutions, by allowing professionals to adapt to an office filled with robots.
There is a threefold gap between the need for individuals with these talents and LinkedIn's entire skill pool. According to the research, widespread use of the innovations that the report describes as being in their "nascent phases" would result in an even higher need for the talents that go along with them. The report's conclusions are not particularly shocking. Blockchain technology's popularity in Asia has grown after it was separated from Cryptocurrency, its original and most popular use. To some extent, this is because authorities, although eager to regulate Cryptocurrencies, have also shown their want to use blockchain-based technology in other areas. Conventional organizations, including those in the banking industry, have found blockchain to be effective in enhancing their current offerings. Cognizant, an Information Technology services company, surveyed financial institutions in Asia and the Pacific in 2017 and found that 88% or more of respondents thought blockchain will be significant for the development of their sector.
Despite this knowledge, 60–65% of Singaporean professionals surveyed claimed they lacked the time to adopt new skills, and 45–55% expressed concern about the cost of doing workouts. Nearly half of the Singaporean employees LinkedIn surveyed stated that they had left their jobs due to a lack of possibilities to upskill, and the vast majority of respondents expressed dissatisfaction with the up-skilling programs currently available via their employer.
Detailed Statistics on Blockchain
Global Business Insights predicted in 2018 that the blockchain-based economy in Asia Pacific will be valued at roughly $16 billion by 2024, with the health industry comprising a minimum of $1.4 billion of that total. And this increase has occurred even in places like India, where blockchain wasn't even included as one of the top three fastest-growing talents in LinkedIn's study. Indeed, an online job board, released research in 2018 showing a 290 percent increase in bitcoin and blockchain-related job postings in India between the second half of 2017 and the first 1/2 of 2018. More growth is to be anticipated now that the nation is getting its first blockchain district. It seems that blockchain is a talent that IT professionals in Asia and the Pacific should prioritize developing.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.