Three years experience in blockchain can fetch you a salary of Rs 45 lakh or more
New Delhi: Techies having experience of blockchain are in huge demand, primarily at banks, NBFCs and other public sector enterprises. Companies are offering up to Rs 4 crore salary to senior blockchain professionals, more than double of what they were offering last year, as there is increased need for more layer of security (mainly in the financial sector) to protect data from fraud, the Economic Times reported.
Techies having blockchain skills are getting double or even triple the salary of a software engineer. According to the business daily, three years experience in blockchain can fetch you a salary of Rs 45 lakh or more, more than double of what even a techie (with no experience in blockchain or emerging technology) with five years of experience would get.
“Salaries for ready-to-be deployed techies with blockchain experience are twice that of a techie without blockchain expertise,” the publication quoted Paul Dupuis, managing director, Randstad India as saying.
“Salary offered to a blockchain techie with just five years of experience is almost at par with that of a general manager in a bank with three decades of experience,” the ET report quoted Lohit Bhatia, chief executive, staffing, IKYA Human Capital Solutions as saying. IKYA Human Capital Solutions is an HR solutions provider. Currently, it has 20 blockchain search mandates from banks and NBFCs, the report added.
Worth mentioning here that ICICI Bank uses blockchain for both domestic trade and remittances transactions, which are both being scaled up. “Since blockchain is an emerging area both in terms of practice and availability of skill, capability and skilling are largely being developed in-house through continuous training and global exposure in this space,” the publication quoted TK Srirang, head, human resources at ICICI Bank as saying.
The ET report said demand for blockchain professionals is led by state-owned banks. Compared to 2017, in 2018 requirement for these specialists increased by 75% to 4,000. “Demand for blockchain techies has risen 66% and 42% among NBFCs and public sector companies onyear, respectively, in 2018,” Rituparna Chakraborty, cofounder, TeamLease told ET.
It may be noted that only 5000 or 0.25% of the total 2 million software developers in India currently have right blockchain skills.
“Non-availability of blockchain tech talent is for real and is going to get worse,” KS Viswanathan, vice-president, industry initiatives, Nasscom told ET. “With concerted programmes to define job roles in blockchain technology, the industry will figure out the new equilibrium but as a stop gap, it is leveraging startups in this area big time,” he added.