A recent report by KPMG asserts that the blockchain hype is finally fading away. Individuals and businesses are now beginning to understand the nature of blockchain technology, what it is, and what it’s capable of.
Another study by Gartner says blockchain adoption is on a fast track lane in regards to adoption. In the past year alone, the technology managed to intensify its adoption from 1% of businesses running blockchain pilots to 3.3% doing the same.
It may not be enough; more was expected of the technology, considering it was being termed as the fourth revolution. We are still waiting for the turning point, although the recent bear run, crippled by an infamous year for cryptocurrencies may have changed the odds. But even as scandals hit the industry, the technology still delivered in areas like fraud mitigation, cost reduction, and driven new processes.
The KPMG report adds that this year will be particularly interesting for blockchain as more companies will seek to explore the technology. The recovery of bitcoin also accelerates Blockchain’s implementation in industries. More people are trying to advance in cryptos and the technology supporting them. But then again, adoption is not the issue at the moment.
According to the report, there is a severe lack of talent. The current expertise and interest are among the college students who have witnessed firsthand, the rise of bitcoin, and blockchain. Here are the skill sets needed for blockchain technologists as suggested by KPMG.
Need Of Business Acumen
Blockchain touches probably more entities, roles, and personas more than any other emerging tech. The technology has found use in IT, procurement, finance, health, energy, etc.
It requires someone working in the space to understand the operations of the different parts of business processes to establish the best use case and value proposition for the specific project.
General Tech Literacy
It’s essential that individuals working on the system comprehend the technical underpinnings of the technology in terms of how the technology works and how to apply it to a specific use case.
Team members should have a clear understanding of the differences in the wide range technologies like cloud, ERPS, consensus mechanisms, networks, and how the different tools work. The knowledge helps them apprehend blockchain interactions within particular ecosystems. It also assists in understanding the impact ecosystems can have in the design of blockchain solutions.
Speaking of design, those of the side of blockchain development need to have sufficient knowledge and practice on coding (JavaScript. Solidity, HTML). They are particularly helpful in blockchain development.
Data Analytical Abilities
It’s one of the most vital roles, and you don’t need to be a technologist to comprehend. Data is one of Blockchain’s most significant benefits. The ability to understand not only understand blockchain data but to present it to something meaningful to user roles is such an essential factor in the success of the whole project.
Hacker Mentality
Blockchain is a relatively new technology. Research available is not enough for a complete coursework. Therefore, learners must be open to experiment blockchain by way of hacking the problem from a business and technology perspective. The team has to work collaboratively and brainstorm the goals, implications, and value story from each participant before defining the architecture and solution.
The right talent has always been paramount to any emerging technology. Needless to say, blockchain cannot succeed without a multifaceted team. There is a need for more universities to integrate blockchain in the coursework’s future and prepare both end users and especially ones in charge of managing and deploying blockchain.