Salaries of people working in the blockchain industry in China are down by 37%, despite the rising value of blockchain skills around the world.
Blockchain Salaries in China Slump
The value of blockchain skills is rising in all parts of the globe as government agencies and companies seek people with knowledge in this area. Despite the rising importance, the salaries offered to people with blockchain skills in China were reduced last year, according to the latest report.
The report titled “2020 China Blockchain Professional Development Report,” pointed out that the average salary of blockchain industry experts in China dropped 37% year-over-year since 2018. This publication was compiled under the guidance of the Tsinghua University’s Internet Industry Research Institute.
A report by a local publication, Sina Finance, added that the research was a joint effort by the Beijing-based headhunting agency Liepin and blockchain professional information service platform Interchain Pulse.
Despite the decrease in the average salaries of blockchain professionals in China, the report added that there is an increasing demand for blockchain experts in various industries of the economy. However, the growing demand is followed by the rising imbalance between supply and demand for people with blockchain skills, the report added.
Few Blockchain Talents Meet Job Demands
The rapid increase in blockchain job seekers is not fully met by the availability of skills in the market. The report highlighted that in most cases, most of the blockchain talents don’t meet the job requirements of the recruiting companies. The study further pointed out that there is a significant lack of high-end professional skills, and this has significantly affected the development and adoption of blockchain technology in India.
The study also stated that many people simply follow the trend of becoming a part of the blockchain industry, yet their professional skills are weak. As a result of this, there is a drastic shortage of real talent in this space.
China Going Big on Blockchain
China has been known for its hostile stance against cryptocurrencies for a few years now. What was once the world’s leading country in terms of cryptocurrency adoption has now fallen behind due to bans on cryptocurrency trading and other crypto-related activities in the Asian country.
However, that hasn’t stopped Beijing from going big on blockchain technology. The country has been strengthening its blockchain industry over the past year. This came after the President called on nationals to accelerate blockchain adoption in October last year. With this development, it is quite surprising that the average salaries of blockchain experts in China are declining at a time when the country needs more people to work in this emerging sector.
Reports surfaced earlier this year, showing that Chinese blockchain spending in areas of investment and financing slumped by more than 40 percent in 2019. This is according to data brought forward by the financial data platform Rhino Data and China’s government-run financial information and media firm Xinhua.
Things could turn around for blockchain experts in China this year. According to a report by a professional social platform, LinkedIn, blockchain will be one of the most in-demand skills for 2020. Other skills that would be high in demand include artificial intelligence, cloud computing, and analytical reasoning.